Archive for the ‘Uncategorized’ Category

Jack Dorsey’s Advice for Entrepreneurs & Inventors

Tuesday, March 21st, 2017

Jack Dorsey is the founder of the famous startups Twitter and Square, both of which have revolutionized their industries.

Dorsey has some very bold advice for entrepreneurs and inventors on the topic of rejection.

Jack Dorsey Advice

Inc. 500 List Ranks Idea Buyer No. 197 Fastest Growing Company in U.S.

Wednesday, August 17th, 2016

 

Idea-Buyer-Inc-5001

Early this morning, Inc. Magazine released its 35th annual ‘Inc. 5000’ list that features the 5000 fastest-growing, privately-held companies in the nation. Included in the top 500 and a part of the elite ‘Inc. 500’ list, Idea Buyer was ranked at No. 197.

The Inc. 500 award is considered to be one of the most prestigious in business. “It honors real achievement by a founder and team,” according to Inc. President and Editor-In-Chief, Eric Schurenberg. “No one makes the Inc. 5000 without building something great- usually from scratch. That’s one of the hardest things to do in business, as every company founder knows.”

Idea Buyer has been given a rank, beating out many companies with admirable growth, that is worthy of merit. With a three-year revenue growth of 1,192.2%, Idea Buyer was honored as the 197th fastest-growing, privately-held company in the United States. The average percentage of revenue growth for companies on the ‘Inc. 5000’ was 433% and Idea Buyer nearly quadrupled that.

Idea Buyer received additional honors as the 3rd fastest-growing company in Columbus and in the entire State of Ohio. Inc. is calling this year’s list one of the most competitive, and Idea Buyer is grateful to be a part of it.
“Over the past years we have been able to build and implement an innovative formula for the company’s growth and it’s exciting, as the company’s founder, to be able to see that formula be proven,” says Idea Buyer President and CEO, Eric Corl. “Credit for the type of growth we have seen can’t be discussed without acknowledging the team of hard-working people that make up this company. You can have a nice car with a well-built engine but if you don’t give it gas, you shouldn’t expect to move.”

Additionally honored as the 11th fastest-growing company in the Consumer Products & Services sector, Idea Buyer surpassed the sector’s average percentage growth of 1,495.7% by almost 500%.

“Growth like what we have been able to achieve over the past few years does not happen by accident,” says Idea Buyer Vice President, Jeremy Crutchfield. “Our focus on the quality of what we offer is unrivaled in our industry.”
Companies on the Inc. 5000 are ranked based on percentage revenue growth from 2013 to 2015. Required annual revenue for 2013 was $100,000 with the minimum annual revenue for 2015 being $2 million. Additional requirements include the company being privately-held, U.S. based, independent and for profit.

“Our company is unique in the sense that we are growing organically,” says Idea Buyer Partner, Colin Egbert. “With no debt and no investors, our focus is solely on growth and that’s rare, especially on a list like this.”
Idea Buyer joins well-known companies: Microsoft, Dell, Domino’s Pizza, LinkedIn, Zillow and more with its first recognition on the Inc. 500. “This award is not taken lightly by our team,” says Idea Buyer Partner, Michael Corradini. “We have all worked cohesively with the intention of growing this company to its greatest potential… and we aren’t done yet.”

Idea Buyer will be recognized in the September issue of Inc. Magazine, available on newsstands August 23rd. The annual Inc. 5000 conference and award ceremony will be held in San Antonio, Texas, October 18-20. Idea Buyer will be in attendance to receive this prestigious award with much gratitude.

For media inquires, email media@ideabuyer.com.

How to Get Your Product Into Anthropologie

Thursday, September 10th, 2015

Anthropologie is a boutique retailer based out of Philadelphia, Pennsylvania. The chain is owned by retailing giant Urban Outfitters and boasts 216 locations as of September, 2015.

Known for it’s unique process for selecting their products, Anthropologie has maintained a unique feel that keep it’s customers coming back and back. We have put some tips into this infographic to help you get your product into their stores.

Quick Anthropology Facts:

Revenue: Anthropologie had sales of over $311 Million in the first quarter of 2015.

Number of Anthropologie Stores: 216

Headquarters: Anthropologie is headquartered in Philadelphia, Pennsylvania.

