Product Development & Licensing
Creating and protecting inventions and innovations is an important first step. But the next phase, commercialization, may be the most important. This can either mean developing a start-up business or alternatively licensing your product to a third party or parties who can get your product into the hands of users and consumers. Cislo & Thomas LLP has extensive experience helping clients with the commercialization of their products.
Business Start-ups: For those who would like to start their own business or company, Cislo & Thomas LLP will gladly help direct all related activities, beginning with introducing you to marketing consultants who can help you prepare a business plan. Creating a start-up business can quickly become a very intensive and even full-time project, we encourage our clients to carefully review their goals before undertaking this process. If this does not seem like the right time for you to start a new business, you may instead want to consider licensing your invention or innovation to a third party, who is already promoting similar products to a targeted, diverse customer base.
Licensing: Our firm has a great deal of experience helping clients find potential licensees. We help the client to package their invention, or innovation, in a way that is most likely to be received favorably by licensees while together looking at market conditions and other factors that would be likely to affect the success of licensing the product.
1. Prototyping: Typically, the first step in marketing a product is to package it in a way that appeals to the market you plan to target. Oftentimes, making a prototype of the product, creating physical specimen, or developing a three-dimensional virtual model can drastically enhance the marketing potential of your innovation. Cislo & Thomas can familiarize you with professional model-makers, prototype manufacturers, and advanced 3-D CAD designers to create consumer-friendly products. Legal protections must also be established prior to any commercialization efforts, which our firm can easily assist you with.
2. Finding Licensees: The next step is to find influential licensing targets, typically the presidents and vice presidents of marketing companies, among others. These companies already enjoy a strong presence in the market or niche where your product would most likely fit. We can help you communicate with these targeted individuals, focusing on the mutual commercial interests shared by both parties, and commencing a dialogue about a potential licensing negotiation. This is a true art. It is essential to get these decision makers interested in and attracted to the invention or innovation, and believing that your product or idea would resonate with their customer base.
3. Feasibility: Finally, we can also undertake a feasibility review, and in conjunction with the United States Department of Commerce, provide you with actual ranking and analysis of your product using their proprietary algorithms and vast experience.
For your convenience, listed below are the basic guidelines our attorneys employ when assisting our clients with their commercialization goals:
1. Initial product review and analysis, including consumer benefits and considerations;
2. Feasibility study and analysis through the Department of Commerce and entry into licensing database manufacturers;
3. Development of solicitation materials;
4. Investigation, research, and ranking of potential licensees for a particular industry;
5. Create a design and/or prototype of the product (physical or 3D virtual);
6. Dissemination, promotion, and follow-up communication with all licensee targets;
7. Licensing negotiations and consummation of licensing agreement; and
8. Subsequent auditing and follow up with licensees to determine proper royalty payments and compliance with licensing terms.