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Profit From Your Idea: How to Make Smart Licensing Deals [Paperback]

Richard Stim
4.7 out of 5 stars  See all reviews (27 customer reviews)

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Book Description

December 30, 2010 1413313256 978-1413313253 Seventh Edition
License your invention without the risk -- protect your idea!

You've invented a great product and it's time for the next step. However, if you present an invention to a prospective buyer or licensee, it's no secret that your idea can be stolen. How can you draft an agreement that protects your interests?

Turn to Profit From Your Idea to help you create, modify and understand nondisclosure agreements specifically for inventors. In addition to providing sample agreements and practical advice, this all-in-one guide helps you:

    understand the licensing process determine ownership rights work with agents effectively find potential licensees publicly show inventions without the risk negotiate a fair licensing deal draft a comprehensive licensing agreement deal with international licensing

    Disclosing your invention requires a balancing act: Presenting the best aspects of your invention while protecting the confidential aspects of your work. Use Profit From Your Idea to help you effectively maintain the necessary balance and minimize the risks of disclosure. The fully updated 7th edition comes complete with the latest licensing case law and includes brand new FAQs, many from the author's popular blog, Dear Rich: Nolo's Patent, Copyright & Trademark Blog.

Frequently Bought Together

Profit From Your Idea: How to Make Smart Licensing Deals + Patent It Yourself: Your Step-by-Step Guide to Filing at the U.S. Patent Office + One Simple Idea: Turn Your Dreams into a Licensing Goldmine While Letting Others Do the Work
Price for all three: $70.86

Buy the selected items together

Editorial Reviews


“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

“Gives detailed instructions on working with manufacturers, marketers and distributors...”- Baton Rouge Advocate

About the Author

Richard Stim specializes in small business, copyright, patents, and trademark issues at Nolo. He practices law in San Francisco and has represented photographers, software developers, crafts people, publishers, musicians, and toy designers. He is the author of many books, including Music Law, and Profit From Your Idea. Stim also produces audiobooks, and performs and records with two bands.

Product Details

  • Series: Profit from Your Idea
  • Paperback: 432 pages
  • Publisher: NOLO; Seventh Edition edition (December 30, 2010)
  • Language: English
  • ISBN-10: 1413313256
  • ISBN-13: 978-1413313253
  • Product Dimensions: 9 x 7.1 x 0.9 inches
  • Shipping Weight: 1.6 pounds (View shipping rates and policies)
  • Average Customer Review: 4.7 out of 5 stars  See all reviews (27 customer reviews)
  • Amazon Best Sellers Rank: #532,769 in Books (See Top 100 in Books)

More About the Author

Unfortunately, Amazon has stopped including reviews from previous editions. These can be helpful.
So, to see previous reviews for Patent, Copyright and Trademark, check out
If you've got questions regarding book content, check out my blog

Customer Reviews

4.7 out of 5 stars
4.7 out of 5 stars
Most Helpful Customer Reviews
56 of 57 people found the following review helpful
5.0 out of 5 stars An Absolute Must Read for Inventors January 24, 2006
If you have a patented or a patentable invention and have decided not to manufacture or market it yourself, but wish to license a company to do so, this book is for you. In fact, it is a must read. The book covers not only the licensing of inventions but the licensing of trade secrets and copyrights.

As the author points out, manufacturing your invention yourself (venturing) is often not the wisest course. Few inventors have the funds or the experience to run a successful business venture. Also the cost of fighting infringers can be financially devastating for a new enterprise.

Perhaps the greatest strength of this book is its ability to explain legal terms and legal fine points in down to earth, everyday, language. An example of the practical approach this book takes is when the author comments: "Sad as it may seem, you may be better off with no license at all than a licensee that has a reputation for acting unethically".

He further notes that finding the right partner for a license can be harder than inventing and patenting. The author points out how some common agreements you as an inventor may make may have an impact your ability to license. He cites ten examples. One is a representation (rep) agreement that may require paying the rep a percentage of your license even though the rep was not involved in negotiating it!

How commercial is your invention? A list of 33 areas and factors to check is given. When you consider that only two or three out of a 100 new inventions succeed, it is well worth your time to go over this list early on. The book notes even brilliant inventions may be ignored by the public if the price is too high.
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34 of 35 people found the following review helpful
5.0 out of 5 stars Like Your Own Licensing Attorney in a Book! April 4, 2001
With this one creative work, Attorney Richard Stim has given the inventor lightening power [like the art on the cover shows] in understanding what it takes to license an invention. It's easy to grasp because it's written in layman's terms. He has graphs on the licensing process, with forms in the back of the book as well sample agreements. He's given the inventor the tools and formats for licensing agreements, non-disclosure agreements, option agreements, contract work, agency letters, etc. And, all these agreements are also on a disk which is included with the book. He's outdone himself. I can't say enough about what Richard has put into this excellent licensing course for the inventor. I believe that it not only helps the independent novice inventor, but is also a good reference for those who consider themselves experts. Even attorneys should find this an excellent addition to their legal library. I recommend it highly. Accolades to Richard.
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16 of 17 people found the following review helpful
4.0 out of 5 stars Great guide to the licensing process April 4, 2003
Format:Paperback|Verified Purchase
This book is very educational about how to go about the licensing process. It's very easy reading, not the technical boring style. The included software is a major plus! You can customize the included licensing contracts.

