In This Chapter

To get your invention to market, somebody has to sell it and somebody has to manufacture it. As your invention moves toward the marketplace, business skills become more critical than technical skills. You will require more interaction with people who have these skills, and, of course, your product will demand more money the closer it gets to commercialization.

If you opt to go the licensing route—always my choice—your invention becomes more important than you in the corporate decision-making process. The manufacturer, in fact, may not feel you are necessary once it has an understanding of your invention.

On the other hand, the inventor who seeks venture capital faces a maxim that says, better to take a chance on a first-rate manager with a second-rate product, than on a first-rate product in the hands of a second-rate manager.

In this chapter, we take a down-and-dirty look at your options when it comes to licensing and venture capital.