Business Options
You can commercialize your invention in two ways. You can license someone else to develop, manufacture, and market it. Or you can do it yourself. Most other options are variations of these two possibilities.
When you license others to make and market your products, you don’t have to raise venture capital and dedicate yourself to this enterprise. This limits your exposure to lawyers, bankers, and liabilities. Licensing also frees you to dream up other concepts, license, and work to make them happen. However, this does not mean licensing is the only option.
Some people thrive on building businesses, crunching numbers, and all that entails. Others are control freaks, people who do not like giving up dominion over their inventions. The do-it-yourself option allows you to be the boss. Licensing, the way I set up my business model, has none of these aforementioned demands or requirements. It allows me to be free to create and develop concepts at my own pace and under conditions I control.
Of course, like everything in life, it’s not perfect. But at least I captain my destiny to a greater degree than when I was working within an organization. And my worries do not involve the kinds of issues one must handle running a company.
Fast Facts
Science.gov searches over 38 databases and 1,950 selected websites, offering 200 million pages of authoritative U.S. government science information, including research and development results. The National Technical Information Service (NTIS; www.ntis.gov) serves as the largest central resource for government-funded scientific, technical, engineering, and business information available today, with approximately 3 million publications covering over 350 subject areas.
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