Presentation on theme: "SELLING YOUR PATENT By Eric Corl, Idea Buyer LLC – The Online Marketplace for Intellectual Property"— Presentation transcript:
SELLING YOUR PATENT By Eric Corl, Idea Buyer LLC – The Online Marketplace for Intellectual Property
SELLING YOUR PATENT STEP 1 1.BE PREPARED A.Know Who Your Customers Are B.Know the Competition C.Know the Current Market Volume D.Know Your Manufacturing Cost E.Know Your Anticipated Retail F.Know Your Anticipated Margins G.Have Proper Presentation Materials H.Know What Type of Agreement You Want
SELLING YOUR PATENT STEP 2 2. BE POLISHED A.Have Research to Back Up Your Product B.Have Testimonials That Your Product Works C.Have a Website D.Have Letters from Potential Customers E.Create a Business Proposal F.Show the Company How They Could Integrate the Product into Their Line Up. G.Sum it all up in materials you can leave behind.
SELLING YOUR PATENT STEP 3 3. TARGET YOUR EFFORTS A.Know Who Makes Competitive Products B.Know Specific Manufacturers in the Industry C.Conduct Research on Each Company PRIOR to Contacting Them D.Establish a Warm Contact into the Company if Possible Resources: Thomas Register, Linked In, Idea Buyer
SELLING YOUR PATENT STEP 4 4. BE PREPARED TO NEGOTIATE A.Are you open to a licensing agreement? If so, are you open to an exclusive agreement? B.Are you set on an outright sale? C.Know the difference between % of gross profit, net profit, gross revenue. D.Do not sign prior to reviewing any agreement with a lawyer. Any verbal should be noted as contingent upon attorney approval. E.Do not be greedy.
SELLING YOUR PATENT STEP 5 5. DELIVER A POWERFUL PRESENTATION A.Use Numbers to Make it Come Alive B.Eliminate Hype C.Deliver In Order D.Avoid Happy Talk E.Focus on What Matters F.The Shorter, The Better G.Answer Tough Questions H.Consult Your Patent Attorney I.Rehearse Beforehand J.Close with a Call to Action
Sell Your Patent Resources IdeaBuyer.com – The Online Marketplace for Intellectual Property Full Article – 10 Tips for a Powerful Presentation10 Tips for a Powerful Presentation Linked In – Linked In dot com Thomas Register – Thomas Register dot net Good Luck!! Eric Corl President Idea Buyer LLC