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May 16, 2008, Newsletter Issue #116: Preparing a Licensing Plan
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Tip of the Week
Invention services take on a wide spectrum of tasks, one of which is licensing. When looking to license a product, it is standard to do two steps.
The first is to develop a licensing strategy. Do you want to offer an exclusive license to one partner or develop several non-exclusive licensing arrangements? Does your invention belong in one industry or does it have applications to a variety of industries you can offer your invention to. These are some of the issues you will need to lay out in your licensing strategy.
Your second step is to develop a SWOT analysis that includes your intellectual property's strengths and weaknesses, opportunities and threats. Any potential licensee will prepare this, so you will also need to be prepared to face these issues during any licensing meetings and negotiations.
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Exclusive Sponsor
This weekly Invention Tips newsletter is brought to you by InventHelp, "The Invent Help People," America's leading inventor service firm. InventHelp can assist you in trying to submit your invention or new product idea to companies, as well as help you obtain affordable patent services. To request more information, visit www.inventhelp.com or call toll-free 1-800-INVENTION.
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