Tag Archives: licensing

For Inventors, News

15 Landmines To Avoid When Licensing

So you’ve come up with a novel idea or method… and filed the appropriate patent or trademark applications. Maybe you’re waiting for the USPTO to grant your application, or you’ve already received a the red-ribbon stamped package from the government granting you a U.S. patent or trademark. Congrats! You’ve now got a tangible piece of intellectual property (IP) that you can license to other individuals or companies.

Below, I’m going to outline some of the pitfalls and landmines you need to consider when licensing your IP to ensure that:

  • your rights are protected
  • you’re not taken advantage of
  • and, as we all wish, you can make the right deal that will a generate a stream of revenue for years to come.

1. Hire An Experienced Intellectual Property Attorney

One size does not fit all when seeking an attorney to help you negotiate an IP license agreement. IP attorneys are specialists—and while your local real estate lawyer handles contracts, they probably don’t have the expertise to handle IP licenses. The importance of finding an IP attorney experienced with executing license agreements cannot be understated. Because, I assure you, any company worth its salt either has in-house IP attorneys (those that work directly for the company) or are represented by a large New York or California law firm to get the best deal they can for their client. Protect yourself—no one would hire a dentist to do their open-heart surgery.

2. Even David Had A Plan Against Goliath (So should you)

Let’s be clear, you are one individual probably approaching a company with several employees, years of experience and a bucket load of resources. Before reaching out to them as an inventor or IP holder, you’ve got to have an action plan. Remember, its your IP and you are usually the one making the first offer. Have you thought about several important terms before you begin negotiations? Some of these might include:

  • how long is the license grant
  • what is the scope of territories (where will it be sold)
  • are there any non-compete provisions (maybe they sell similar products)
  • what about future IP rights (do you have other applications)

Trust me, any company you’re trying to license to will have thought of these provisions well before you arrive… and so should you.

3. Confidentiality Agreement

We’ve all heard a story of someone shopping their product to a company, only to be turned down outright or simply ignored. Then, two years later an inventor may see his IP on the shelves of a major chain. A properly executed NDA or CDA can provide some protections to prevent this scenario. So, before you send over all your research and prototypes or your pending patent application (or patent), consider having a CDA or NDA in place.

4. Document Everything

So, I’ve said in my previous blogs that emails may not be enough when reaching out to companies. You have to be as proactive as you can. At the same time, keep diligent records of who you reach out to and when—and who you actually speak with. This will go a long way should you ever have to prove you provided a company with copies of your IP and they misappropriated your idea.

5. Exclusive Or Non-Exclusive? (That is the question)

Do you want to put all your eggs in one basket… or have the flexibility to manufacture the product yourself or license with another company? Each of these options has benefits and costs that you must weigh before entering into—and during—negotiations. Beware the company that offers you everything under the sun. Remember, this is a negotiation between two strangers—not a marriage after a long courtship.

6. Do You Trust Your Licensee?

If, and when, you enter into an agreement, you’re building a potential long-term business relationship. Research the company. You can find out how many lawsuits they are currently involved in, and what those lawsuits revolve around. How are the negotiations going… are they providing you with sufficient records? A licensing deal is a two-way street, and regardless of how much money they may propose dreams can fade away fast. This is business, and your IP is your baby. No parent would give their newborn to a stranger. And neither should you.

7. We All Want More Money… But Can You Count It?

If you’re unable to read a profit and loss statement or a financial audit report, I suggest you start reading up on basic accounting techniques. Remember, this is a business—and companies, like people, will cook the books in their favor. Protect yourself and learn the basics of finance.

8. Quality Control: It’s Your Reputation, Too!

Depending on your IP and product, make sure any potential licensee is able to manufacture your product safely. In the world of Twitter and Yelp, one bad review—or a batch of dangerous products—may spell the end of your IP and your reputation. Manufacturing in China may seem like a good idea monetarily. But if you’ve never visited the manufacturing facilities, can you really have faith in how they’re producing and presenting your IP to the public?

9. How Do You Want To Get Paid?

This goes back to my first point of having a plan: How will you get paid? This is the primary objective in licensing, after all. Monthly, quarterly, yearly? Net profits or gross profits? Milestone payments? Up-front fees? Patent prosecution costs (past, pending or future)? Consider how all of these may affect your bottom line.

10. Financial Stability (Don’t go belly up)

Understanding the financial stability of a potential licensee is critical for several reasons:

  • Are they on the brink of bankruptcy?
  • Do they have adequate capital to manufacture, market and sell your product?

