by Richard Stim
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Product Description
The most complete guide to licensing your idea available!
Like most inventors, you dream of striking it rich -- finding a company you can trust, hashing out a fair licensing deal, watching your idea hit the marketplace and then raking in the profits.
But where do you find the right company? And how do you draft an agreement that protects your interests? Turn to Profit From Your Idea.
This book provides the practical advice and the legal licensing language you need to turn your brainchild into a moneymaker. It helps you:
understand the licensing process determine your rights work with agents effectively find potential licensees license overseas show your invention while protecting your work negotiate a fair licensing deal draft your own licensing agreement understand, review and negotiate changes
The 6th edition is completely updated with current law, and provides a new section on funding invention licensing.
List of Forms
Agreement Worksheet
Assignment of Rights: Patent
Assignment of Rights: Patent Application
Assignment of Rights: No Patent Issued or Application Filed
Letter Confirming Employee's Ownership of Intellectual Property Rights
Joint Ownership Agreement
Agent Letter Agreement
One-Way Nondisclosure Agreement
Mutual Nondisclosure Agreement
Contract Worksheet
Letter of Intent
Option Agreement
Terms Sheet
License Agreement
Escrow Agreement
Checklist for Reviewing a License Agreement
License Dates Chart
Audit Request Letter
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Average Customer Review:
1 of 1 people found the following review helpful:
Terrific guide even if you have an attorney, 2007-12-28
First of all I think the book (the most recent edition as well as earlier versions) is first rate and I highly recommend it. Although the book is geared for do-it-yourself licensors, it is also terrific to help people who are looking for an attorney or who have one they are already working with. Having been a attorney focusing on intellectual property licensing for more than 30 years and teaching licensing to non-lawyer grad students, I know first hand that this book is a comprehensive albeit superficial overview of the licensing process. Despite how good the book is, it will not transform the reader into intellectual property licensing expert.
In the real world, licensing situations often become far more complicated than the impression the book provides. That is especially true when you are trying to negotiate with a large company with experienced IP lawyers. Its like trying to out negotiate a car salesman when buying a car. What the book does impart is a much greater knowledge of the overall landscape. The more you know, the better it is to work with your own lawyer to help you through the complications. People license to make money so the better the license, the more money that can be made.
Also beware that the book seems to focus mostly on patent licensing as opposed to other forms of intellectual property where the strategies and nuances are different. Again, this is only slight criticism as I did very much like the book. It is definitely a useful read for neophytes to licensing.
Joe Hustein
1 of 1 people found the following review helpful:
Outstanding resource for serious inventors, 2007-10-05
If you've invented a commercially viable product or service - especially if it's patentable - this reference book will help you with the next steps. It's much more about the legal aspects and other issues that go on AFTER you've got your golden egg and start soliciting companies, partners for licensing agreements....Definitely for serious inventors willing to persevere. I would have liked more case studies from Stim's past, but realize that confidentiality may not have allowed it.
0 of 0 people found the following review helpful:
Nolo is the best in the business, 2007-09-30
I first purchased "Patent it yourself" by David Pressman and distributed by Nolo. This book is on the same level. Very clear and concise. It is not an attorney, but boy does it give you the necessary terminology and concepts that will dramatically increase your understanding of the licensing process. If you have any doubts, go to the Nolo website and listen to a podcast about the subject matter that will be covered and then make your decision. In my opinion...Great buy!!
24 of 24 people found the following review helpful:
An Absolute Must Read for Inventors, 2006-01-24
If you have a patented or a patentable invention and have decided not to manufacture or market it yourself, but wish to license a company to do so, this book is for you. In fact, it is a must read. The book covers not only the licensing of inventions but the licensing of trade secrets and copyrights.
As the author points out, manufacturing your invention yourself (venturing) is often not the wisest course. Few inventors have the funds or the experience to run a successful business venture. Also the cost of fighting infringers can be financially devastating for a new enterprise.
Perhaps the greatest strength of this book is its ability to explain legal terms and legal fine points in down to earth, everyday, language. An example of the practical approach this book takes is when the author comments: "Sad as it may seem, you may be better off with no license at all than a licensee that has a reputation for acting unethically".
He further notes that finding the right partner for a license can be harder than inventing and patenting. The author points out how some common agreements you as an inventor may make may have an impact your ability to license. He cites ten examples. One is a representation (rep) agreement that may require paying the rep a percentage of your license even though the rep was not involved in negotiating it!
How commercial is your invention? A list of 33 areas and factors to check is given. When you consider that only two or three out of a 100 new inventions succeed, it is well worth your time to go over this list early on. The book notes even brilliant inventions may be ignored by the public if the price is too high.
While many inventors worry about infringers, you should also be aware of the fact that "Many patent owners use their patents to earn more money stopping infringers than from selling the invention". An area that inventors seldom worry about is how their spouse may affect their license. Under various state laws, not only can spouses share ordinary property, but they can share intellectual property as well. Their signature on an assignment may be required.
Similar to this is the vital importance of spelling out the rights involved in a joint ownership agreement. A three page form for doing this is given in the book. A convenient feature of this book is that copies of forms appear alongside the subject under discussion. The forms also appear in the appendix and on a floppy disk located on the inside back cover of the book. (17 forms are provided.)
Several pages are devoted to the subject of invention marketing scams and on how to recognize a phony marketing company. Despite the best efforts of state and federal law agencies, scams take American inventors for hundreds of millions of dollars every year. If you do nothing else, read these pages.
For various reasons, companies fear and resist ideas from an outside source. The author offers suggestions for overcoming the "kooky loner" image that Hollywood has foisted on the public with regard to inventors. On the other hand, there are some companies that steal ideas and it behooves the inventor to check out their reputations before disclosing anything without an agreement.
The author discusses the very important topics of GMAR (guaranteed minimum annual royalty), how "net sales" figures can be modified by nine types of deductions, and he examines twelve factors affecting royalties.
A twelve page license agreement is presented and a thorough point by point discussion is made. Here and elsewhere in the book "legalese" is avoided and when it cannot be avoided a plain and simple explanation is given. For example, attorneys use a method called "redline/strikeout" to revise agreements. The author reduces this to plain English.
An eight page checklist for reviewing your license agreement is provided. It tells you what keywords, what phrases, and what terms need to be analyzed. It also refers you to the proper chapter for more information. Regarding "legalese", the author gives a fundamental bit of advice: "If a lawyer can't explain your situation clearly to you, he probably won't be able to explain it clearly to a judge or jury".
This is the first edition of this book. This reviewer suspects it will join David Pressman's Patent It Yourself (now in its seventh edition) as an absolute must read for inventors.
12 of 13 people found the following review helpful:
 Great guide to the licensing process, 2003-04-05
This book is very educational about how to go about the licensing process. It's very easy reading, not the technical boring style. The included software is a major plus! You can customize the included licensing contracts.Michael Waller
Iconium Clothing...
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