 

Doing Business with Anthropologie:

Getting Your Product Into Anthropologie

 

How to Get Your Product Into Walmart

Monday, June 29th, 2015

Getting into large retailers like Walmart can be a daunting task. From inventing your concept to engineering, prototyping, designing the packaging, and manufacturing, little energy can sometimes be left for a sole entrepreneur to get their product into major stores. To help ease the pain, we have put together an infographic detailing the process of getting into one of the most coveted retailers in the world.   How to Get Your Product Into  Walmart

Industry Standard Royalty Rates

Sunday, November 16th, 2014

Are you interested in licensing your patent idea but aren’t sure where to start? Our team created this infographic just for you. This infographic explores what impacts royalty rates as well as the standard royalty rates of common industries. If you have any questions, feel free to email us at TomS@IdeaBuyer.com.

We originally published this infographic on Entrepreneur.com.

Patent Royalty Rates

10 Greatest Medical Inventions

Saturday, June 7th, 2014

This infographic takes a look at the 10 Greatest Medical Inventions of the last 50 years. The infographic, created by HealthExecNews.com, does a good job outlining the impact each of these inventions has had on society since being invented. It should serve as a great reminder that our patent infrastructure is in place to help protect and therefore help protect the rewards of great inventions like this. We’ll be taking a deeper look into inventors who have changed the world with their inventions, ranging from everyday consumer products to high tech gadgets that change the way we live.

Greatest-Medical-Inventions

Top 10 Venture Capital Investments of 2012

Thursday, May 16th, 2013

The following data is based on reports from Pricewaterhouse Coopers, the National Venture Capital Association, and the Angel Investor & Venture Capital Network, Startups.co. The top 10 venture capital investments of 2012 incorporated data from the first three quarters. Fourth quarter data will be published in 2013.

The Top Ten begins with a tie for the tenth spot:

#10 Bloom Energy

Bloom Energy Inc. of Sunnyvale CA is an Industrial/Energy company that develops solid oxide fuel technology. They tied for third largest venture capital investment in the second quarter of 2012 with $100 Million USD. The investment was requested for Later Stage Development and provided by Apex Venture Partners and an Undisclosed Firm.

Total Venture Capital Investment: $100,000,000.

#10 Pinterest

Pinterest Inc. is a Media and Entertainment Company from Palo Alto, CA. Pinterest operates a vision board-styled social photo sharing site. Pinterest Inc. tied for third in the second quarter of 2012 with $100 Million from Andreessen Horowitz, Bessemer Venture Partners, FirstMark Capital, LLC, and an Undisclosed Firm. The money was slated for Early Stage Development.

Total Venture Capital Investment: $100,000,000.

#9 Fab.com

Fab.com, Inc. is a New York, NY Retailing/Distribution Company, and operates as a marketplace for discovering everyday design. The venture capital investment of $100,800,300 came from a variety of sources; Andreessen Horowitz, Atomico Ventures, Baroda Ventures LLC, DoCoMo Capital, First Round Capital, Mayfield Fund, Menlo Ventures, Pinnacle Ventures, ru-Net Ventures, and an Undisclosed Firm.  The venture capital was slated for Expansion.

Total Venture Capital Investment: $100,800,300.

#8 Elevance Renewable Sciences

Elevance Renewable Sciences, Inc. is a Biotechnology Company in Woodridge, IL focused on producing renewable specialty chemicals. Elevance Renewable Sciences received the third largest venture capital investment in the third quarter of 2012. The company garnered $104,360,000 USD for Later Stage Development from Total Energy Ventures International SAS, and an Undisclosed Firm.

Total Venture Capital Investment: $104,360,000.

#7 Harvest Power

Harvest Power Inc. is an Industrial/Energy company in Waltham, MA, providing organic waste management services. Harvest Power took the second largest venture capital investment in the second quarter of 2012 with $112,000,200 from a number of investors: Duff Ackerman & Goodrich LLC, Generation Investment Management LLP, Kleiner Perkins Caufield &Byers, True North Venture Partners, L.P., and two Undisclosed Firms. The venture capital investment was raised for Expansion.

Total Venture Capital Investment: $112,000,200.

#6 Drilling Info, Inc.

Drilling Info, Inc. is a software company based in Austin, TX; they provide online data and tools for the oil and gas industry. Drilling Info, Inc. ranked fourth in the first quarter with $116 Million from Battery Ventures, L.P., Eastern Advisers Private Fund, L.P., and Insight Venture Partners. The venture capital was requested for Later Stage Development.

Total Venture Capital Investment: $116,832,000.

#5 Box, Inc.