Trust me, a worst-case scenario is for you to license your IP to a company—and then spend years in bankruptcy court trying to get your rights back.

11. Don’t Go Into The Graveyard

I will tell you a secret: Certain companies (I’ll mention no names) may simply buy your IP with no intention of ever manufacturing your product. Or maybe something better comes along, and they just move you into the background. Without certain protections and expectations, your IP could end up sitting on the shelf collecting dust. Make sure you have manufacturing and selling goals—and deadlines—somewhere in your agreement. Again, this is why an experienced patent lawyer, although expensive, can literally be worth their weight in gold.

12. Auditing Is Not Just About Profits

Learning how to read a financial audit, quarterly report and SEC statement is another necessary skill. But as an inventor, you may consider whether you want to have a yearly audit conducted relating to your IP and the financial stability of a company. Again, these are negotiations, and if you don’t ask, one thing’s for sure—you’ll never get them.

13. Maybe You Made A Bad Deal (Termination)

The terms for termination should be a two-way street. Understanding clearly how—and when—you can leave an agreement is strategic and may provide motivation for the licensee to meet certain financial or manufacturing goals.

14. Be Prepared To Sue And Be Sued

IP litigation cases are used for several purposes. Maybe a company wants to invalidate your IP, or maybe the licensee wants to bring an infringement case against a competitor. Either way, a few things are important for you as the licensor. First, know the litigation rights you’re giving up or retaining, understand which party is able to bring a suit, who defends it and how damages and/or liability are shared. Most importantly, understand that you as an inventor will certainly be involved in any litigation. You’ll be deposed and may have to testify at trial. Just be prepared.

15. Keep Inventing, And Inventing, And Invent…

So, you signed your first licensing contract. Hooray! Now you can sit back and watch the money flow in… NOT! If your IP is worth anything, you should know that once the bird is out of the cage, everyone else who wants to make money will be circling around like hawks. Companies will look for ways around your IP to provide different, cheaper and better options for the market. Don’t rest, keep inventing, keep thinking and keep pushing the envelope. Having 10 patents is always better than one.

For Inventors, News

5 Ways To Find the Right Licensing Partner

Finding the right licensing partner can be beneficial to both you, as the inventor, and the company you’re working to license with. You can gain access to your licensing partner’s capital, manufacturing contacts, distribution outlets and more to bring your product to market. Your licensing partner can tap into your creativity and gain an edge on their competition with the right product.

If you can bring a company a product that can help them fill a proven niche market, companies can be motivated to pursue a licensing arrangement. Because you hold the patent to the product, the company has no choice but to negotiate with you if they want to add your invention to their product line.

Licensing is a joint venture that should, ideally, benefit both parties. It’s an agreement where both parties are hoping to make a profit from the commercialization of your invention. However, in some cases, a company has to weigh the cons of not licensing your product. Sometimes, if a company doesn’t license your product, they run the risk of you trying to develop your product yourself and becoming their competition.

But, you should be picky with who you decide to license with. There are five ways you can make sure you’re choosing the right licensing partner.

Licensing Tip 1: Look for Companies that Have Product Offerings Similar to Yours

If your product was in stores, where would you go? You would probably prefer to go to Best Buy for technology rather than Publix or Food Lion.

Licensing Tip 2: Use Your Network

Maybe you’ve talked with a buyer for the company before. Or, maybe you used to work with or for one of their largest customers and have a personal connection to someone you’re considering licensing with. Using your network can help you get your foot in the door rather than just making a cold call.

Licensing Tip 3: Be Different, Don’t Just Email

An average office worker receives 121 emails a day and sends around 40 business emails every day. With so many emails being sent per day, it can be difficult to get noticed just through email alone. Sometimes, doing something different can get you noticed. Sending a short, professional introduction through the mail system to the appropriate contact can help make the right impressions.

You can also include marketing materials with your letter to show you far along you’ve developed your idea.

Licensing Tip 4: Always Follow Up With a Phone Call

After you’ve sent your letter, if you haven’t heard back from your contact in around two to three weeks, try to get them on the phone.

Licensing Tip 5: Ask For a Meeting

Your goal in contacting someone at the company is to ultimately get a meeting with them, you want to give them a personal pitch of your product. Sometimes, if you’re not getting a warm response through the phone or in other correspondences, a meeting may bring out a more enthusiastic response.

Licensing can be a great move for many inventors, it just takes a little work find the right partner.

