Do you need an approved patent to approach companies for licensing, or is a provisional patent enough? Also, will companies negotiate patent costs in a licensing deal?
You can negotiate a deal with just a provisional patent. But there’s more risk for the company. Without a final patent, they don’t know if it’ll be approved. That makes some companies cautious.
Most will do their own research. They might hire lawyers or do a patent search to check if your idea is worth backing. They’ll want to be sure they can build something around it.
Here’s an example: Imagine you own land and want to sell the mining rights. You don’t know what’s underground—gold, silver, or nothing. The buyer will run tests and take a risk. It’s the same with licensing a product still in the patent process.
As for negotiating costs, it depends. If your product is already selling, you’ll have more leverage. Companies love proof that people want your idea. If not, the deal might take longer, but it’s still possible.