8. Patent vs. License

Patent Pending Made Simple

What is the difference between a patent and a license?
In this episode, Jamie and Samar discuss the differences between a patent and a license. Topics include:

• Key differences
• Do you need an issued patent to get a licensing deal?
• Are there benefits of securing a licensing deal during the patent pending phase?
• Overcoming fears and uncertainties around licensing an invention
• What is a license (a contract that allows someone to use your patented invention in exchange for payment)
• Licenses can be exclusive or non-exclusive
• Most common patent licensing deal structures (lump sum payment, royalty rate per unit sold, percentage of profits)
• Finding potential licensing partners
• Tips for writing a patent application with licensing in mind (understand potential partners’ portfolios, draft claims accordingly)

Timestamps:
0:00 - Introduction
2:30 - Do you need an issued patent to get a licensing deal?
5:15 - Overcoming inventor fears about licensing
7:00 - Defining what a license agreement is
10:30 - Exclusive vs. non-exclusive licensing
12:45 - Typical licensing payment structures
15:00 - Finding potential licensing partners (teaser for future episode)
17:30 - Writing patents with licensing in mind