Box Inc. is a Software company based in Los Altos, CA. Box Inc. provides a secure content sharing platform. The company took the #2 spot in the third quarter  with over $125 Million from Bessemer Venture Partners, Draper Fisher Jurvetson, General Atlantic LLC, New Enterprise Associates Inc., SAP Ventures, Scale Venture Partners, The Social + Capital Partnership and an Undisclosed Firm.  The venture capital was acquired for Expansion.

Total Venture Capital Investment: $125,000,200.

#4 Sapphire Energy

Sapphire Energy, Inc. is an Industrial/Energy company based in San Diego, CA. The company develops algae-based green crude oil. Sapphire Energy Inc. took the #2 spot in the first quarter with $200 million from ARCH Venture Partners, Monsanto Corporation, an Undisclosed Firm and Venrock Associates. The venture capital was slated for Early Stage Development.

Total Venture Capital Investment: $139,000,000.

#3 Square, Inc.

Square Inc. is an IT Services company based in San Francisco, CA, providing mobile payment services. Square Inc. took the #1 spot in the third quarter for $200 Million from Citi Ventures, Rizvi Traverse Management LLC, and an Undisclosed Firm. The venture capital was slated to fund expansion.

Total Venture Capital Investment: $200,000,000.

#2Square Trades

Square Trades Inc. a Consumer Products and Services company, providing extended warranty services for electronics. The company is based in San Francisco, CA and held the #1 spot for $238 Million from Bain Capital, Bain Capital Investments in the first quarter of 2012 for Later Stage Development.

Total Venture Capital Investment: $238,000,000.

#1 Fisker Automotive

Fisker Automotive, Inc. is an Industrial/ Energy company, designing and manufacturing electric vehicles. The company is based in Anaheim, CA. and was #1 on the quarter two report with $147,599,000and #3 in the first quarter with $129,790,000 from Kleiner Perkins Caufield &Byers, New Enterprise, Inc. Fisker Automotive, Inc. also took the #4 spot in the third quarter with $103,667,200 from Advanced Equities Inc., KPC&B, New Enterprise Inc., as well as an Undisclosed Firm.  The venture capital was slated for Later Stage Development.

Total Venture Capital Investment $381,056,200.

Companies receiving first time venture capital declined 8% in dollars this year, but the number of deals increased by 1%. First-time financings accounted for 16% of all dollars and 33% of all deals in the third quarter showing a 1% increase on both fronts over quarter 2. This is good news; the first quarter reports had declared an unusual drop in venture capital investments. The average first time deal in the third quarter of 2012 was 3.4 million, down slightly from quarter two averages. Seed and early stage companies received the bulk of first-time investments, an impressive 82% of the deals.

Top 10 Patent Sales of 2012

Wednesday, February 20th, 2013

Top 10 Patent Sales of 2012The team at IdeaBuyer.com has compiled the top 10 patent sales of 2012. These sales add up to a grand total of over $20,000,000,000. The patents these technologies protect are often key strategic acquisitions by the purchasers. This year, a number of the top patent sales were liquidations of patent portfolios from defunct or struggling corporations such as Kodak, Nortel, Motorola, and AOL.

#10 Acacia Research Pays $100 Million for Adaptix Patents

January 2012- Adaptix sold 230 patents to Acacia Research; according to reports, the patents cover 4G technology. This deal was Acacia’s first major move to buy patent rights, according to The Wall Street Journal. Acacia has previously partnered with Universities and other organizations to help them enforce patents.  Acacia Research makes most of its money by licensing patents and filing lawsuits, earning them a reputation as a Patent Troll.

Total Sale Price: $100 Million

#9 Fujifilm to Universal Display

July 2012- Fujifilm Corp. sold 1,200 patents to Universal Display Corp covering OLED technology. OLEDs are Organic Light Emitting Diodes and are used to make high contrast low energy screens. The deal reportedly doubled the New Jersey based Universal Display’s portfolio.

Total Sale Price: $105 Million

#8 Real Network Patents Sold to Intel

January 2012- Real Network’s sale of 190 patents to Intel was just the tip of the iceberg. According to Businessinsider.com, the deal also included 170 patents that had been applied for that were awaiting approval. Some video streaming software was also included in the deal, according to The Wall Street Journal.

Total Sale Price: $120 Million

#7 InterDigital Sells 1.700 Patents to Intel

June 2012- Reuter’s reports that InterDigital had agreed to sell 1,700 wireless technology patents to Intel. The sale sent InterDigital stocks soaring by 27%. It was a win/win situation; Intel was interested in expanding its chip business beyond computers while InterDigital was hoping a patent sale would boost stock sales.

