How do you license something?

First topic message reminder :

Can someone explain in simple English what the process for licensing an invention is? I’m not sure I have an actual invention but I have a great idea. Can you license an idea?
Beth

Roger, in your experience, do contests like this one work? http://www.xclosure.com/application-page

Roger

I'm getting better but I'm still not past Step 11: "No Means Move On" I'm still just s little too stubborn to accept that one. The Big Idea Group passed on the Magic Toob, but I think it was a big mistake on their part and I plan on letting Michael Collins know it! I need to hear him say "No" one last time...

Jack

Contests are like anything else you want to enter or service you want to use. Make sure you know the rules, what the requirements and what you may lose in the process. Some contests say whether you win or not they own your idea, others own it only if selected. Understand what you actually win and how they pay you and the percentage they pay you. Do they charge you a fee or do they take a portion of your winnings as payment? It can be an interesting experience but you don't want it to cost you your idea in the process or make public disclosure of a product you do not have patented or patent pending.