Technology & Invention Commercialization Programs
Inventor Licensing of Patented Product
An inventor, Mr. GreenThumb, had patented and developed a prototype of a unique and versatile gardening tool that would save time for professional gardeners and homeowners alike. The inventor realized that in order for his product to be brought to market, he needed to find a commercialization partner or licensee. He retained Vertex to assist in the development and implementation of a licensing program.
GreenThumb was faced the challenge of addressing the following questions:
- Is what I have of value as a licensing property and how can I enhance its value?
- Who are some of the potential licensees?
- How do I attract the interest of potential licensees?
- What elements need to be addressed in negotiating a license agreement?
- What royalty can I realistically expect to receive?
- How do I negotiate a license agreement?
Vertex studied the marketplace and gained an appreciation of:
- Existing equipment and processes used to accomplish the same tasks as our client's product,
- The distribution channels and price points for products of this nature, and
- Which businesses would make suitable licensees.
Acting on Vertex's recommendations, and with our assistance, GreenThumb is in the process of negotiating a license agreement with the businesses identified by Vertex.