Med tech startups make many mistakes, especially when their primary focus is on their growth and survival, and resources (especially money) are scarce. They are either unaware of their go-to-market options or they only focus on a single make and sell option.
The problem is there isn’t a single go to market strategy that guarantees success. And figuring out the right one is never clear-cut. The result is you wind up losing out on other opportunities costing you a lot of time and money.
One area that often gets overlooked is managing, protecting and using your IP, which leads to big issues such as a lack of IP protection, missed income opportunities, potential infringement and other issues that undermine your IP and it’s money making options.
If you fail to take care of the IP inside your product and/or service, the time, effort and sweat equity you invested in getting that product and/or service to market can slow down, or even come to a grinding halt.
Your med tech start-up is an exciting and fast-moving entity. Successfully bringing your new med tech device or technology to market requires persistence and patience. Yet too often you rush ahead with tunnel vision, losing site of the best options to get your technology into the market. The result is you wind up making the same mistakes as others before you.
Even if your med tech is a unique technology, learning where others went wrong and avoiding the big IP mistakes is one of the best ways to help your med tech startup survive. And the best place to find out is at the upcoming Do’s and Don’ts of Med Tech Licensing workshop at the CSUF New Startup Ventures Incubator on March 13th.
Time and again, I meet IP owners who make the same mistakes as others before them. But it doesn’t have to be that way. All you need is the right experts to teach you how to successfully license your med tech IP the right way.
Licensing is process. It requires doing certain activities and tasks to protect, manage and turn your intellectual property into money making licensing deals. But trying to take shortcuts in the process leads to making some big mistakes that cost you time, money and in some cases, a lot of legal headaches.
If you’re new to the licensing game, or actively trying to find a licensing partner, there are ways to avoid some of the biggest mistakes. One of those is learning what they are. If you’re aware, you can take actions to avoid or fix them.
There are no shortcuts when it comes to successfully licensing your med tech IP. Do it right, and you can make a fortune. Do it wrong and it will cost you a fortune in lost income opportunities or worse, expensive legal action.
Rand Brenner is an IP professional whose passion is helping inventors, startups, and businesses of all sizes use licensing to turn their IP into income-producing products, services, and technologies. His decades of experience run the gamut from medical devices to food technology to consumer products. He’s licensed some of the biggest Hollywood entertainment blockbusters including the Batman Movies (1 and 2), and the number one kid’s action TV show, the Mighty Morphin Power Rangers. Rand speaks about licensing and is a featured speaker at investment conferences, trade shows, colleges, and startup events. His first book, Hidden Wealth: The Money Making Power of Licensing was released in 2019 and is available on Amazon.com. He’s also a published writer with articles appearing in several prestigious trade magazine including The Licensing Journal, Intellectual Property Magazine, and License India. Rand also mentors at the Cal State Fullerton School of Business and Economics and is a judge for their startup business plan competitions.