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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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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Is 3D Printing Right for Your Project?
Are you building a prototype?
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 imagining it. Startups all over the globe are now turning towards additive manufacturing 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 for design validation and testing, and additive manufacturing can help with this as well.
Do you have a complex design?
One of the primary advantages of 3D printing is that you can break traditional manufacturing barriers with your product design. With 3D printing technology, complex geometries, internal features and built-in interlocking objects with no assembly required are all possible. With these additional design capabilities, additive manufacturing creates new product design opportunities.
Do you need customer feedback?
Gathering customer feedback during the product development process is always a good idea. Show potential customers your product design, let them hold it, test it and then incorporate their feedback. 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. Additive manufacturing allows you to quickly print a visual prototype that you can show to your target market for feedback. You can quickly incorporate their feedback and print another prototype.
Are you looking for small batch manufacturing?
3D printing isn’t quite at the mass manufacturing scale yet, but it can certainly help with small batch manufacturing. If you need just a few parts or pieces for a project, 3D printing can certainly be of assistance.
Do you need a customized part?
Customization is the “sweet spot” for additive manufacturing. The automobile, aerospace and dental industries have been utilizing 3D printing’s customization ability for years now. If you need a one-off customized part, 3D printing will most likely provide you with the quickest turnaround and best cost efficiency—depending on size of course.
Additive manufacturing is constantly evolving and so are its capabilities. As design software advances and material selection increases, 3D printing will continue to shift the manufacturing landscape and prove that it is a very useful tool for professionals and makers alike.
Are you still not sure if 3D printing is right for your project? Go ahead and send us an email, info@3d-innovations.com so we can talk further about your design and manufacturing needs.
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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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Harnessing 3D Printing Technology for Business
3D printing has been a favorite tool of makers and product design professionals alike because of its quick turnaround time and the fact that it is relatively cheap compared to all other manufacturing methods. 3D printing technology allows designers to quickly, easily and efficiently design and produce a product prototype for review within hours, instead of weeks. While prototyping is where additive manufacturing is most popular and widely used, the technology is beginning to mature and find its way into manufacturing for end-use parts as well.
3D Printing for Prototyping
Our design team regularly uses additive manufacturing technology during the product development cycle when we are working with entrepreneurs and startups on prototyping and finalizing a product design. 3D printing technology is still growing and maturing, it seems that every week new filaments are being developed and new uses for the technology are being discussed. However, as the technology stands today, its strength, its competitive advantage and its usefulness remain in the realm of prototyping. Visual and functional prototyping are imperative when designing a product and this is where 3D printing excels.
3D Printing for Manufacturing
When it comes to manufacturing, 3D printing technology has an advantage on short-runs, however, at this time, it is not able to compete with other traditional forms on a mass-manufacturing scale.
Due to the speed, quality and cost of additive manufacturing, “the technology is best suited for the production of specialty parts in smaller batches, rather than mass-manufactured goods. However, there is an industry shift towards expanding 3D printing technology to take a more prominent role in mass manufacturing. This technology brings some important qualities to the world of manufacturing that make it ideal for certain jobs. For instance, parts can have complex geometries impossible with traditional manufacturing processes. It is also possible to 3D print goods on demand, allowing for easy creation of custom parts” (Engineering.com).
The 3D printing metal segment is making great strides towards high volume manufacturing and McKinsey forecasts the industry to be worth as much as $10 billion by 2030 to 2035. Read more about developments in the metal 3D printing segment on our blog.
3D Printing Quote
At 3D Innovations, we offer 3D printing services to a range of startups, businesses and makers. If you have a design ready to be printed, and would like a quote, please visit our 3D Printing Quote Request page. We have made the quote process quick and easy. Whether you need a prototype or a short manufacturing run, we can help.
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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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Get Your Product Idea Off the Ground
Developing a Product Idea Isn’t a “One-Size-Fits All” Process
It is a common misconception that building a hardware startup is a straightforward and linear process: Find a Problem—Design a Solution—Sell the Product—Make Money. In theory this is how it should work, however in actuality, this process is more of a maze with twists and turns on your way to success.
Each product and each startup will face their own challenges on the way to market; by preparing yourself for any hiccups you encounter along the way, you will be in a much better position to successfully navigate them.
Consider and Research Intellectual Property Protection
Navigating the world of intellectual property is challenging for seasoned entrepreneurs, and even more stressful when you are working on designing and launching your very first product. Intellectual property (IP) is often moved to the bottom of the priority list because it is full of unknowns. When is the right time to file? Do I need a design patent? Is a trademark necessary?
With the spread of technology and globalization, a solid intellectual property strategy has never been more critical. Copycat products are popping up at an alarming rate—which is bad for business and dangerous for consumers. Having a strong intellectual property strategy early-on or having the patent process started, is a great way to protect your invention, attract or solidify partnerships and secure funding.
Add Value Through Product Design
The Design Hierarchy of Needs is a good starting point during the product development process. As an entrepreneur, you can look at your product, or product idea, through this lens and determine where your product excels, and which areas need a little more help before your product design is finalized.
Understand Common Startup Roadblocks—Then Avoid Them
We can all learn from failure, we can even learn from other startup’s failures. Making yourself aware of the challenges associated with building and launching a product, you are more likely to make educated decisions that allow you to avoid failure altogether.
Diving into the product development process is an exciting time for an entrepreneur. With the right knowledge and information, you are setting yourself and your startup for success.
We would also suggest you check out these additional blog posts:
Have additional questions about developing your product idea and want to talk to an expert? Send us an email with your questions to 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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FOG Safe Product Development Process – Pacific Business News
We have had the pleasure of working with FOG Safe from the beginning. We have assisted with designs, prototyping, patents, manufacturing and distribution. Below are excerpts from the Pacific Business News article that discuss our product development assistance (read the full article here).