Total Sale Price: $375 Million

#6 Microsoft Sells 650 Patents to Facebook

April 2012- Microsoft sold 650 patents to Facebook. Part of the deal included a bunch of patents related to mobile, web and instant messaging technology, according to Nick Wingfield of The NY Times. The deal came less than two weeks after the Microsoft deal with AOL, and looks as though Microsoft was splitting that portfolio with Facebook.

Total Sale Price: $550 Million

#5 Kodak Sells Patent Portfolio to Patent Consortium

December 2012- On December 19th, 2012 arstechnica.com reported that a group of 12 buyers was organized by Intellectual Ventures, to purchase Kodak’s portfolio of 1100 patents. Part of the deal requires that Kodak drop legal proceedings against certain members of the purchasing group. Kodak sued several of the members for patent infringement. According to the LA Times, the bankruptcy filings show that the buyers are: Google, Apple, Facebook, Research in Motion, Amazon, Microsoft, Samsung, Adobe, Huawei Technologies, HTC, Fujifilm and Shutterfly.
While the group has paid for a portion of the portfolio, Intellectual Ventures will retain ownership but cannot sue these already licensed companies.

Total Sale Price: $525 Million

#4 Apple Buys 695 Nortel Patents from Rockstar Consortium

The deal has slipped under the wire and gone on all year. The Rockstar Consortium won the Nortel auction of 6000 patents for $4.5 Billion in July of 2011. By November of 2012, the US Patent and Trademark Office reported that 695 of 1024 patents had already been registered to Apple as part of a deal. Apple has purchased the patents from the Rockstar Consortium which includes Rockstar, Sony, Microsoft, Research in Motion, Ericsson and EMC.

Total Sale Price: $2.5 Billion

#3 AOL Inks $1.05 Billion Deal with Microsoft

April 2012- AOL sold 925 internet technology patents to Microsoft. The New York Times said that the “lofty price reflects the crucial role that the patents are increasingly playing in the business and legal strategies of the world’s ,major technology companies, including Microsoft, Apple Google, Samsung and HTC.

Total Sale Price: $1.05 Billion

#2 Google Sells Off Motorola Home Business to Arris Group

December 2012- As I write this, Google Inc. has announced an agreement to sell its Motorola Home business to Arris Group Inc. Bloomberg Businessweek reports that Google wasn’t interested in the television set-top boxes that were part of the portfolio purchased from Motorola in May of 2012. Google will focus on expansion of the smartphones and assign the television related patents to Arris.

Total Sale Price: $2.35 Billion

#1 Google Pays $12.5 Billion for Motorola Patent Portfolio

May 2012- In a deal that began in August of 2011; Google Inc. acquired a sizeable portfolio of patents owned by Motorola. The process involved final approval in February from the US Dept. of Justice, and the European Union. Then in May the company received the final stamp of approval from the People’s Republic of China. The trading commissions are required to approve deals of such magnitude to prevent monopolies on sensitive technology.

Total Sale Price: $12.5 Billion

IdeaBuyer.com is the world’s largest online marketplace for intellectual property. If you are looking to sell a patent or are interested in patent licensing, please call  us at 832-683-1527 for more information. If you are looking to purchase patents, please email us at Buyer@IdeaBuyer.com.

Top 5 Inventors of All Time

Friday, January 4th, 2013

top 5 inventors of all timeThe top 5 inventors of all time is a subjective list because on one hand the top inventors should include Leonardo Da Vinci, whose inventions are still being built and tested today. Unfortunately, Da Vinci never filed for a patent; patents didn’t exist yet and his designs were ideas, many of which were undeveloped. This list is based on the inventors holding the most patent families, and the most US utility patents. A patent family is the result of a single invention that is patented in multiple countries. A utility patent covers an actual invention rather than an idea, design or modification.
Some of these names will be unfamiliar, but when you learn why the inventor made the top five, the reason for their inclusion will be clear. By comparison, the number of inventions in today’s top five outweighs the inventions of the historical figures we’ve come to admire. By the same token, it must be admitted that without their predecessors, these five would not have made the list, because all inventions are a combination of necessity and the foundation on which to build.

