Do You Own an Invention You Are Trying to License | Brand Licensing | Brand

1. Do You Own an Invention You Are Trying to License? PETE CANALICHIO Many inventors try to get their invention licensed with patent pending/issued patent. Each inventor believes strongly that his or her product is commercially viable and beneficial. After exhausting financial resources on drawings, prototypes, attorney’s fees, patent filings and the like, an inventor asks for help to license his invention for a cut of the royalties. “Getting a product to market has become much harder than it used to be. - Tracy Hazzard, CEO of Buzz Design Companies need a product that is “commercially ready”, which means: 1. Inventors must be able to identify a list of companies that can utilize their invention. 2. The investor must then assess each of these companies from a fit perspective. Questions for licensing one’s invention 1. Does my invention support the company’s mission? 2. Does my invention reinforce a company’s brand position and promise? 3. Does my invention add a competitive advantage to the company’s product? A resounding yes to each of these questions signify that invention is closer to the marketplace and the inventor must make the invention “commercially ready”. Tips to make the invention commercially ready: 1. The invention must be built or integrated into the company’s existing product, as if the company’s R&D group would have done it themselves. 2. The finished product must look like a product the company would have delivered off of their own production line. 3. The packaging with the visual standards and messaging must match what the company would have created themselves. 4. The inventor should have supporting research that affirms that consumers would clamor for this “new and improved” product. Realities: There is no guarantee that the company will license their invention even after completing steps. “Potential license partners today have incredibly high expectations in order to manage cost and to stay ahead of the game.” - David Lieberstein “ Without a fully operable, fully engineered, full-scale working model, your chances of getting even just a follow-up email are slim." - David Lieberstein “Companies have no place for the inventor’s product within their current business model.” - Tracy Hazzard, CEO of Buzz Design “A design that needs to be demonstrated limits your potential partnerships; the fit has to be right.” - Tracy Hazzard, CEO of Buzz Design Three Approaches: 1. You can raise money and bring the product to market yourself. 2. Equip yourself with the knowledge to make your invention “commercially ready”. 3. Continue to search for that right company that needs your invention. According to Amar Probhu there are more than 115 million companies in the world today which could benefit from your invention. According to Rutgers University It took Edison 3000 tries to find the right filament for his light bulb. Dogged determination makes inventors succeed when most ordinary people would give up. Grab V aluable Resources from Brand Licensing Experts for 100% Free Today Are you interested in extending your brand’s influence, strengthening consumer relationships, and generating unlimited revenue from guaranteed royalty payments? Get Your FREE Membership Today PeteCanalichio.com/fast-track PETE CANALICHIO