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A second track available you is licensing or selling your patent downright. Very simply, licensing is when another company takes over your product idea and cuts you in throughout the sales via royalties. While selling a patent pretty self explanatory on the surface, you have seek consultation from a law firm prior to finalizing a partnership to ensure all legal documents might be place. Licensees can be manufacturers, marketers, or basically anyone whose dream is to carry your product into the market and pay for fresh to implement it this step. Licensing arrangements are also flexible; some licensees handle all the risk, some take on less. However, most companies will only license something if they’re more or less sure it will succeed. Therefore, it comes to an end to which convince them of your product’s luck.
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