Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Intellectual Property and other Invention topics.
Infringement lawsuits are expensive. The monetary cost and time commitment of litigation can wreak havoc with large companies, never mind the independent inventor or entrepreneur.
When a direct competitor might be infringing your patent, a more realistic and profitable approach might be to forge an intellectual property licensing agreement instead. Far less costly than litigation for your competitor too, they might welcome the opportunity to earn income through a licensing partnership than lose profits to attorneys or even lose their right to use the product at all.