 | Franchising & Licensing | |  |
OK, so your idea has become so much more than that. It is now the subject of a Patent application, has been transformed into an actual saleable product and has caught the imagination of not only consumers but also of your competitors and entrepreneurs who see its commercial potential. Where to from here?
Well probably the next step is to either swing into full production or to seek the help of others to mass-produce your product by using franchises or licenses. Simply stated, licenses give those who have them the right to do something that they would be otherwise be forbidden to do.
Just about anything can be licensed as long as ownership is proved. The agreement will almost always provide both parties with some form of reward. The inventor is rewarded for the invention, and the licensor is rewarded by gaining some special technical advance without themselves having the need to innovate. It is a cost-effective way of transferring technology and has significant advantages for both parties.
The main reasons to take out a license is that they are :
A cost-effective way to gain entry into a particular market. Enable an inventor to maximize the full potential of his/her invention. Provide technology transfer from the haves to the have-nots, including cross-licensing. Prevent costly legal issues relating to infringement/validity. Allows the making, selling, importing and exporting of patented products. Enables an inventor to maximize returns on an invention.
For more information on Franchising please click on the “Small Businesses” or “Virtual IP Library”
Should you wish to learn more about Franchising & Licensing please contact us at patents@piperpat.com or if you have any questions, comments or helpful additions to make about any of the above an e-mail to webeditor@piperpat.com would be welcomed.
Next – Useful links for inventors.