Lisa, quality as always. Hoping my journey takes me to the negotiation point where I plan to check back on this vid and absorb anything and everything you have on the topic. Much Luv!
Great points! One of the lawyers in my family tells me lawyers are known as "deal killers" and agrees with your point there, haha. Need more successful licensing professionals like yourself!
LOL, that is funny! The "right" lawyer can make all the difference, it's just that inventors think that a law degree is the only requirement. I hope the message is clear that it just needs to be the right one:)
Yes. And Patent Law is the only type of law you can be licensed to practice without a law degree, as long as it is necessary & adjacent to a matter of filing before the USPTO (like preparing patent applications). Patent Agents can even handle PTAB trials on behalf of clients. But a lawyer will never tell you that!
Asking for an advance up front is whats called "Top Loading". I thought this was more of a deal breaker. Wouldn't it be better to increase the royalty percentage that Top Load?
I've never heard it called that in the business, but no matter what the naming convention is, no, it is definitely NOT a deal breaker to ask for it. They may say no, and while it used to be standard, it is allowed less often. I still get advances and it's definitely been worth it. You can definitely ask for a reasonable royalty rate, but I would hope that you would get the highest rate possible regardless of whether there is an advance payment or not. In other words, they are totally unrelated. Great comment, I love this question!
Thank you for sharing your experience
Thanks for watching and commenting @Chano601!
Great job Lisa. Well presented and easy to follow along.
I'm so glad you liked it Kim, thanks for watching and commenting!
Lisa, quality as always. Hoping my journey takes me to the negotiation point where I plan to check back on this vid and absorb anything and everything you have on the topic. Much Luv!
Thank you Chris, go gettum! More to come:)
8 products on the market, good job, I'm impressed 😊
Thank you @nowkramllc 😊And, thank you for watching!
Great points! One of the lawyers in my family tells me lawyers are known as "deal killers" and agrees with your point there, haha. Need more successful licensing professionals like yourself!
LOL, that is funny! The "right" lawyer can make all the difference, it's just that inventors think that a law degree is the only requirement. I hope the message is clear that it just needs to be the right one:)
Yes. And Patent Law is the only type of law you can be licensed to practice without a law degree, as long as it is necessary & adjacent to a matter of filing before the USPTO (like preparing patent applications). Patent Agents can even handle PTAB trials on behalf of clients. But a lawyer will never tell you that!
Asking for an advance up front is whats called "Top Loading". I thought this was more of a deal breaker. Wouldn't it be better to increase the royalty percentage that Top Load?
I've never heard it called that in the business, but no matter what the naming convention is, no, it is definitely NOT a deal breaker to ask for it. They may say no, and while it used to be standard, it is allowed less often. I still get advances and it's definitely been worth it. You can definitely ask for a reasonable royalty rate, but I would hope that you would get the highest rate possible regardless of whether there is an advance payment or not. In other words, they are totally unrelated. Great comment, I love this question!