Which is better, licensing a patent or starting your own company?

Without knowing a bit more about your situation, its hard to tell. So for that reason, I’ll speak in general terms. 

Licensing a Patent

When you license a patent, basically you are allowing others to use your idea and then you can collect royalties. That can certainly be an incredibly lucrative venture especially if you license to an established, successful company or several companies that fair decently in the marketplace. However, it’s true that a lot of patents don’t have any real worth so if you haven’t already filed a patent this is something to think about.

Starting Your Own Company

Let’s say that instead you decide to start your own company with your invention. The perks with this plan is that you don’t have to worry about finding interested parties that want to license your patent and if all goes well, you will experience those successes within your own business.

The first order of business it to determine if your patent has any worth. If it doesn’t then neither situation is going to work out. If you would like to discuss your situation with an attorney, I invite you to check out LawTrades where we can connect you with a skilled patent attorney.

In the meantime, if you want to check out some information about starting your own business—I got you covered there, too. Here’s a link to my free eBook, How To Start a Business: An Entrepreneurs Legal GuideIt offers an overview about some of the different issues you may face and how you can overcome them from a legal position. Best of luck as you make your decision!