#5 Leonard Forbes

Leonard Forbes was born in 1940 and is the owner of 1012 patent families. His primary inventions are concerned with semiconductor memories, thin film processes, CCDs and VLSI. VLSI stands for Very-large-scale Integration and involves combining thousands of transistors into a single chip. The micro-processor in your computer and other electronic devices is an example of a VLSI. A CCD is a charge-coupled device used to move an electrical charge from within the device to a place where the charge can be manipulated. This technology is necessary for digital imaging, among other things.
Leonard Forbes owns 946 US Utility Patents and 2010 worldwide. He is a retired professor from Oregon State University.

#4 Thomas Edison

Thomas Edison was born in 1847 and lived until 1931. Edison is credited with 1084 patent families, and 2332 international patents. He is best known for the light bulb which he did not actually invent, but perfected. Thomas Edison actually invented the first practical electric light bulb; but before that he had to harness electric power in a usable form. He is the father of Direct Current which is used in batteries and generators. In addition to electrical power and lighting, his patent areas include the Phonograph, Cement, Telegraphy, and Mining.
Thomas Edison held 1093 US Utility patents, when he topped Time Magazines list of top five inventors in December of 2000.

#3 Paul Lapstun

Paul Lapstun is an Australian inventor holding over 1240 patent families and 3135 international patents. His areas of expertise include printing, digital paper, internet, electronics CGI and VLSI. Paul Lapstun works with closely with our number 1 inventor of all time.
In May of 2011, Business Insider credited Lapstun with 969 US Utility patents; he filed for 85 additional patents that year.

#2 Shunpei Yamikazi

Shunpei Yamikazi was born in 1942 and is an inventor from Japan. Yamikazi holds 3013 patent families and 12019 international patents. His area of expertise is in thin film transistors, LCDs, solar cells, flash memory and OLED which is an organic light emitting diode. OLEDs are used to create digital displays in devices like television sets and computer monitors. They are also used in portable devices such as mobile phones, PDAs and handheld game consoles.
Shunpei Yamikazi is credited with 2,591 granted U.S. utility patents and 9,700 patents worldwide.

#1 Kia Silverbrook

Kia Silverbrook was born in 1958 and is an inventor from Australia. Silverbrook is the holder of 4544 patent families and 9777 international patents. His areas of expertise include printing, digital paper, internet, electronics, CGI, DNA, LOC, MEMS and VLSI along with chemical and mechanical patents. He also holds patents in LOC which is a laboratory on a chip, integrating multiple lab functions. LOCs are a sub-set of MEMS devices which are referred to as micro-machines in Japan or micro-systems in Europe.
Kia Silverbrook is credited with 4508 granted U.S. utility patents as of October, 2012 and 11,146 patents worldwide.

As stated in the beginning, many of these inventors wouldn’t be anywhere without the following inventions and inventors.

#5 The Camera

Louis-Jacques-Mandé Daguerre is considered the inventor of the first practical process of photography in 1837.

#4 LASERS

LASER is short for Light Amplification by Stimulated Emission of Radiation and is used in everything from home blu-ray players to advanced weaponry. Albert Einstein was the first one to initiate its development in 1917 when he proposed that atoms could be stimulated to emit photons in a single direction. Three decades later, this phenomenon was first observed. And in 1960, Theodore Maiman, a physicist, built the first working laser. (Credit http://www.businessdictionary.com/article/749/the-top-5-inventions-of-all-time/ )

#3 Television

In 1884, Paul Nipkow sent images over wires using a rotating metal disk technology with 18 lines of resolution. Television then evolved along two paths, mechanical based on Nipkow’s rotating disks, and electronic based on the cathode ray tube. American Charles Jenkins and Scotsman John Baird followed the mechanical model while Philo Farnsworth, working independently in San Francisco, and Russian émigré Vladimir Zworkin, working for Westinghouse and later RCA, advanced the electronic model. (Credit http://inventors.about.com/od/famousinventions/tp/topteninvention.htm )

#2 The Internet

The Internet and the World Wide Web are the foundation on top of which the top five inventors of today have built their massive portfolios. The internet was created by the Department of Defense and the World Wide Web by Sir Tim Berners-Lee, an employee of CERN which is the European Organization for Nuclear Research.

#1 The Telegraph

The telegraph is the basis for digital sound and imagery as well as the transfer of data packets over long distances via the internet protocols and the World Wide Web. Without the telegraph as a fore-runner, Alexander Graham Bell would not have invented the practical telephone. Thomas Edison started out his early career as a telegraph operator. He came to use what he learned from life in his later inventions of the phonograph and the motion picture camera.

So it is easy to see that the inventions of the past have heavily influenced the inventors of today and these top five will clearly lay the foundation for the inventions of the future.

