However unacquainted he may be in a business way, every patentee can, more or less, in his immediate neighborhood, consult with merchants, friends, and others in the line of his invention, who can post him upon the right parties to submit the patent to, and the best way to see them about it, and perhaps go with him to visit such as might be interested in the invention.
Personal Solicitation Advisable.
In nearly every case it is more satisfactory for the patentee to call on the manufacturers or interested parties personally whenever it is possible for him to do so. This brings about a more satisfactory understanding between them. Many inventors, however, prefer opening up communication by correspondence, and after the parties manifest a willingness or desire to look into the invention[p. 57] more closely, then arrange to visit them personally.
Having determined upon a visit, the patentee should endeavor to get a friend known by the parties to go with him to make their acquaintance. If the friend cannot go with the patentee, he will probably give him a note of introduction. It may happen that his friend does not know the parties whom the patentee wishes to see, in that event he may know of someone who does, to whom he can introduce the patentee and who in turn may either go with him or arrange to make him known to the parties solicited. An introduction, of course, is not absolutely necessary, but it invariably has a good effect and is generally worth the effort.
The patentee should be prepared to make a straightforward, business-like presentation of his invention by means of a suitable model or drawings; carefully explaining its merits and advantages, showing as clearly as possible just what the value of the invention is and what can be made out of it, and giving tangible reasons why it would be to the interest of the parties solicited to invest in the patent. If the patentee is dealing with a manufacturer it is well to point out not only the possible advantage he may have by securing the control of the patent, but also the possible loss that his business may suffer by allowing one of his competitors to obtain its control. Many busi[p. 58]nesses have been hopelessly crippled by an enterprising firm securing control of a good patent and introducing a like article that can be sold cheaper, or one that will do its work in a better and more satisfactory manner.
Selling Outright.
Many inventors prefer to sell their patents outright; that is, in consideration of a specified sum of money the patentee assigns his entire interest in the patent, in the same manner that a person would sell a piece of real estate. This is a very good method and one of the quickest ways for the patentee to turn his invention into money, though it must be remembered that to sell a patent outright is usually for a very much smaller sum than could be realized if handled by other methods.
The day for obtaining enormous sums or fortunes from the sale of a patent outright is past; at present to realize any considerable amount, the patentee generally has to share in the risks as well as the profits, unless the invention is very highly developed, and even then he cannot expect to get as much out of an outright assignment as he could by sharing in the success of the invention commercially. If, however, the patentee is content to take the utmost cash his patent will bring him outright, he is assured of a principal or lump sum, free from any chances of the article not selling well when placed upon the market.[p. 59]
Before signing and delivering the assignment, the patentee will, of course, see that he has the consideration, or its equivalent, for which the assignment is made. If the transaction is made through correspondence he should send the assignment duly executed to the purchaser through the bank or express C. O. D. for the amount.
Assigning an Undivided Interest.