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