So, you have decided to go into business for yourself? You might be a budding entrepreneur with a brilliant idea to revolutionize the industry. You might have been laid off from your job and are looking for financial stability. Regardless of your motivations, one thing is certain. You need to be protected. The most efficient way to do so is through licensing deals. Here are some tips on choosing a licensing firm.
Check Out Competitors First
Before meeting with any licensing firms, make sure you research. Check out other companies in the same field. See what deals they have signed through their website or discreetly by talking to people within the industry. If you find that many of them are signing 50/50 deals or something similar, it may be worth looking into signing with a firm yourself.
Don’t Sign Anything Without Reading It First
Before signing up for services at a licensing agent like the License Company, you need to read and understand the contract. This should go without saying. However, many budding entrepreneurs sign deals on the back of a napkin or handshake. Do not make this mistake. You need to know what you are signing and how it will affect your future business.
So, you have found a firm, and they seem like they can help you. How do you know for sure? Simple. Ask as many questions as you can think of. If they seem hesitant to answer or brush you off, that could signify that something is up. In that case, you should keep looking. The company should provide detailed answers and show how your business will benefit from its services.
Licensing is the process of creating a commercial connection between an intellectual property owner and one or more companies wishing to use that property. Essentially, it is the legal right to market the concepts associated with your brand, patent, logos, etc., across multiple platforms according to certain terms and conditions not to violate copyright laws.