For many inventors, coming up with a great idea is only the beginning.
Turning that idea into a successful product can require manufacturing, inventory, employees, marketing, distribution, sales, and significant capital. For many inventors and patent owners, building an entire company around a single invention may not be the path they want to take.
Own My Ideas was created to help inventors explore another option: product licensing.
Through its product licensing and invention services, Own My Ideas helps inventors and patent owners position their products, identify companies that may be a potential fit, develop marketing materials, and present opportunities to established businesses that already have experience bringing products to market.
The basic idea behind licensing is simple. Rather than trying to build a manufacturing and distribution company from scratch, an inventor may be able to enter into an agreement with an existing company that has the infrastructure, industry experience, customer base, and distribution channels needed to commercialize the product.
If an agreement is reached, the specific terms are negotiated between the inventor or patent owner and the company. Depending on the agreement, the inventor may receive compensation or royalties while the company takes responsibility for manufacturing, marketing, selling, and distributing the product.
“Our goal is to help inventors explore opportunities that they may not be able to pursue on their own,” said Matthew Lewis of Own My Ideas. “A person can have a valuable invention but may not have the contacts, resources, or desire to build an entire business around it. We help bridge the gap between an idea and companies that may already be positioned to bring products to market.”
Own My Ideas assists throughout the early stages of the process. This can include evaluating how a product may be positioned, researching industries and companies that could potentially have an interest in the opportunity, and helping develop materials that clearly communicate what the product is, the problem it addresses, and why it may have commercial potential.
The company also helps clients prepare marketing tools and invention presentation materials designed to introduce the product to potential licensing partners. Depending on the opportunity, Own My Ideas may conduct outreach to selected companies and promote products through industry contacts, events, and trade shows.
Rather than leaving inventors to randomly search for companies or send unsolicited messages with little direction, Own My Ideas focuses on helping clients take a more organized approach to exploring licensing opportunities.
The company emphasizes that not every invention will result in a licensing agreement. As with any business opportunity, there are many factors involved, including the market, the product, intellectual property, timing, pricing, competition, and whether a company sees a strategic fit. However, licensing can provide inventors with an alternative path worth exploring.
“Some inventors want to become entrepreneurs and build companies around their ideas. Others simply want to focus on creating,” Lewis said. “Neither path is right for everyone. We work with inventors who want to explore whether an established company might be interested in taking their product further.”
As Own My Ideas continues to grow, the company plans to expand its licensing research, company outreach, invention marketing, and trade show activities. The goal is to give more inventors and patent owners access to resources that can help them explore potential commercialization opportunities without requiring them to build and operate an entire business themselves.
About Own My Ideas
Own My Ideas is a product licensing and invention services company that helps inventors, entrepreneurs, and patent owners explore potential commercial opportunities for their products and technologies. The company assists with product positioning, licensing research, company outreach, marketing materials, invention presentations, and trade show promotion.
For more information about Own My Ideas, visit: ownmyideas.com