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Steve O'Donnell, Ph.D. Registered Patent Attorney

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The big question is, of course, how do you turn your Intellectual Property into money?

You can start a business to make and sell your invention, art, or trademarked goods; you can sell your rights to someone else to make and sell; or you can license your rights for a percentage of sales. The exact contours of any of these methods will be different for each client.

If you decide to start a business, you need to register with the state, possibly obtain business licenses, get taxes in order, and more. If you sell your rights you need to find a buyer, negotiate the deal, and draft an agreement that’s fair to you. If you license your intellectual property, you additionally need to agree on a licensing rate, and have some way of determining if you’re being paid the right amount.

It sounds complicated, because it is complicated. But it’s something you can do. I can help you.

A verbal contract isn't worth the paper it's written on.Samuel Goldwyn

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