Licensing Agreement Basics for Startups
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Licensing Agreement Basics for Startups
What is a licensing agreement?
A licensing agreement is a deal between the owner of a patent, brand, or trademark and someone who wants to use the patented or trademarked goods and services. (Upcounsel)
With a licensing agreement, an inventor (the licensor) develops an invention and then protects that invention through a patent, copyright, trademark, or trade secret, and thus creates intellectual property (IP). The inventor—the owner of the intellectual property—then licenses the invention to a second party (the licensee) whose responsibility is to commercialize the invention. As compensation for allowing another party to use its intellectual property, the licensor will receive a royalty.
There are many types of licensing agreements: trademark licensing, copyright licensing, patent licensing, software licensing and merchandise licensing. Intellectual property licensors use three main types of licensing agreements: exclusive license, non-exclusive license and sole license. (Read about each type on Upcounsel)
The Main Benefits of a Licensing Agreement
Globalization has made licensing agreements a very popular option for businesses and inventors. Often, licensing is a strategic way of entering international markets. A foreign company will obtain rights to produce and/or sell another company’s product in its home country.
Below is a list of the top benefits of licensing your invention/IP.
Overall, licensing agreements minimize risk for both parties involved. The licensor doesn’t have to setup a business and incur those additional expenses and the licensee doesn’t have to spend time on product development and testing.
Suggestions for Securing a Licensing Agreement
Read our Case Study that details how our team worked on turning a consumer product idea into a manufacturable product for licensing to a large international retailer.
Have additional questions about licensing agreements for inventors? Please send us an email at info@3d-innovations.com
Articles Referenced:
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How can a product development firm help me?
Product Development Firm | A Partner from Idea to Commercialization
A product development firm should be by your side from idea to store shelves. Having a single team in place throughout the entire product development process means that there is less room for error and that you can count on consistency. A full-service product development firm is invested in the success of your product and wants to see it on in the hands of your customers just as much as you do.
Intellectual Property
Intellectual property is no longer a “should have”, in today’s globalized world it is a “must have”. A product development firm will be able to help you navigate the world of patents, trademarks and copyrights along with your IP attorney.
Line drawings are necessary for design and utility patents, and your product development partner can produce these for your patent application. Since product development firms work with a range of IP attorneys, they will also be able to help you connect with one that fits your specific product needs.
Licensing
When it comes to licensing, your product development partner will be able to provide the technical aspects of the design to interested partners as well as their manufacturers. Licensing a product requires strategy and know-how, and this is exactly what a firm will be able to provide.
Manufacturing
Manufacturing your hardware product is no small task. Whether you decide to manufacture at home or abroad, there are certain unavoidable challenges. A product development partner will help you navigate the manufacturing process and connect you with potential manufacturing partners.
With the assistance of a product development firm, you will be guided by knowledgeable experts throughout the entire development process. You can ask questions, share ideas and collaborate on all aspects of the product development process. A skilled product development firm will be able to guide you from design to manufacturing and beyond.
Now it’s time to get out there and meet potential product development partners. In this blog post we discuss what you can expect during your first product development meeting.
Have additional questions about product development? Send us an email at info@3d-innovations.com.
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Engineering a Solution to the STEM Skills Gap
Entrepreneurship Needs STEM Education
The Changing Landscape of STEM Education
The Benefits of Using 3D Printing Technology in Education
STEM Education: Keeping Your Child Engaged During Summer Break
Developing a curriculum that gets students fired up about engineering can be a challenge. Our 3D Academy is your STEM education partner. We specialize in developing and integrating industry technologies with STEM education and can build custom programs for your classroom or school. We understand that closing the STEM education skills gap takes effort from both academia and professionals in the field, and we are happy to work with schools to bring hands-on and project-based opportunities to students.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Market Validation: Test Your Product Idea Early
Below are three ways to quickly complete the first phases of market validation to test your new product idea:
Look for Competitors
Successful competitors offer proof that demand exists. While it can often be daunting to first-time entrepreneurs, competitors validate that there is a market for your product.
When you are the first to market, you are faced with the challenge of not only selling your product, but educating your target market about the major problem as well. Established competitors have already educated the market and conducted market validation, now you get to come in and offer a new solution.
