What are my options?

An option is a choice – it’s the direction we take based on what we think is the best decision for our situation. Simple really…..but if we spread the word out a little can we apply it to inventing?

Sure – in fact, an “Option” is a little know mechanism used in contracts where you have something and someone else wants the something you have.

We know about licensing your invention to a company for manufacturing, and we know about selling your idea outright to a company, and even just selling your intellectual property. We also know that a licensing deal is basically a rental agreement.

But what if the company is on the fence? What if they like the idea but they need to do some work to figure out if it’s for them? Most inventors will simply let them do the work and nervously wait until they call. But smart inventors will use an “Option”

In business time is always money - In an option we allow the company to have a short term rental of the idea while they figure it out. They pay a sum, maybe $10,000 to option the idea from us for maybe, three months. (Always paid at the beginning of the option period)

During that time we agree not to present it to any other company or enter into any other agreements. When the three months are over they can either sign the license agreement, let it go, or maybe even extend the option for another three months and another $10,000 dollars

Options are used all the time with Plays and Books, and other more artistic products, but for some reason inventors never think about using them with inventions. It’s pretty simple really, your time and lost opportunity are worth money – and if the company wants to use it, by all means sell it to them.