My Biggest Financial Mistake

I designed and patented an ergonomic hang grip for crutches, walkers and canes. It was so fabulous when I actually received my patent and could now approach major companies for a licensing agreement. The handle called “The Right Grip” got rave reviews and I was able to get a licensing agreement with the largest medical supplier in the world at the time. I had spent thousands of hours and tens of thousands of dollars to get to this point. My first royalty check was for $37,500-I was ecstatic! All those hours and what the heck another $100,000 or so and I would be at break even, this could work!! Shortly thereafter the company did not do the marketing they had agreed to do, they weren’t paying royalties and the relationship had all the makings of a nasty divorce. We finally had to sue them for breach of contract. I’ll never forget the morning I showed up with my(ONE) attorney and they showed up with a boatload of attorneys and expert witnesses-it was the ugliest time of my life. Long story short-I got my patent back but the judge did not award damages to me, even though he found them in breach-go figure! I would just say this, if you are ever looking at adding royalties to your mix-choose your partner very carefully. Speak to others the company is working with and find out if they would do business with the company again. Ask as many people as you can find and most importantly, don’t think you are going to change a company’s culture-they are what they are. Good luck for all you innovators out there!! PS.On a lighter note have you been to I love the add: I dig poor guys because…

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