AboutPenny Ballou Expertise The Invention Process; Royalties; Licensing Inventions/Products; Pricing; Direct to Market; Marketing/Promotions; Patent Searching; DIY patent writing; Types of patents/costs/how to's; Funding (grants and Angel investors); Prototyping; Off-Shore sourcing.
Experience I am founder of an inventors group; Advisory Board President of www.inventored.org; former Licensing Executive Society member; researcher for www.piausa.org and a consultant; plus moderate and contribute to several online inventor discussion groups.
Publications Enter my email address into any search engine to find them.
Education/Credentials Invention development: well-studied and applied in all aspects of the process and an inventor myself with one invention in patent pending and others ramping up. Lived and attended schools in Mainland China and the UK.
Question I have an invention that will enable online music retailers to add new service to their service line. It is very unique and will impact the whole music industry. It's patent pending, and I'm now looking to speak about it with online businesses such as Apple, Google, Yahoo and etc. I have the following questions:
1) What is the best way to approach these companies?
2) What do I need to prepare before contacting them (Documents, Video, Drawings)?
3) What is the best way to find the right people in these companies?
4) Do you know any licensing agencies that can help me?
Answer I have an invention that will enable online music retailers to add new service to their service line. It is very unique and will impact the whole music industry. It's patent pending, and I'm now looking to speak about it with online businesses such as Apple, Google, Yahoo and etc. I have the following questions:1) What is the best way to approach these companies?
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1) What is the best way to approach these companies?
(a) Head on…AFTER you’ve investigated their submission policy. For example Apple won’t accept them but if you insist on giving them a free peep they’ll gladly look it over since their policy is that you must first sign: “You agree that: (1) your ideas will automatically become the property of Apple, without compensation to you, and (2) Apple can use the ideas for any purpose and in any way, even give them to others.”
(b) My money says the top-tier companies you’re targeting will all have the above policy.
2) What do I need to prepare before contacting them (Documents, Video, Drawings)?
a) Have a patent and a lot of money in the bank (if you have something “over the top” to sue them for infringement) or let them find you.
3) What is the best way to find the right people in these companies?
a) The right people don’t exist because the companies you’ve chosen will not accept outside submissions but if they did, step one is to see if they’ll sign a Non Disclosure/Non Compete Agreement (NDA). Hence you need not just a patent but one with a strong fence around it and money in the bank just in case.
4) Do you know any licensing agencies that can help me?
a) None that I’d recommend as they all want money up-front. Then there are those who say it’s free until you read their contracts.
b) If you have something over the top, you’re best bet is to build a company around it then let them come running to you with tails between their legs.
