FAQFrequently Asked Questions of our invention licensing services.
What do you do?
Thus, our service is to reach these important executives and prepare appealing marketing material that will impel the manufacturer to produce your invention. It is often the case that great inventions poorly marketed are rejected, whereas a very average invention with an excellent presentation, market research, and negotiation provides the inventor with a substantial licensing agreement. So, if you have a great invention, with the proper agent the possibilities are endless!
How do you license an invention?
Such an agreement that both parties abide by is called a Licensing Agreement. It is signed by all of the parties involved after negotiation and has various clauses that provide the parameters of the agreement. It deals with such issues as the basis and rate of royalties, how and when the inventor will be compensated, the length of time of the agreement, the territory of the agreement, insurance in case of injury to the customer, etc. We will negotiate for you to insure that a fair and lucrative agreement is in place. We have established licensing agreements that we work from and can show you what constitutes a “fair and lucrative” agreement for the inventor. In addition, if an attorney is needed, which is the case when dealing with larger companies, we will provide one at our cost.
How do I know that you won't steal my invention?
For inventors with inventions that are not patented it is important to first sign the Nondisclosure/Confidentiality Agreement. It basically states that Lambert Licensing cannot disclose details about your invention unless you specifically say otherwise. With this written documentation, you would be able to easily prove that we viewed your invention when you submitted it, and thus down the road be protected if we were to try to benefit from it. We assure you that this will not be an issue and encourage you to check our record with the Better Business Bureau, Minnesota Inventors Congress, and the National Inventor Fraud Center.
Does my invention need to be patented before I submit it?
Do you represent inventors outside of Minnesota?
How much of the royalties do you receive if you are successful?
Some licensing agencies take a flat fee for every invention that they represent, from inventions that are scratched on a napkin to well developed products with a prototype and market research completed. At Lambert Licensing, we feel that such a policy is rather simplistic and unfair. So, since we take inventions at all stages of development, and thus our risk varies, our percentage share ranges from 25% to 30% of licensing revenues (which may include monthly/quarterly royalties, guaranteed minimums and buyouts). That means that the inventor’s share is 70% to 75% of those revenues.
It is worth noting that there are many companies who charge upwards of 50% for the same service that we provide, and some also charge you when they are unsuccessful. In addition beware of any company that requires large upfront fees and a low percentage royalty share. These companies may not be in the business of making money for the inventor, but rather getting their large upfront fee.
Is there a licensing representation agreement to be signed?
What do I do next?
Feel free to contact us with any questions that you may have. Otherwise we encourage you to submit your invention and begin the process of actually getting paid for your creativity and hard work.