Selling Your Idea
Albright IP work closely in collaboration with its sister company Duku Design to assist you with turning your invention into a profitable business. A key part of this is identifying and approaching potential investors, buyers, or licensees.
Having worked through the product development process, perhaps with the development of a ‘proof of concept’ or ‘pre-production’ prototype, you may well be in the position to approach investors, buyers and/or potential licensees, in an attempt to establish commercial interest.
Getting a product manufactured and onward to market can be daunting process, so one route is to license the idea to a company. When you license an idea to a company, the company will likely handle much, if not all of the manufacturing, distribution and marketing requirements for you. This route to market offers one which can be cheaper than it would be to self-manufacture but, as a trade-off, the potential returns are generally lower.
The two mains routes to market are as follows:
Route 1: Licensing
A license is a contractual right that gives someone permission to use your intellectual property (IP) rights. A license allows the holder of IP rights (the ‘licensor’) to make money from an idea by charging a user (the ‘licensee’) a fee or royalty to use the licensed IP.
Before you negotiate a licence agreement, it is very important to make sure that you have applied for, or preferably obtained, exclusive rights to that IP. The only way to secure exclusive IP rights is to file a patent, registered design and/or trademark application. In many cases all three rights can be applicable to a single product. Duku Design and Albright IP work closely together to ensure that the IP rights relevant to your project are secured in a thorough, proactive and cost-effective way.
Route 2: Forming a company to sell your product direct
The route requires the formation of a company and necessary support structure in order to manufacture, distribute and market your product directly.
We can help to various degrees throughout this route to market, from sourcing a trusted manufacturing partner, through to getting your product in front of retail buyers at decision making level.
This route to market is more demanding, but does provide you with much greater control. It is likely that you will have to manage much more of the process, but the returns, as compared to the licensing route, are potentially much greater.