How can I tell if my Innovation is worthwhile?
We’ll work with you on anything patented that would be a major advantage over a competitor’s version.
What companies do you submit Innovations to?
We seek out Companies with proven track records selling products that your Innovation would benefit. Companies with competing models are sought out to bid for your Innovation.
Do you make contact with potential companies in person?
Initial contact with the bidding companies is made by a combination of email and phone calls, followed by personal contact.
Can I pursue other options while you’re considering my idea?
Once you submit an Innovation MMWB has full right of sale pending your approval of the highest of up to five bids.
Am I legally bound to you after I submit my idea? If so, what is the maximum time?
Yes, you are bound to MMWB for a period set at time of contract signing.
Do you always submit to five companies?
Not every product is made by a full five competing companies, but we will try to find up to five if possible.
How do I get paid?
The company purchasing or licensing your Innovation will issue a check directly to you. The buyer may pay a flat fee up front, a percentage of sales, or some combination thereof.
How much is MMWB’s commission?
You will receive 70% of the results of your Innovation licensing and MMWB will receive the remaining 30%. Exceptional cases may be negotiated with a different rate prior to contracts being signed.
What if I don’t agree with the highest bid received?
The companies bidding on your Innovation use the best market research to determine it’s potential worth. By bringing five competitors to the table, you can be assured of the most profitable outcome. If these original bids are truly unreasonable to you, a requested re-bidding of your Innovation to different companies may be possible.
How will you guarantee that my idea will not be taken and used by others?
Your issued Patent is your first line of defense. Although in the world of product Innovation there are no absolute guarantees, we maintain the highest security and professional standards while your Innovation is in our hands. By focusing on Innovations and not inventions, we narrow the risks and time involved. Tracking each and every individual and company viewing your idea creates a chain of possession that can be used in court to establish your claim. You will have the support of MMWB at all times.
What does the non-disclosure/non competition contract say?
The contracts clearly and legally bind anyone viewing the Innovation to compensate you if your Innovation is used.
Will I be able to see a copy of the contracts that companies will sign?
What if a company makes changes to their product similar to my idea before it is submitted to them?
In the high paced world of retail, changes are made quickly and we cannot prevent companies from bringing products already in their pipelines to market.
What happens to a company that leaks or uses my idea without payment after signing a non-disclosure/non-competition agreement?
MMWB will actively assist you in your legal proceeding by providing any and all signed contracts as proof of the Innovation’s origin prior to the company producing it.
How often and in what manner will you contact me after my submission?
Our Goal is to keep you informed at every step. We contact you upon submission, when your Innovation has been reviewed by an Agent, throughout the bidding process, and all the way to completion.
What time-frame am I looking at?
MMWB’s success depends on yours so you can feel confident that we move the process along as quickly as possible. Different products have different manufacturing cycles and will take varying lengths of time.
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