You can offer the product in a new location, market it to a new group of people, or differentiate based on features or price to carve out market share. (Entrepreneurs Handbook).
Talk with Your Target Market
While your friends and family might find your idea cool, are they your target market? Will they be making a purchasing decision for your product? If the answer is “no” you need to reach out to your actual target market—the people you want to buy your product.
If your product is challenging to explain in a clear and concise manner, a visual prototype can really help you convey your idea. Depending on the size of your product, 3D printing technology allows you to design and print a visual prototype quickly.
The feedback from your target market is going to help you build the product customers will buy, so the design of your product will most likely change a bit to accommodate customer needs.
Research Search Traffic
Google is a powerful tool and can give you a glimpse into the collective mindset of your target audience. See how frequently people are searching for the product solution you want to launch.
It will be up to you to interpret the data, but this market validation strategy is a way to see what people are looking for and the words they use to describe it.
Early Market Validation is Key to Success
Due diligence is crucial in entrepreneurship because it helps you avoid losing time, money, relationship capital, and confidence on a bad idea. (Entrepreneurs Handbook). These three tests are a quick way to start the market validation process, test your idea and ultimately help your startup succeed quickly.
Do you have additional product development questions? Send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Innovation and Patent Protection for Startups
“A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office. Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees.”
“The right conferred by the patent grant is, in the language of the statute and of the grant itself, “the right to exclude others from making, using, offering for sale, or selling” the invention in the United States or ‘importing’ the invention into the United States. What is granted is not the right to make, use, offer for sale, sell or import, but the right to exclude others from making, using, offering for sale, selling or importing the invention.”
Make: Magazine recently published an article, “Patent Pandas: How One Maker Is Turning Her Horrible Experience Into a Force for Good”. It is a real and very telling story of how a person, actually a crowdfunding backer, stole an idea from a crowdfunding website and later tried to sell the invalid patent back to the original inventor. Unfortunately, stealing and patenting ideas that are not your own has become big business.
Patent law is complicated, and it is always best to consult with an attorney. However, we have compiled a list of resources below to get you started as you begin looking into the process of patent protection.
Crowdfunding Backer Patented My Project (Patent Panda)
General Information Concerning Patents (USPTO)
Navigating IP on the Path to Commercialization
IP Watchdog
How to Prepare for Your First Patent Attorney Meeting
Our team works closely with the Hawaii State Bar Association and understands the importance of patent protection for startups. If you have a question related to patent protection, we are happy to help. Please send us an email with your questions, info@3d-innovations.com.
Additional Intellectual Property Articles from 3D Innovations
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Entrepreneurship Needs STEM Education
Critical Thinking—Ask Why
Testing a hypothesis is a major part of STEM education. A reoccurring question at every stage of a science experiment or design challenge is, “Why?”
Answering the simple “why” question gets students thinking about possibilities. It is amazing how one word can take a student beyond a traditional way of thinking and get them exploring alternatives.
Entrepreneurs face this same question everyday as well and are required to think out-of-the-box. Critical thinking skills are key—and one might even say, mandatory—when it comes to starting a business.
Design a Solution
Whether you are an entrepreneur designing the latest tech gadget or a new restaurant concept—innovative solutions drive your business. Problem solving skills are the very foundation of STEM education and teaching this valuable life skill translates both to college and beyond—no matter the career field entered. Having the ability to stop, assess, analyze, hypothesize and solve a problem is a skill every individual needs at every age level.
Share your Invention
When we have the correct answer to a problem, we want to share it. It doesn’t matter if we are the first to figure out a challenging math equation or the first to design the iPod, we have an answer to a problem and want to share it.
A quick glance inside of a STEM focused classroom will show a range of design possibilities to the same question posed by the teacher. Students love to think critically and use their creativity—much like entrepreneurs. Getting hands-on and designing a solution is what entrepreneurs do best.
STEM education is more than four subjects, it’s a mindset. The skills taught in STEM classes can be used in any career field—especially, entrepreneurship.
Have questions about the way our 3D Academy program can complement your areas of study in the classroom? Send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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The Importance of 3D Design for (Efficient) Manufacturing
3D Design Saves Time
Making sure that the manufacturer has the most detailed information possible about your product helps ensure that you are receiving an accurate quote and that there are fewer potential manufacturing issues down the road.
