Once you have applied for patent protection, it is time to begin the next hurdle: you need to decide whether you want to find a licensee for your invention or take it on yourself as an entrepreneur.
Many inventors opt for licensing, but it is not always easy to find a licensee. A licensee will absorb all of the risk, so they must see a great deal of potential in your invention before they will consider it a worthwhile venture.
So how you approach a licensee is very important. In fact, you should learn a little about licensing before you even invest any money into your invention.