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First Things First

Before you reveal your invention to anyone—potential licensees or investors—you must be able to answer “Yes” to all these questions:

◆ Do you have the right to your idea?

◆ Do you have a patent, a copyright, or some other form of legal protection?

◆ Do you have a working model or, better yet, an engineering prototype?

◆ Do you have credible data about the size of the market, including probable impact of selling price on quantity demanded?

◆ Do you know what it will cost to produce your invented product at various levels of output?

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Some companies require employees to assign the entire right, title, and interest in for all inventions conceived while that person is employed by the company. Many universities and colleges have technology utilization offices and stake claim to ideas generated by their students and professors if institutional assets are used in the development of the concepts. In some hospitals, inventions conceived by doctors under contract must be assigned to the hospital.

With the “yes” answers to those questions in mind, let’s get down to business.

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Table of Contents for First Things First

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First Things First

Table of Contents for
First Things First