“Not only does a CAD file help save time when figuring out all the finer details of a part by looking at the 3D model, but it also allows a model to be magnified and even rotate on any axis to get a full three-dimensional concept of the part, which allows the manufacturer a greater sense of the product. It can even reveal internal features of a part if it cannot be seen clearly on a manufacturing drawing. Aside from these benefits, using CAD makes it possible to simulate the movement of a part through production processes.” (Vista Industrial)
3D Design Reduces Material Waste
“CAD files enables the manufacturer to check tool paths before any material is cut. The ability to run a simulation and so verify the complete machining process in a virtual environment is critical for keeping waste and scrap to a minimum. This may be crucial on some jobs, such as those using expensive alloys, large material-intensive components, or for those with complex geometry. Other verification advantages that result from less scrap include less energy consumption and reduced tool wear.
CAD simulations also enable you and the manufacturer to identify how long the production run time will take. Clearly this is useful for scheduling, as well as the planning of throughput, material supply and delivery. As the 3D model is the source of the manufacturing data, the design intent is preserved, and the dimensional accuracy is retained.” (Advice Manufacturing)
3D Design Allows for Ongoing Communication
If your product design needs to be adjusted to meet design or manufacturing needs, this can easily be accomplished within a digital CAD file. Since the CAD files are transferred electronically, you are assured that both you, your product design team and the manufacturer all have the same information moving forward.
“CAD systems also facilitate communication among those involved in design, manufacturing, and other processes. This is of particular importance when one firm contracts another to either design or produce a component.” (Inc.)
In today’s manufacturing environment, CAD files are a necessity. A 3D design allows you to evaluate the form, fit, and functionality of your product. The design will also verify tolerance, loads, stresses and optimize manufacturability. If you plan on filing for IP rights or patent protection, a CAD file will help clearly communicate the design to your attorney and those reviewing your patent application.
Have additional product development questions? Please send them our way, info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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Product Development Strategy: Launching Your Idea
The First Steps of Your Product Development Strategy
Write Your Goal Down
Write your goal down in one or two sentences. Keep it short and concise. Then post your goal somewhere where you will see it every day—whether it is at your office, your bathroom mirror, or as a reminder on your phone. Having it around will be a constant reminder of what you want to accomplish this year.
Find a Mentor
Business mentors are a great resource. You can bounce your product development strategy ideas off them and ask for advice when faced with obstacles. It will be even better if you can schedule a monthly meeting with your mentor to help keep you on track and pushing forward. Having a measurable goal and/or accomplishing a task before your next meeting will keep your startup moving ahead.
Start a Business Plan
There are many great business plan outlines online. Find one that fits your specific startup and start filling it out. Get all of your ideas, goals and ambitions out there on paper. You will see your plan start to solidify, and the plan will show you your strengths as well as your areas of weakness. Keep in mind that entrepreneurs aren’t great at every single aspect of business—and asking for help is normal, and extremely beneficial.
Build a Prototype
By now you have an idea, you have probably sketched the product design out a few times, possibly built a rough version out of items around your home and you are ready to get going on an actual prototype. Great!
Depending on your product, 3D printing is an excellent option for initial prototypes. You can get a physical prototype in hours, refine the design and print again. It will take a few iterations to get it just how you are imaging it. Startups all over the globe are now turning towards 3D printing technology at various stages of product development—low cost and quick turnaround times make it ideal for budget conscious hardware startups.
Eventually you will want to build a functional prototype, especially if you are going to move on to patent protection.
Gather Feedback
Take your prototype and start talking to friends, family and people you know to gather their thoughts on your product. In your business plan, you have outlined your target market, so try to find people that fit in this category. Remember that the feedback is going to help you build the product customers want, so the design will most likely change a bit to accommodate customer needs.
Here at 3D Innovations, no matter the stage of your business, we can help you meet your goals. Our team has a proven track record in all areas of product development and we work side-by-side with you throughout the entire design and manufacturing process. Peek at the Case Studies section of our website to see a few examples of the startups we have previously partnered with, and how they leveraged our design and manufacturing expertise to reduce time to market.
