As most inventors know, bringing a patented product to market is a challenging task. In the majority of cases businesses are simply not interested in your ideas or see little potential for commercial success. This however is not a rule, as some patents do indeed catch the interest of manufacturers and entrepreneurs.
Let us assume that you are one such inventor who has an idea that has caught the attention of an interested party and are about to enter into talks regarding the sale or utilization of your idea. For the independent inventor this can indeed be a stressful situation as business negotiation is an unknown territory for many. Thankfully there is help out there to provide inventors with the tools necessary for negotiation. One such tool is the World Intellectual Property Organization’s training manual „Exchanging Value: Negotiating Technology Licensing Agreements“.
The 178-page manual provides negotiating guidelines and tips, which may contribute in reaching an agreement which satisfies both parties and enhances the knowledge and skills of the user on all the major issues to be addressed while negotiating such agreements. Such issues and topics include:
- When is licensing the appropriate strategy;
- The importance of diligently preparing for a licensing negotiation
- Methods for valuation of technology;
- The importance of negotiations and the need to seek a „win-win“ agreement.