At Alotech, we partner with you to find creative ways to help you navigate the manufacturing world. Because we work with inventors with a range of products and needs, we have the resources and knowledge to help you be successful. Contact us today by calling 919-842-3599, or visit our contact page and fill out the form.

For Inventors, News

Deciding to License, Manufacture or Both

You’ve come up with an idea that’s great, will solve a problem for a lot of people and– you believe– will make you rich. Now, it’s time to bring that idea to life; but, how do you do it? You’ve got a few options to consider. First, you can start your own company, manufacture yourself and sell the product. Your other option is to find a business that already has the ability to manufacture and distribute and license your idea to them. Your final option is to do both.

Why You Should Manufacture

The financial reward that comes with manufacturing is much greater than when you license. You can certainly stand to make more by manufacturing the product yourself, rather than licensing the idea to someone else. You’ll also have greater control over the product, how it’s produced, where it’s produced, packaging details and more.

Why You Shouldn’t Manufacture

Starting your own business can sound great– you don’t have to take orders from anyone but yourself, you’re in charge of what goes on and you can make the final decision. While it sounds fun, starting your own business can be difficult, time-consuming and take a very large investment that you might not be prepared to make yet. Most start-ups, especially those headed by someone new to owning a company, statistically will fail; the chances for success are incredibly low.

Why You Should License

For many people, licensing is a very attractive prospect that offers the best balance of characteristics. People who license can see a desirable ROI, or return on investment, in more ways than just monetary– you can see it in time and other resources, as well.

Getting into a retail store, the ultimate dream for many inventors and entrepreneurs, can be a difficult feat to accomplish. Larger retailers, like Walmart or Target, don’t often buy from individuals. Walmart’s supplier checklist is three pages long with no guarantee for acceptance. Target has a similar process in their own portal. For some, they spend so much time on the application process just to be denied.

Even if you are accepted, managing the logistics and technicalities of selling in one of these big box stores isn’t for the faint of heart. It can be difficult to meet the corporations demand. However, if you license with a company already selling in a retail store, it might be easier for your product to make it in front of the mass consumer.

Why You Shouldn’t License

While licensing may seem attractive, it’s important to consider the downsides as well. Some may not be able to license their product; there can be a lot of luck involved in a product getting the green light to license. Some perseverance is necessary to find the right licensing partner.

For those who like to be in control, licensing a product means you lose most, sometimes all, of the control of your invention. Your licensing partner is in charge, and if you don’t agree with their decisions, they don’t have to take your opinion into account. You don’t get to decide where your product is produced, how it’s packaged, where it’s distributed, the pricing, or the marketing.

Other concerns when licensing is your partner becoming your competitor. Sometimes, a licensee may start producing a similar product for a new market and end up being an unexpected competitor.

While licensing can save time and money, the deal can be complicated. To navigate licensing deals, you should invest in a good licensing attorney who knows the industry to make sure you don’t fall into any traps before you start contacting licensing partners.

When to Consider Doing Both

Some inventors will both manufacture and license their product, by switching strategies at appropriate points. You can manufacture a limited run of your product, generate some sales and prove the marketability of your product before approaching someone to license it. This is known as developing market traction and it’s a great strategy to have when negotiating the value with a potential licensing partner.

Weighing the Factors

Ultimately, your decision to license, manufacture or both depends on a few factors:

  • Your ability to tolerate risk- licensing is less risky than manufacturing, though the reward is not as high. How much of your personal funds are you willing to risk in your invention?
  • Your ability to generate capital from outside investors- chances are, the money you’re investing won’t be enough to completely fund your product. It will take outside investors, as well.
  • Your ability to set up a company- setting up a company is difficult and it takes a lot of commitment to be successful. Sometimes, even the most committed of entrepreneurs still fail.
  • Your personal goals- for some, licensing is right because they want their product out in the world but aren’t necessarily willing to start their own business. For others, working for themselves has been a lifelong goal they can now achieve.

To determine the best option for you, it’s best to take into account who you are, what your skills are and what you’re looking to get out of your product.

At Alotech, we partner with you to find creative ways to help you navigate the manufacturing world. Because we work with inventors with a range of products and needs, we have the resources and knowledge to help you be successful. Contact us today by calling 919-842-3599, or visit our contact page and fill out the form.

For Inventors, News

4 Trade-Offs You Make by Licensing

licensing alotech inc

Licensing an invention is about profiting while minimizing the personal risk and commitment. While there is less risk for the inventor, there are a few trade-offs you make when you decide to license.

