What are the main differences between an assignment and licensing?
ANSWER
An assignment is a sale of all rights, and a license is akin to renting your rights, while you remain the owner. So, with an assignment, you generally receive one lump sum payment. With a license, you receive an amount dependent on the sales of the licensed product, every year during the enforceable life of the intellectual property.
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When you think you might have an invention with sales potential, immediately discuss the idea with a registered patent practitioner | Ensure you sketch all significant elements of your invention on paper, writing as much detail and comments regarding its' operation | After creating any descriptions or sketching your invention, ensure a witness (or even two) sign the paper to support your claim |
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