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I have an Invention ... Now What?
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   IP presentation and product demonstration
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Harry
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IP presentation and product demonstration
« on: May 25th, 2006, 12:45pm »
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Hi All,
 
I just got back from a meeting with a VP from an international company that was flown up from California to Canada for a one hour meeting to have a look at the product we have.  The meeting went well and have been told that the company executive will be meeting within two weeks to determine whether they wish to move forward with manufacturing our product or not.
 
We have signed a NDA and divuldged "some" information of the product but not the "make or break" details to make the product work.
 
In our discussions the VP mentioned possible angles for doing business, such as co-manufacturing, licensing, and outright purchase of the IP.
 
Questions is, if they do not get back to us within that time frame should we move on to other potential Licensees or Assignees.
 
 
 
Regards
 
Harry
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If you are interested in a license...you must know how to drive.
CriterionD
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Re: IP presentation and product demonstration
« Reply #1 on: May 25th, 2006, 1:14pm »
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on May 25th, 2006, 12:45pm, Harry wrote:
Questions is, if they do not get back to us within that time frame should we move on to other potential Licensees or Assignees.

 
Should you count them out and move on?  Or simply explore other options?  
 
Usuaully I'd shy away from trying to help others with licensing matters but this seems like a fairly simple question to me.  
 
A couple of years ago I was working for a small company that dealt with inventors.  One client had an invention that seemed marketable, and the company struck a licensing deal for him with a manufacturer.  The deal was not guaranteed, but it specified royalty rates in the event the product was taken to market, and the manufacturer seemed to be rather enthusiastic about the product.  It was assumed that the deal was a sure thing.
 
About a year later, the manufacturer came back and said that after doing basic research he decided that the product was not all that marketable and that he didn't want to go through with the licensing deal.  This was unexpected.
 
Now this should have been avoidable, but it gives light to three main points:
 
1.) It never hurts to keep your options open.
 
2.) Other people, and companies, like to keep their options open too, so a positive response can, at times, simply mean that they are trying to keep their options open, and not that they are seriously interested in anything you are trying to sell them.
 
3.) [This may not apply to you] In many applications its always good to do as much research (and testing, etc) as you can to "prove" your product's marketability before going to the licensee because it gives you an opportunity to overcome potential objections before they may arise.
 
In any event, my answer to your question is, "I don't see why not."  You shouldn't count this particular prospect out immediately, but its always good to keep your options open.
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Harry
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Re: IP presentation and product demonstration
« Reply #2 on: May 25th, 2006, 1:43pm »
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HI Again,
 
I just recieved an email from their head office in Cali... and they have indicated that they have enough interest to pursue the commercial viability of the product.  This company is interested in our products as they are involved in manufacturing similar products and have knowledge of the existing market.  The difference with our product is that independant tests have determined that our product is "cleaner" than theirs, as far as the environment is concerned.
 
The raw materials have been identified, logistisal information is in place and so on.  I believe the question is now what do we pay for it, and how exactly do we do business to bring the product to market.
 
Thanks for your input, it is appreciated.
 
Regards
 
Harry
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RMissimer
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Re: IP presentation and product demonstration
« Reply #3 on: Jun 12th, 2006, 3:57am »
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The one thing I would warn you to include in anyagreement is "minimums and contingencies."
 
I have heard lots of inventors complain about signing an agreement and never getting more than the original cash outlay.  You need to include a minimum dollar anual amount,  or what will happen if they never produce the item.
 
They won't want to do this,  but it is manditory that you cover your acceptable annual fees, or you will be really unhappy later.
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RS Missimer
Patents Penned, Inc.
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