What Is Licensing?

Licensing is the process of ‘selling’ an idea to a larger company for royalties or upfront fees. The is the most common method of development and profit used by inventors. The attraction to Licensing is the low costs. The main cost of Licensing is the Patent Protection which is critical to the Licensing Process. Other considerations include prototyping, presentation and contacting companies who might be able to produce and sell the product in large quantities.