Patent Licensing Facts 2012

Friday, January 4th, 2013

patent licensing factsPatent licensing and sales are an alternative for inventors who don’t have the resources to bring their product to the marketplace. In patent licensing, the inventor completes a prototype or at a detailed drawing, acquires a patent, and then finds a buyer interested in manufacturing and marketing the invention. One patent that is still licensed today is the lateral control design of The Wright Brothers flying machine.
Government funded inventors spent tens of thousands of US dollars on failed projects, while the Wright Brothers design and testing cost around $1200. That design is used to this day in every flying machine from a child’s toy to the space shuttle. Extensive patent wars were fought over that license because of the wording and the diagrams used in the original patent. The Wright Brothers had not only patented the first viable formula that enabled flight, they had also mentioned other ideas that were subsequently covered by that patent as well. It is impossible to estimate how much that patent license would be worth today.
There are different types of licensing agreements that may be of use to the inventor who has neither the time nor the resources to manufacture and market a new product. The first is an exclusive license and is used in the case of a new useful product such as a special tool or machine. The manufacturer initially pays more because the patent holder is not going to allow anyone else to use the design. The patent holder becomes owner in name only and has no rights to lease the patent to anyone else, nor release the product in the marketplace. The licensee, on the other hand, is allowed to lease the product to other manufacturers. An example of an exclusive license is the processing chip included in computers and electronic devices.
The non-exclusive license is a little bit different. In that case, the licensee can’t be sued for selling the product but does not have the right to give others license to manufacture or sell. The owner of the patent may license the patent to other manufacturers and may also go into production. This could create competition in the marketplace. Patent wars are often fought in the courts over the wording of the non-exclusive licensing agreement.
The third type of licensing agreement is the Sole License which is a cross between the other two. The owner of the patent agrees not to license the invention or idea to anyone else, but is not prevented from using the invention or technology in their own devices. This is another area of contention between inventors and manufacturers.
The scope of the licensing agreement is an area that must also be examined. For instance, an inventor may license their idea to one manufacturer in a specific geographical area. In this case, the license may only cover North American sales, or the European market. The territory involved must be listed in the agreement. That leaves the patent owner with an option to license the patent to another manufacturer in a separate territory. This type of licensing is what prevents an item made in Japan from being sold in the US; while the US manufacturer may market a similar product here. In order to license to the world markets, the patent owner must have an international patent.
The licensing agreement may be broken down into fields of usage. In the case of a microchip, for instance, the licensing agreement may specify that the technology can only be used in phones while a separate license allows the chip to be used in another electronic device.
Permitted acts cover whether the licensee may manufacture, sell or both and the territories involved in that agreement. A license to manufacture and sell in the US does not cover sales outside of the US territories.
Licensing agreements will also cover the term of the agreement, whether that is the life of the patent or a shorter period of time. The short term licensing agreement is often used by pharmaceutical companies to prevent generics from competing before the cost of development and testing is recouped. This allows the patent to be licensed again at a later date for a generic version.
Finally the licensing agreement will cover royalties paid to the owner of the patent. This is an area best dealt with by experienced patent attorneys who have the best interest of the inventor in mind. After the initial sale of the license, the owner will receive residual income off of the royalties. The royalty is either a nets sales or gross sales percentage varies between 1% and 20% with approximately half at less than 5% and 90% less than 10%. These rates often vary based on the exclusivity of the patent license, and the up-front payment.
In short, the patent licensing agreement will include many sub categories that may confuse the layman while the manufacturers are already well versed in the contracts and legal jargon. In order to make the best deal it is important to understand the agreement or hire someone who can. Remember that in the best seller “Rich Dad, Poor Dad” Robert Kiyosaki states that one of the keys to success is to “hire people who are smarter than you” and do it. This is where a patent attorney or a patent licensing service can really be an asset. Of the ½ million patent applications filed each year, only half are approved. Out of that a small percentage comes from individual inventors. Only 1 in 5000 will make it to the marketplace in the same year, without the benefit of a patent licensing contract or sale. It is in the best interest of every inventor to get the best help available to make their dreams come true.
Robert Kiyosaki also said that “the best way to know the difference between a good expert and a bad expert is to become an expert yourself.” While entering into the patent licensing market may be so scary for some that they give up on their ideas entirely, it is wise to become informed. There is no feeling that is worse than seeing an item in the store and thinking “that could have been money in my pocket, if only I hadn’t given up on my dream.”