Frequently Asked Questions…..

What is a licensing agreement?

An agreement between you and a manufacturer whereby they buy the rights to  intellectual property (your invention) to generate a profit. The inventor, or owner of this intellectual property, licenses their invention and receives a monthly or quarterly check based on the percentage of total sales from the manufacturer. You are giving permission for a manufacturer to produce and distribute your idea.

What’s the difference between an invention and a great idea?

An invention is usually defined as a prototype and/or patent. A great idea though can just be a thought or a sketch on a piece of paper. A great idea can be just a thought how to SOLVE a problem, it doesn’t have to be an actual product..YET. We work with inventions AND ideas at ALL STAGES. Our engineering staff is very good at designing models to match your idea. However, whether it’s an invention or great idea, it has to either solve a problem or make life/a task easier.

There are no ideas too simple to be great.

Do I need to have a working model or prototype of my great idea?

No, but if you have a prototype that’s great. Our ability is conveying the benefit of your great idea to potential licensees. That can be done with words, a sketch or a prototype.  Chances are if they get “it”, you will get “it” in terms of royalties. We are very good at conveying the “it” to manufacturers.

What is a typical royalty percentage? 

The typical royalty rate for a consumer product is between 3% and 7%. However there are certain things we ask for when negotiating that can increase that percentage.

How does Visionary Innovations make money?

We make an investment in your great idea and ONLY see a return if we land a licensing deal. That may include a monthly/quarterly royalty, guaranteed minimums, cash advance and/or buyout. We will only work with ideas that have a big enough market. If we succeed in getting a licensing agreement, we BOTH live the life of royalties.

 

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The Invention and Idea Licensing Agency
2800 S. Ocean Blvd Penthouse D
Boca Raton, FL 33432