1. You’ll Only Receive Royalties

In exchange for the rights to produce your intellectual property, the licensee will pay you a share of the revenue collected. Typically, inventors will see a 2-5% share in royalties but this number can increase or decrease based on the market size, expected margins, costs to develop and strength of the intellectual property. Assume you’ve created a new toy that sells in stores for $10. The manufacturer sold the toy to the store for $5 per unit. If your royalty was only 5%, you would receive 25 cents per unit. While it’s not a lot of money, you didn’t have to invest the same time and money the manufacturer did to make the product possible. It turns into a passive kind of income.

Royalties may only be paid out every quarter, depending on the company. While this sounds like a short amount of time, there could be a catch: you may not be cut a check until the quarter following the product sales (if anything sells).

For people who choose to manufacture themselves, the profit can be much higher and the payday a little quicker.

2. You Lose Control of the Product

If you have ideas about packaging, distribution, marketing, cost, production and sales, you shouldn’t license. When you decide to license, the licensee could possibly have complete control over the product. If the company wants to brand your product, you could have no say in it– even if the brand is the opposite of what you have in mind.

3. You Risk Loss of Your Intellectual Property

By exposing your intellectual property for someone else to manufacture, you take a huge risk your intellectual property will be stolen or pirated. Policing a licensee’s use of the IP to make sure they don’t infringe on your rights can be costly and time consuming, even if you have good legal representation. The company might also decide to license your product but never put it into production. This will tie up your intellectual property and keep you from producing it with other licensees or on your own for the entirety of your contract. Within that time, there’s the possibility someone can produce something that fills a similar niche and solves similar problems as your invention.

You could also be giving your competitors the right to use the same production process you use. The licensee will now be on a level playing field with your product.

4. You’re Entirely Dependent on the Licensee

The licensing process is usually limited and, if you’re wanting to continue production with the same company, you will have to re-negotiate the terms of the contract. Depending on how the product did, the interest in the product, new market observations and other factors, the contract and your cut could be changed.

The licensee could refuse to validate or let you audit their royalty statements to determine accuracy. Legal action can be taken but it would get very expensive very fast.

Although licensing can save time and headaches down the road, the deals can be complicated. If you go the licensing route, be prepared to budget for a top-notch attorney to help you navigate the murky licensing agreements so you don’t fall into any traps.

Would you rather keep control of your product?

At Alotech, we partner with you to find creative ways to manufacture your product while keeping you in control. If you’re looking for a manufacturing partner that listens to you, give Alotech a call! Because we work with inventors with a range of products and needs, we have the resources and knowledge to help you be successful. Contact us today by calling 919-842-3599, or visit our contact page and fill out the form.

For Inventors, News

Alternative Funding and the Benefits

Is traditional funding limiting your ability to raise the necessary cash to bring your idea to life? Let’s explore some alternative funding options.

The most top-of-mind resource might be traditional banking, and if your finances are good enough for you to borrow money, this might be the right avenue for you. However, it can prove frustrating to find a bank that will tell you yes.

Many inventors rely on charity to fund their projects. Government entities like the National Science Foundation, National Institute of Health and the Department of Defense provide funds with no expectations of repayment– the money is a gift given in the hopes that the ideas produced will create value for the organization. It’s a good deal for inventors, but the competition is fierce, and the applicant pool is highly saturated. Private corporations that still fund research and inventions are slowly dwindling, so there’s an increased reliance on government grants.

Most government funding goes towards traditional projects. This means teams that are working cross-disciplinary are often not considered even if their idea solves an important problem. Inventors could spend years waiting for the government to take notice of their project– if the government ever takes notice.

This is where alternative funding options come into play for inventors.

Crowdfunding

You’ve seen websites like Kickstarter or IndieGoGo advertising across the Internet their crowdfunding abilities– your typical crowdfunding platforms have become very popular. It can seem too good to be true; ask your friends, your family and complete strangers to fund your project. But it works. Pebble Time is one of the most successful Kickstarter campaigns ever. They raised $20,338,986 and achieved 4,067% over their goal in the shortest amount of time ever. Crowdfunding also serves as a viable means to test, which can mean more data to build your concept for a niche market. It answers several questions, most importantly of which is, “Will someone buy my product?”. Ideals that have appeal get funded, while ideas that aren’t quite what the market needs die quietly.

