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Business Plan for New Product Licensing Coop

Work Flow: From Filing Patent Applications To Licensing

Steps Simplified

1. Patent Applications Filed

2. Further Improvements.  Market researchers, engineers and others researchers make comments to the new products.  Comments include: 1. suggested improvements; 2. reviewing other new products in similar product categories.

3. Publicize New products: Press releases; targeting manufacturers by email, mail and phone; investor groups, web blogs; help wanted ads; networking; etc.

4. License New products

 

Above Steps In More Detail:

 

Patent Applications Filed

1. Inventions Conceived

2. Inventor conducts patent searches checking if another party develop product idea before.

3. Patent applications filed to achieve patent pending status.

4. Invention packet forwarded for commentary.

 

Invention Packet:

  • Shown to the non-technical associates on the licensing team, for further improvements.

  • Invention’s brief description, followed by details.  Variations of the invention are explored. Policy is to only accept improvements and inventions from associates who have pre-signed profit sharing agreements.  Other inventions are to be actively registered with the patent office before.

  • We’re highly focused on broadening our patent applications by including many related but different products, making it harder for a competitor to copy us by making variant.

  • Marketing Info: Various trademarks for the inventions.  Why a licensee would want the new product. Marketing ideas.

  • Keywords for invention to search web for related ideas that can improve invention.

  • The portion of the otherwise confidential patent application you receive can be from one half to several pages. The non-divulged parts of the application can include “layers” of related product ideas.

 

New Product Licensing

Contact Manufacturers:

Manufacturers with related product lines contacted via: email, postal mail, and phone. The licensing manufacturer is offered free upcoming publicity about the license in upcoming press releases.  Exposure can reach 10,000 periodicals and related trade associations worldwide.

 

Press Releases:

  • Email opt-in lists of writers and editors seeking newsworthy information.  One page letter describes the new product for license, plus interesting information about the organization to catch media attention.  Links to website for more information.  Detailed electronic product descriptions are reachable via the link provided in the letter.

  • Later translate above promotional material into:  Japanese, Mandarin, German and maybe Korean.  Other countries normally receive the information in English.

 

Potential Licensees Call  If desired calls can be answered by the associate, or by our virtual receptionist. Serious prospective licensees forwarded to the owner or other person.

 

New Products Licensed:

  • New product licensing rights are assigned to the licensee (electronic manufacturer or investor).

  • Licensee completes the patent application process at their expense. Costs are $1,000 – $20,000, and usually under $100,000.  They must meet a step-by-step time guideline; otherwise the full new product licensing rights and any work they did, revert fully back to the active licensing associates who worked on the invention before the licensee came aboard.  Another licensee can be sought (perhaps another prospective party, that appeared to be the second best licensee earlier).

  • Licensee can start paying royalties from the time the patent is issued.  Sometimes they may offer an upfront fee as well.

 

Electronic Product Manufactured and Sold

  • Manufacturing can start while invention remains patent pending, or after the patent is issued.

  • Royalties of maybe 4 to 8% of the manufacturer’s sales price are received. Patents normally last 20 years from the day the first patent application was filed.  Royalties are sent to each active associate.

 

New Product  Development Timing:

  • Quickly work on the inventions after they get to you in the development chain.

  • New products for license come down the invention factory line. A limited number are promoted at any one time.

  • It can take a month to over a year, for manufacturers to make their first payment to us.

 

Simplified Flow Chart For Each New Product Cycle:

Patent pending invention comes from Inventor  ->  Engineers improve invention  ->  License Promoted  -> New product manufactured and sold  ->  Licensee sends us royalty payments for up to 20 years -> Profits shared between associates.

 

Share The Excitement & Profits

 

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