Plan of Action
Licensing & Royalties
When initially contacting Lonestar Patent Services, a member of our Invention Assessment Team will ask you a standard list of questions concerning your new product idea, such as; type of invention, date of conception, type of consumer, scale of engineering difficulty, estimated selling price, and others. For your protection and peace of mind, you will not be asked to disclose the specific details of your invention. If it’s determined that you have a viable invention idea, you’ll be invited to attend a private meeting at our Las Colinas offices (no cost), tour our operations, and participate in a detailed invention review, planning, and next-step strategy discussion.
At the time of your scheduled meeting, whether it be on a Zoom call or in our offices, you’ll be presented with our Confidentiality/Non-Disclosure Agreement (NDA) to read and sign. The NDA protects you from us disclosing your invention idea to anyone else without your expressed written consent. You will then be introduced to a specialized member of our Invention Review Team and brought to a private office to discuss the details of your product idea. If it’s determined that you have an invention idea of potential value, a comprehensive Invention Analysis will be ordered. This Meeting takes 1-2 hours to complete.
Lonestar Patent Services will pay the cost to have a team of highly experienced Invention Development Specialists perform a comprehensive analysis of your product idea ($800 value). A U.S. Registered Patent Attorney will verify patentability and conduct a free patent search. A Certified Engineer will calculate the estimated design, development and production costs. A New Product Marketing Specialist will research the consumer demographics and the estimated size of the potential U.S. buying market. A Dun & Bradstreet Database will research the number of prospective U.S. manufacturers and distributors. A Professional-licensing Agency will review and decide if they are interested in representing your invention. The Invention Analysis takes 3-4 business days to complete.
After the completion of the Invention Analysis, if it’s decided that your product idea is marketable and poses no obvious production and/or patentability barriers, a detailed outline of the invention development, patenting and marketing service requirements will be prepared (specific to your product) and another meeting will be scheduled with you. During this meeting, you will be provided with a thorough explanation of the R&D to market recommendations and the overall cost of service. This Meeting takes 2-3 hours to complete.
Our 3D and 2D illustrator solutions enable our invention designers to quickly transform new ideas into great products. Intuitive interface and powerful design capabilities drive smarter, faster product development that powers our client’s success. Powerful toolsets, clear communication of design information, virtual prototyping, and quick generation of market ready graphics give us the distinct advantage in a competitive intellectual property industry.
With powerful visualization and modeling software, we can create brochure-ready product renderings selected from a range of options for materials, textures, and backdrops. Unlike traditional rendering tools, our advanced invention illustrator tools requires no photographic experience and renders dynamically, achieving the highest quality results faster than traditional new product rendering applications. Our vibrant new product illustrations allow us to share your representations and drawings via email with licensing prospects. The end result is seamless enterprise-wide collaboration and faster product development. And since product models can be embedded into documents, it’s easier for us to transform consumer in-use illustration data into compelling product presentations.
Our advanced new product design, development and R&D drafting intelligence are the backbone of our modern-day engineering platform. Technical drawings are updated predictably throughout the entire design process. Easy-to-understand relationships between each component let our contracted engineers capture your design intent directly in a presentation model, so when a change is made, everything updates automatically the way it was intended. If conflicts arise, we evaluate the relationships between each component and automatically troubleshoot any issues. Other intelligent engineering tools and libraries let us lay out common design elements and fully understand the motion of mechanisms. This additional intelligence ensures that models rebuild correctly during design changes, eliminating rework and saving time and money.
We employ the services of some of the very best U.S. registered patent attorneys to represent our clients. In doing so, your completed design and development documentation will be used to write and file both a Provisional Patent Application; which initially gives you one year of protection, and a Utility Patent Application; which gives you an additional 20 years of protection. - All applications are filed with the United States Patent & Trademark Office (USPTO). Your assigned patent attorney will write and file a provisional patent application as if it were a non-provisional application, except for time consuming sections not required. Your patent attorney will also implement advanced legal safeguards and seek to bullet-proof your patent against competitor redesigns. Then within one-year from the filing date of your Provisional Patent Application, your patent attorney will assist in writing, filing and prosecuting your Utility Patent Application.
We research, gather and organize information about the specific target markets and all potential customers of your invention. Market research is a very important component of any new product launch strategy. The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets. Market research provides important information to identify and analyze the market need, market size and competition. It is the systematic gathering and interpretation of information about individuals and organizations using statistical and analytical methods and techniques to gain insight and support decision-making, and it is key to maintaining competitiveness over industry rivals.
With the assistance of Dun & Bradstreet (D&B) and other resources, we utilize exclusive databases to conduct a targeted manufacturers search for you. Once the proper intellectual property protection is in place, we extensively research select manufacturers that fall within industries most likely to have an interest in your invention. Your completed product documentation is an important part of how we communicate your invention with the selected companies. We review all opportunities, leaving no potential market unturned. With our detailed documentation of each company’s invention submittal divisions, your invention gets the attention it deserves.
Once all the invention development work is completed, we prepare and print 100 color brochures to be delivered to the select list of companies indentified in the manufacturers search. Client brochures are prepared as both a licensing proposal and a request for each company to conduct a good faith review of the invention. Each 15-20 page brochure includes the following documents: The 3D Invention Design, Consumer In-Use Illustrations, Product Description, Technical Drawings, and the Market Research Report.
We assist our clients in the negotiation, implementation and management of patent licensing or direct buyout agreements, both from a strategic (carrot) and an enforcement (stick) standpoint. By licensing or selling your invention to a company, you don’t have the hassles and significant expense of manufacturing, marketing, and distributing it yourself. Most relevant manufacturers have large distribution networks to instantaneously get your invention into retail and online stores. When licensing your invention, you are giving a company the exclusive right to manufacture, market, and sell your invention. In turn, you receive royalties. Licensing an invention is like owning a home and renting it out for a stream of income. You may also get a cash advance. Cash advances are nonrefundable payments received toward future royalties. You can also receive a License Fee.