Even though a lot of good can come out of crowdfunding, there are some drawbacks as well. It’s a lot of work to keep up with your crowdfunding platform. You need at least three months of prep just to launch crowdfunding the right way. You need to pull together your messaging strategy and what you’re going to offer your backer, and you need to be able to fund producing the initial run of products for your backers.

You also don’t get to keep all the money. Different sites have different structures, but as you are doing your budget, you should be prepared to pay out 8-12% of all funds you raise. It’s also interesting that 60% of all crowdfunding attempts don’t even make it; $5,000 is the average successful raise; and only half of that make 10% over their goal.

Invention Platforms or Inventor Services

It can be hard to make the right connections to further fundraise– that’s where invention platforms come in. Edison Nation, Quirky, World Patent Marketing, and many more platforms exist to connect inventors with licensing partners in their product space. By working with an invention platform, you can make the right connections at the right time.

The whole purpose of invention services is to introduce inventors to the right licensing partners. There can be downsides to the licensing model, so be aware of the restrictions that might be imposed and make sure you are very comfortable with the partners you choose.

Angel Investors

Unlike the name suggests, finding an angel investor doesn’t take a miracle anymore. You may also know them as business angels, informal investors, angel funders, private investors or seed investors. An angel investor is an affluent individual who provides the funding for an inventor wanting to start a business and begin the manufacturing process. An angel investor can most often be found organized within an angel group– a network of individuals who research into different investment opportunities and pool their capital. Platforms like Funding Post make it possible for inventors to connect with angel investors. Funding Post also hosts events, though the dates and locations are very limited.

Remember, however, many angels have little training in evaluating business ideas. They themselves may be successful, but they may not be able to translate success for your business and product.

Angel investors often look for businesses who don’t need a whole lot of money; if you need more funding, your best bet is to look for venture capitalists or an angel group. They tend to start with smaller investments and look at returns before investing larger sums.

When using an angel investor, you need to make sure you have a good understanding of supply chain management. Since angel investors aren’t necessarily knowledgable about business, they often give an inventor the money and ask for around 20 percent– maybe more, maybe less– and it’s up to the inventor to find the right manufacturing partners.

Creative Investments by Alotech

When you commit to a contract manufacturing service company, it’s a big deal. There are a lot of questions that need to be answered and, if you choose the wrong partner, you can often leave them unanswered to the detriment of your budget and quality. If you have multiple steps in your manufacturing supply chain, you’ll need to decide how many vendors to bring in and at what price point. You might be able to find a full-service contract manufacturer who can handle everything from start to finish. Unfortunately, all your eggs will need to be in one basket. If your vendor runs into operational issues, it could hold your entire supply chain up and when you don’t do this every day, it can be hard to find a replacement.

Alotech is a full-service contract manufacturer who also offers a separate form of alternative funding. Our clients usually come to us when they’ve already been manufacturing their products themselves, overseas or with another contract manufacturer. Oftentimes, they are starting to look for other options because their needs aren’t being met with their current contract, leaving their funds tied up in previously made inventory and little left for selling and marketing the product.

Alotech uses a creative investment strategy to buy your current inventory, store it for you while you begin the marketing process, and then sell your inventory back to you as needed. We work to decrease manufacturing costs for larger profit margins as part of the buy-back.

When you choose to work with Alotech, you choose a partner that works with you to provide creative alternative investments into inventory and product development to help you achieve efficient independence and scalability rapidly. We help you work supply chain management to leverage the vendors you need to save money on manufacturing your product. We streamline the buying process, leverage buying power to allow inventors to focus on the marketing side.

Alternative funding gives you more options to produce your invention. Rather than fighting against many different good ideas and trying to make your invention shine or being ignored for more traditional methods of research and inventions, alternative funding gives others a chance.

If you think your invention could benefit from partnering with Alotech and searching for alternative funding, call (919) 636-3748 or fill out our contact us form here.

For Inventors, News

RESOURCES FOR INVENTORS: Building a Team for Success

American culture is replete with countless stories of inventors who dreamed up new products and made handsome fortunes. In reality, most inventions do not meet with commercial success—even if they are potentially great products. Carrying a product from concept to prototype to mass production is an infinitely complex process, fraught with difficulties and challenges at every stage. An invention is a business, and like any other commercial enterprise, finding resources for inventors is a key – an invention requires building a team effort.

Here is a breakdown of the essential roles on a winning team for any new technology or product. We have also listed some of our trusted partners, whom we highly recommend as resources for inventors looking for assistance in any of these areas.

