Full access to Entrepreneur for $5

Come Together

Two heads are better than one, so why not use a joint venture to get your invention off the ground?

This story appears in the February 2005 issue of Start Up.

For inventors, a joint venture is an agreement by two parties to work together to design, promote or manufacture a new product. The parties split the work and the profits. Inventors can form a wide variety of partnerships, including:

  • A partnership with a manufacturer who will help design the new product, build prototypes and eventually produce the product. The inventor is responsible for all sales and marketing activities and may also pay for the patent and other tooling expenses.
  • A contract with a sales and marketing group that agrees to market the product

Continue reading this article -- and everything on Entrepreneur!

Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5!