Don’t shortchange the time it takes to structure the right type of licensing agreement. If the agreement is riddled with holes, nothing is more draining in both time and money then having to litigate your way out of a licensing agreement. Your licensing agreement is a contract between you and […]
ou’ve spent a lot of money developing and building your new product. You got a utility patent around it. And it’s unique design stands out from the competition. Then a product appears with a similar look to yours. The value of your new invention takes a nose dive as you realize too late you failed to register a trade dress to further protect the unique look of your product.
Some of the most valuable IP is built upon existing IP. It creates new industries, businesses, markets and big licensing opportunities. Incremental IP improves or extends the life of a product or technology, such as product quality, reliability, or ease of use. Even a small improvement can have big commercial value, especially in highly competitive markets.
Medical device technology is one of the biggest industries in health care, and growing demand for state-of-the-art consumer medical devices is driving this explosive growth. It’s an industry that is becoming a high-volume consumer electronics market in which technical innovation, cost control and IP are critical to commercial success. It’s also a very competitive industry and succeeding requires staying informed on the best practices for product development, marketing, sales, financing, IP management and licensing.
Licensing is a flexible strategy that offers many options. One of those is using it to capitalize on new growth opportunities without spending lots of time and money. Recently a company with natural health products wanted to expand its business but didn’t have the financial resources to support its growth plans. So the company split its product IP into two separate entities, and then used licensing to fund its expansion plans .