Michael Waller
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9 of 9 people found the following review helpful
5.0 out of 5 stars Terrific guide even if you have an attorney December 28, 2007
First of all I think the book (the most recent edition as well as earlier versions) is first rate and I highly recommend it. Although the book is geared for do-it-yourself licensors, it is also terrific to help people who are looking for an attorney or who have one they are already working with. Having been a attorney focusing on intellectual property licensing for more than 30 years and teaching licensing to non-lawyer grad students, I know first hand that this book is a comprehensive albeit superficial overview of the licensing process. Despite how good the book is, it will not transform the reader into intellectual property licensing expert.

In the real world, licensing situations often become far more complicated than the impression the book provides. That is especially true when you are trying to negotiate with a large company with experienced IP lawyers. Its like trying to out negotiate a car salesman when buying a car. What the book does impart is a much greater knowledge of the overall landscape. The more you know, the better it is to work with your own lawyer to help you through the complications. People license to make money so the better the license, the more money that can be made.

Also beware that the book seems to focus mostly on patent licensing as opposed to other forms of intellectual property where the strategies and nuances are different. Again, this is only slight criticism as I did very much like the book. It is definitely a useful read for neophytes to licensing.

Joe Hustein
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3 of 3 people found the following review helpful
5.0 out of 5 stars Highly recommended February 14, 2011
Format:Paperback|Vine Customer Review of Free Product (What's this?)
Let's face it - you have an idea that you would like to be sure it is secure with a patent. You also want to market it, but not sure how to proceed forward since all you have is the idea. Well, if you are there, this is the book for you.

I'd like to commend the NOLO series authors as these books have been extremely helpful to me over the past 2 years.

So, Licensing - yes - the book is very helpful in detailing the specifics related to how the entire licensing process works. It will take you deep into the details from finding the agent through the patenting process to the final agreement. The author has taken a careful approach into answering questions like: How to deal with agents? What are ownership rights? How do you deal with International licensing? and How do I negotiate a licensing deal?

The book is ideal for small business owners, inventors, college graduates looking to patent or copyright their senior thesis, etc.

Keep it on your desk at all times, mark it, fold its pages on the areas you are most interested and you will soon find how rewarding it could be to be the owner of a licensed/patented product.

Highly recommended.
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Most Recent Customer Reviews
4.0 out of 5 stars You can't teach experience, but, this is pretty close
If you know nothing about licensing deals then you would probably want to read a good portion of this book before talking to a professional. Read more
Published 12 months ago by Just Trying to Help
5.0 out of 5 stars Good introduction to topic of licensing patents.
Good introduction to topic of licensing patents. Essential reading for independent inventor trying to commercialize patented inventions, also advice regarding dealing with yet... Read more
Published 13 months ago by Oleh Weres
5.0 out of 5 stars Another out-of-the-park Nolo home run
I don't mean to gush, but this is another great Nolo book. Licensing is very difficult to do right, especially considering that most of the audience for this book will be small... Read more
Published 15 months ago by Dave Millman
5.0 out of 5 stars This book had good information.
This bookj was well written and it introduced considerable new material on the way an inventor could profit from his invention.
Published 18 months ago by winter1
5.0 out of 5 stars Great software and good text combination
Highly recommend the intense reading of profiting in developing my ideas adn creating solid licensing deals. The CD (software) makes the combinations makes the book even better. Read more
Published 18 months ago by R. Chavis
5.0 out of 5 stars Extraordinarily well written, easy to read with great advice in...
My first Nolo book and really did not disappoint.

The book is well laid out,easy to follow and has excellent case studies, hints and links to external information. Read more
Published 19 months ago by Mr. Peter Sodhi
5.0 out of 5 stars A Great Book on Protecting Your Ideas
I really like the book and find it to be a great wealth of information to get you started on protecting your ideas. Read more
Published 19 months ago by M Masaki
5.0 out of 5 stars A Guide To Protecting Your INTEL...
Whether your have and idea, created an invention or are thinking about it, this is an excellent reference guide to learning how to protect and license your intellectual property,... Read more
Published on March 15, 2012 by The Lunar Staff
5.0 out of 5 stars Good overview of IP and licensing agreements
This book was a nice overview of how to license intellectual property (IP). Nolo books are generally very well done, and this one is no exception. Read more
Published on July 21, 2011 by A. Fabbri
2.0 out of 5 stars missing important information in the book!
The book is really not all that comprehensive. I wish the author would spell out in a nice outline form or create a primer for licensing an invention. Read more
Published on May 13, 2011 by Jerry
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