Coach or Mentor

The shortest path to success is to follow in the footsteps of someone who has “been there and done it.” Many inventors fail simply because they try to figure out the whole process on their own, without the guidance of a seasoned veteran. It is important to find a mentor who has experience in the right areas. Many successful entrepreneurs will attest that they have relied on different mentors over the years.

Verne Harnish is an author and speaker and the CEO of Gazelles, an international coaching company with over 180 partners on six continents. Verne has spent the last three decades helping businesses scale up.

EntreDot is a fantastic resource for any inventor looking for a mentor, with a rich pool of successful entrepreneurs available to share their experience with new business owners. EntreDot is a non-profit that offers a variety of free and low cost programs for businesses at all stages.

Randy Nelson is a business coach, author and speaker who served as a Lieutenant in the U.S. Navy prior to co-founding two highly successful companies. Randy coaches executives in the area of executive leadership.

Vistage is a coaching company that facilitates peer advisory groups. Business owners and CEOs can benefit from the shared experience of their peers who are facing similar challenges, under the expert guidance of a trained facilitator.

Marketing

Marketing and distribution are integral to any product, and independent market research is essential for commercial success. It is crucial to examine factors such as pricing, competition and cost of production to determine if a product will be viable in the marketplace. In addition, a successful product launch requires the right packaging and placement as well as the right message, tailored to a carefully identified target market.

Hummingbird Creative Group is a full-service marketing agency with extensive experience in market research and brand strategy development. They assist inventors with market research, competitive & pricing analysis, niche market opportunities, product naming, packaging, website design and promotional campaigns.

Textivia is a digital marketing firm in Raleigh, NC, offering custom web design and development, SEO, reputation management, social media and lead generation marketing services. They have served as an online marketing partner to hundreds of clients globally.

PartnerHere is a community platform designed to help business owners quickly find the talent and resources they need. Members of PartnerHere can find clients, freelance professionals, JV partners, employees and a variety of other resources.

Contract Manufacturer

Developing a great product is only half the battle. An invention is only viable if it can be efficiently manufactured at scale with an effective ramp-up strategy. In the early stages of product design and development, it is necessary to produce small batches of product (or even one unit at a time) as the process is refined and features are slowly improved. Contract manufacturing allows inventors to scale up production of new products in a cost-effective manner while minimizing risk. This is an area where Alotech has helped many clients.

Investor

New inventions almost always require significant up-front capital. Sometimes, inventors can pull together funds from their own savings and from the contributions of friends and family members who believe in their ideas. It is often necessary to seek additional funding from outside investors in order to purchase capital and inventory and to penetrate larger distribution channels. Banks are unwilling to loan money to startups that are deemed too risky, whereas investors characteristically have a higher risk tolerance.

Bay Capital Investment Partners is a boutique capital investment firm with investment experience across a wide range of industries including media, telecom, healthcare, software, information technology and manufacturing.

Patent & Licensing Attorney

Protecting intellectual property (IP) is a complex legal process, and it takes more than filing a patent. Patents offer a degree of protection against counterfeit or “knock-off” products, but a comprehensive strategy is required in order to fully protect the assets of a business.

NK Patent Law is a North Carolina based patent law firm that is focused on providing business focused advice with respect to patents, trademarks, and intellectual property matters. They have assisted businesses in a variety of technology sectors.

Licensing Specialist

Many types of inventions lend themselves to licensing as a scale-up strategy, which can accelerate the path to mass distribution for the right type of product. Licensing requires developing the right industry contacts with key manufacturing and distribution partners. A licensing specialist comes to the table with an established network of strategic connections and the expertise to identify and pitch ideal licensing partners.

Edison Nation has a variety of go-to market strategies to get new products on store shelves. They have extensive experience evaluating product ideas and pairing up inventors with licensing opportunities.

Federal Selling Group is a contract business development firm with extensive experience winning government contracts. They help growing companies expand their client bases. FSG can help develop key relationships, find the right opportunities, secure technical data packages, and prepare winning proposals.

The saying “It takes a village” applies to launching a new invention as well as parenting. Inventions are not born in a vacuum, and successful businesses do not come from the unassisted efforts of lone entrepreneurs in isolation. We strongly recommend finding great resources for inventors and consulting expert partners as soon as possible in the development of a new product, as this can eliminate wasted time and money while maximizing the potential for success.

If you have a new product or idea and would like to explore the possibility of partnering with Alotech’s resources for inventors to bring it to the marketplace, contact us today.