There is nothing that compares to the feeling you get when your invention hits the production line and starts to hit store shelves. It is typically a long road to get to this point and once you enter the production phase your journey from idea to reality is far from over. In fact, probably the most intense part of the process is at the point where you have to consider product licensing.
The idea of product licensing is that you essentially give a manufacturing company the ‘license’ to produce your product on your behalf. What this does is save you the cost of manufacturing yourself which would severely impact your profit line. So, by licensing your product you bring another party into your invention creation process.
But how do you do it?
At Prototype Monster we will guide you through the intricate details that result in product licensing. Things you will have to complete prior to licensing that we will assist you with include:
- Patent filing
- Prototype production
- Market testing/analysis
- Documentation on how your product works
- Goals you wish to reach with your product
One of the major licensing decisions you will face is whether or not to utilize exclusive or non-exclusive licensing. This is the direction you will have to explore and decide upon as it will determine whether or not you will license your product and have it manufactured by another company or not. In addition to these very important decisions, you will also have to determine what your product is worth. This process includes comparisons with similar products in the marketplace to yours and the profit margin that can come from manufacturing yours.
Then there’s more paperwork. But don’t worry, at Prototype Monster we can assist with the design of your professional information packet that will be distributed to various manufacturing companies. We’ll also help you to protect your design and product concept with non-disclosure agreements and confidentiality agreements. In other words, we can give you all the tools you need to keep your product safe and sound as your seek a manufacturing partner.
Imagine trying to do all of that on your own. It’s a huge task but we can save you a lot of time and effort with our licensing department.
We understand how protective inventors can become when they are this close to having their product manufactured. This is why it is so important to have the correct product licensing agreements in place. See us at Prototype Monster for all of your licensing requirements.
At Prototype Monster we can take your idea along that journey to reality. Licensing is an important step along that route. Prototype Monster is based in South Florida. We are a design and engineering firm that provides service to clients across the United States and Caribbean.