Quote:
Originally Posted by vincefitzgerald
wat usually happens when u sell ur design???
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You will most likely sign a contract with the vendor. The terms of the contract vary, although typically a few things will be addressed.
1. Compensation. You can either be paid a fee for the design, or possibly a small percentage of each product sold. Usually on a small scale like this, the first option is easier for everyone.
2. Property. When you let a company build your design, you have one of two options. First, you sell the rights to the design to the company. That means that it is no longer yours - the company now has the right to sell or alter the design. Or, you can license your design. The company can manufacture the product and sell it, but you still retain your design rights and can sell it to other parties. There are also some options in between. You will usually get better compensation by selling the design, but you lose out on any later income sources.
3. Liability. This doesn't really apply to an omni-wheel, but in the real world it's a big deal. If someone gets hurt, or damages property, with your product, who is at fault? Usually there is some sort of clause to protect one or both parties.
Like I said, I would think that a one-time compensation would make the most sense. And whether or not you should sell or license your design depends on (1) what your vendor (AndyMark in this case) is willing to do and (2) whether you feel your product will generate enough interest in other markets.