"Gives detailed instructions on working with manufacturers, marketers and distributors." Baton Rouge Advocate "Tells prospective entrepreneurs how to move an idea 'from thought to bought'--and roughly what inventors can expect to get in a licensing deal." Los Angeles Times "Tells inventors everything they need to know to enter into a solid licensing agreement." Electronic News "Stim, an intellectual property attorney and author, explains how to make licensing deals for inventions. He addresses ownership rights, including determining legal rights and protecting them under patent, trade secret, and copyright laws; soliciting licenses and dealing with agents, finding and soliciting prospective licensees, and protecting trade secrets during the solicitation and negotiation process; the license agreement, including its elements, how to keep information confidential, money aspects, the negotiation process, and drafting the licensing agreement oneself; and dealing with licensee changes to the agreement and issues that might come up after signing it. This edition has been updated with current licensing law and patent rules and covers the implications of the Defend Trade Secrets Act of 2016." Eithne O"Leyne, Editor, Ringgold, Inc. ProtoView Author Comments: In a survey of inventors, almost three-quarters believed their patents would earn them at least a million dollars.

Over half thought their earnings would exceed $5 million. In reality, only 3% to 5% of patents earn money. In other words, no matter how hard it is to design and patent an idea, making money from that great idea is even harder. One reason this book continues to sell after twenty years is that, unlike the many get-rich-quick books that have come and gone, Profit From Your Idea is steeped in reality. I designed this book to protect inventors at every stage of the licensing process, from finding and negotiating that lucrative license to shielding inventors from unnecessary losses by honestly evaluating commercial potential. I believe this reality check is what keeps Profit From Your Idea a perennial seller.