I am devoting the next three blogs to a very important question: is your new product innovation an ideal match for licensing? There are three criteria that you need to subject your idea to before you pursue licensing.
Is your product high volume enough? Is your product going to be easy to manufacture? And, are the benefits of your idea easy to understand?
These three questions should act as filters for your product – the answers you supply will determine if your product is appropriate, and furthermore, a great match for licensing.
Does your invention need to be ideal in order to license? Absolutely not. If your product doesn’t meet all three criteria with flying colors, it by no means automatically insures that your product cannot be licensed. Manufacturing kinks CAN be worked out, and your product might simply sell to a much smaller market (and understandably, make much less money). The third criterion is less flexible. Your benefits do need to be quickly and easily understood. But ultimately, it’s important to know where you stand and where your assets lie.
If you are considering licensing a product, please follow these next three blogs. If you can answer each question with confidence, your product is on the right track!
InventRight: Helping to Bring Your Product to Market