LICENSING PROCESS
The licensing plan First, you need to write down a specific plan. More specifically: 1. Develop a strategy. Will it be an exclusive or non-exclusive license? Will it be limited to various fields? Will it augment sales after your company launches the product? Will you be licensing a limited number licensees or staging them in? What incentives have you considered? 2. Do a SWOT analysis. This is a term used by licensing experts which means you need to analyze and evaluate your intellectual property’s Strengths, Weaknesses, Opportunities and Threats. This is important, because your licensees will do this and if you’re not prepared, you’ll not be able to handle their questions. With these two steps completed, you will want to start taking action. Next: 1. Find licensees. Use New Product Summaries and the methods discussed in the web pages on marketing inventions. 2. Research interested candidates. Once a candidate is identified, research it to better understand it. 3. Start with a term shee...
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