If you’re trying to promote your product through licensing to the automotive accessory aftermarket, there are many things you need to be aware of when approaching potential licensees or before considering any kind of legally binding agreement.Every year, thousands of inventors and product developers submit their products and patents to companies that don’t even specialize in the industry, and who claim to be able to license their patents without having a product in a box, selling. Many of these products end up getting nowhere for one simple reason, they have no real development. Most licensees prefer to work with industry specific product development companies who build custom products, specifically for them, based on their reactions to original concepts, patents or samples.Sure, you can license your patent only, without a product, but you need to work with a company that designs, prototypes, tests and submits samples to the licensee FOR the licensee, if the licensee likes the basic concept. This needs to be done in a timely manner, in concert with the cyclical nature of the automotive aftermarket, in order for efficient introduction to next year’s new product lines to take place. Simple as that.
Things you need to keep in mind:
- Accounting
- Business Administration
- Financial
- Distribution
- Sales & Marketing
- Legal Services
- Licensing
- Patent Reform
- Engineering Services
- Prototyping & Samples
- Research & Development
- Product Testing
- Industry & Product Cycles
- Trade Shows & Demos
- Public Resources
- Industry Organizations