License Your Product: How GloberDesign Can Help
As an Inventor, you know how good it feels to manufacture a product and sell it for your first few dollars. However, you might not necessarily have the resources it takes to manufacture a product and distribute it to the many different distributors demanding your product. As much as you enjoy the prospect, it just is not possible for one person to do it all, and the cost to manufacture a product can also heavily hinder your profit. The solution to all of these problems—and more—is to take on product licensing.
How Does Product Licensing Work?
Licensing a product can be a daunting task without the right help. First, you will be expected to complete all of the precautionary tasks prior to product licensing. For example, this would include filing your patents, as well as finishing prototype production, market testing, a written list of the way your product works and goals you want to achieve with the product you’re interested in taking through product licensing.
Next on the list would be to figure out whether you want exclusive or nonexclusive licensing, which is the difference between being able to license a product and manufacture a product with another company or not. On top of that, you would have to figure out what your product is worth. This is done by comparing your product to those already on the market and the profit margin in manufacturing it.
Once you have all of this sorted out, you would have to directly contact companies you want to help with product licensing, sending them a professional packet to examine. However, you do not want them to steal your ideas, so you would have to draw up and require companies to sign a confidentiality agreement and non-disclosure agreement before divulging a single detail about your product. This would legally forbid the company from discussing your product.
In other words, to license a product and have another company manufacture a product can be too daunting to figure out. How are you supposed to break into product licensing? This is where GloberDesign comes in.
Let GloberDesign Help With Licensing Your Product
Owned by Jonathan Globerson, GloberDesign is designed to help you go from a concept idea to manufacture a product and license a product. Whether you have a small product or a large one, GloberDesign can help you with the confusing process from start to finish with its numerous factories connections in the United States, China, Central America and in other key locations. Contact us today to get started.