The Product Development Process
We had several stages of printing for prototyping. I worked with a local product development company, 3D Innovations, through the process. He had resources for using the [3D] printer, so after coming up with designs and going through the process, the finished product is very different than the original idea.
Deciding on a Manufacturer
3D Innovations assisted with sourcing and manufacturing. We looked at several locations, we tried the U.S., and eventually we went overseas. We looked at a lot of paper pulp manufacturers and settled on doing it in China. In order for the product to work and relieve the problem, its gotta be worth it for the consumer. People are not going to want to spend a lot, so we needed to keep the cost down as much as possible.
Then there was the whole tooling process, which is preparing the molds — it’s another upfront cost that comes right out of pocket. We have to provide the schematics for the tooling, and once we approve it it’s all on us, we pay that amount even if that mold doesn’t work, so it’s a bit of a gamble. So we have to be 100 percent, and that’s where the 3D printing comes in. We do the printing, and the manufacturer uses those to make the mold.
Patenting FOG Safe Drain Guards
I have five issued patents. It started with getting a patent attorney and doing a patent search. The hope is that whatever they find is different enough in design, and we felt it was worth the try and we were different.
For my first patent to get issued was well over 24 months, probably closer to 30 months. After that, there were deviations of the design. One of the challenges of an inventor is that you can’t come up with a single design, there needs to be variations, because someone can easily copy off of your original design work. And the patent office is very particular, you can’t be broad, you have to be very specific on a type of design. You can’t just think in one dimension, you have to think about how this can be manipulated and changed. It’s a collaboration between the engineer, myself and my attorney, everyone having input.
Interested in learning more about our product development process? 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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3D Innovations: Product Case Studies
We are sharing product case studies over on the 3D Innovations website. Within these case studies you will see the type of projects we have partnered on and how customers have leveraged our design and manufacturing expertise to reduce time to market. (Note: This is a small sample of our client projects, as many projects are required to stay confidential.)
The case studies on our website are from a range of industries. Below you can see some of the industries we support and have experience working with.
Developing ideas from concept to product is where our expertise shines. With a knowledgeable team, we help bring products from initial concept to store shelves.
About 3D Innovations
3D Innovations provides product development services assisting companies with all stages of development. Our suite of services includes product design/engineering, prototyping, 3D Printing, additive manufacturing, supply chain management, packaging design, and production manufacturing sourcing. Using our experience in Design for Manufacturing (DFM) processes, we develop custom solutions for clients that accelerate their commercialization activities.
We provide 3D Printing and Rapid Prototyping services to quickly validate designs and make improvements for production manufacturing. Experience the benefits of 3D Design and see how 3D Innovations can develop innovative solutions to engineer, design, and manufacture your product.
Interested in learning more about our product development process? Send us an email at info@3d-innovations.com or give us a call 1.808.722.8667 so that we can schedule a meeting to talk about your project’s individual needs and requirements.
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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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Connect with us on Twitter, Facebook & LinkedIn today
3 Common Product Development Firm Misconceptions
They can only help during the early-stages of product development (design & prototyping).
False. While some product development companies may focus on one or two areas of product development, there are others that can help you from idea to commercialization. Having a product development team in place through commercialization means that there won’t be any interruption in the product development process. A full-service product development firm is invested in the success of your product and wants to see it on store shelves just as much as you do.
They can’t help with patents and licensing.
False. Often a product development firm is exactly what you need when it comes to intellectual property. Line drawings are necessary for design and utility patents, and your product development partner can produce these for your patent application. Also, experienced development firms work with IP attorneys and will be able to help answer or questions or setup meetings with experienced attorneys.
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.
They all follow a similar process.
False. Successful product development companies have spent years honing their process. They have guidelines and clear steps in place to develop great products. With this knowledge and experience, they should be able to guide you around common pitfalls, in turn saving you both time and money.
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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3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.
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4 Tips for a Smooth Start to Manufacturing Your Product
Market Segment Experience
Start your search for a manufacturer that has experience in the industry your product is entering. For instance, if you are manufacturing a baby spoon find a manufacturer that has a great deal of experience in the baby product consumer market segment. Having a manufacturing partner that is knowledgeable about the industry you are entering means that they will be up-to-date with best practices, safety standards, and will have the ability to offer helpful insight.
Unit Scalability
Not all manufacturers will be able to scale with your business. As your startup grows, the number of units you need will increase as well. Your initial manufacturing partner might be great at prototypes and low volumes, but higher volumes may pose a problem. Minimize production delays, by meeting with other potential manufacturing partners that are able to adequately meet higher volume needs. You don’t have to stick with just one manufacturer.
Multiple Open Partnerships
Depending on your product, one manufacturing strategy is to have multiple open partnerships with manufacturers. Your once very attentive and grateful manufacturer might put you on the back burner when a bigger customer comes along. A vendor list with manufacturers you can utilize or bounce between is a good idea. This keeps pricing between them competitive and the diversification minimizes your business risk.
Make a Visit & Check References
Your manufacturer is critical to your business, so open communication is mandatory. It is imperative that you know them, and trust them, before working with them. This is true whether you are manufacturing close to home or in another country. Phone calls and emails are great, but a visit to their location is highly recommended. Visiting the facility lets you meet the factory workers and see the facility. You want to feel comfortable that your product is in the right hands, and an on-site visit will do just this.
Don’t forget to check their references. Make those phone calls and get your questions answered by people who have experience with this potential manufacturer.
Now here is what your future manufacturer wants you to know.
Have additional questions about manufacturing your product? We can help. Send us an email with your questions to 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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