Have additional product development questions? Please send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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The Changing Landscape of STEM Education
Reimaging STEM Education
Where once lectures and standardized tests were the main ways to teach and test STEM knowledge, today’s teachers understand that there are better, more hands-on methods, of educating students around STEM subjects.
3D Printing
For instance, 3D printing technology has revolutionized classrooms, schools and makerspaces around the world. 3D printing makes learning fun and engaging. Students can now move away from books and lectures and actually design and print the subject they are learning about. Learning about ancient Egypt? Design and print a model of a mummy.
3D Modeling
Let’s take a quick step back, and before you even get to the 3D printing phase, a CAD model must be designed. This is just another way in which students get to test ideas, theories and use their critical thinking skills. Here at 3D Academy, we have seen a real shift and educators are more interested than ever in introducing students to 3D modeling programs because they understand the long-term benefits of this skill set.
Drones
Drones are taking off, literally and figuratively, in the classroom. This is another area that draws awe from students and they have proved a great way to provide hands-on learning. Whether students are working together to design an actual drone, a replacement part for one or understanding the ways in which this technology can be used in different industries—it has successfully captured the attention and imagination of students.
STEM Education Teaches Life Skills
Teamwork and Collaboration
Working as part of a team starts from a young age and continues on into the workplace. Learning how to collaborate and work together is a necessity. Teamwork helps students learn about different perspectives, respecting other ideas and coming up with a solution together.
Problem Solving Skills
Hands-on lessons for STEM subjects often revolve around solving real world problems. Students must assess a situation and develop a solution. Problem solving skills are immensely beneficial both inside and outside of the classroom. Having the ability to stop, assess, analyze, hypothesize and solve a problem is a skill every individual needs at every age level.
Innovative Thinking
We are all aware of the benefits of “thinking outside the box”, however, this does not always come naturally. Learning to ask questions and develop diverse solutions helps to instill an inquisitive mindset.
The way STEM education is being taught has fundamentally shifted and this change will no doubt have a major impact on our future generation of STEM professionals and business leaders.
Have questions about the way our 3D Academy program can complement your areas of study in the classroom? Send us an email at info@3d-innovations.com
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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How Hardware Startups Succeed—Planning & Research
Develop a Product Requirements Document
If you are just getting off the ground, you are going to need to start this. However, if your hardware startup is up and going, you will want to refine this. Either way, a Product Requirements Document (PRD), is good for business. According to Bolt VC, a PRD adds a tons of value in a few strategic areas: aligning your team, seeing around corners and constraining the design.
Professional Tip: Don’t let your PRD become too cumbersome, the documents that are short and direct are often the most beneficial.
Design a Marketing Plan
Products don’t sell themselves. Maybe you had some buzz around your crowdfunding campaign, you beat your funding goal and now you believe that your product will be flying off shelves—wrong. You need a marketing strategy. Whether you are a one-man operation or there are a handful of people working on your startup—your hardware startup needs a go-to market strategy. Top hardware startups have a solid marketing strategy that is easily communicated.
Professional Tip: This Forbes Marketing Plan template is an oldie but goodie. It has amassed almost four million views since 2013. It’s a clear marketing roadmap that helps you sculpt a true vision of where you see your business going.
Research Partnerships
Product development, manufacturing, distributors, retail, channel partners—all of these need to be thoroughly researched and vetted. Take these next two weeks of December to look into potential partnerships and ideal partners. Learn all you can about them, write questions down, research their past and current clients, try to schedule a meeting—all of this research and face-time will payoff.
Here are a few good business articles to consider:
Asses Past Goals & Make New Ones
Millions of people now are actively making their goals for the New Year—your hardware startup should be doing the same. Top hardware startups take time to define measurable goals. Take time to critically assess your 2018 goals—what went right, where did you misstep, where did you excel, how can you do better in 2019 and beyond? After you have gone through those goals, set new ones and make sure you have a system in place to keep you on track.
Professional Tip: Setting SMART (specific, measurable, achievable, relevant and timely) goals can help you evaluate the goals you wish to set. Think about whether they are realistic. You should write down your goals in your business plan to help keep you on track to achieve them. (Australian Government—Business)
Take time now to plan ahead and align your startup up for success in the New Year.
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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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