One of my clients has developed an innovative recycling machine for a niche. He uses the machine himself as he has a recycling company. However, I advised him to capitalize on the invention by licencing the technology. This is because when talking to him he felt unease with manufacturing; he rather wants to stay with his main business. So, I proposed licencing to other equipment manufacturers. I want to manage this process on behalf of him, but I lack experience in licencing. Should my customer first patent the invention and then simply call manufacturers if there is some interest? What are the milestones and pitfalls in licencing?
With licensing, you can sign your idea over to another company and let them do all the work. You can still be competitive in the marketplace if you just have an idea that’s slightly different than others out there. You just need a good idea that gives people a small improvement over an existing idea. It can give you a little bit of room to make changes and really flesh out your idea before filing an official patent application. Before getting into the process of licensing, you need to really decide what it is you want, what you think you can get, and research all the different factors that go into the licensing process.
You can read more here: https://smallbiztrends.com/2016/02/licensing-your-product-service.html
Besides if you do have any questions give me a call: https://clarity.fm/joy-brotonath
Answered 3 years ago
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