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Design for Licensing Strategy by Enhance Product Design

Looking to License Your Invention?

Most inventors simply do not have the available capital, know-how or desire to completely develop and engineer their product, purchase tooling and ramp-up manufacturing, handle marketing and advertising, hire and train a sales force, manage inventory, establish and oversee inventory and the supply chain through warehousing and fulfillment, etc. - the list goes on.

The alternative and far more feasible approach is to license your invention to a company that can do all of the above and pay you a royalty on sales. If this sounds like how you want to proceed with launching your invention, then you've found the right place!

The Challenge

The reality is: completely developing, engineering, manufacturing and patenting an invention is expensive. Coupled with that, companies are simply not interested in licensing napkin sketch ideas or concepts for products. They want to see the product, not just hear about it. The more developed your product is, the more interested they become.

So the question becomes, how do you get a company interested in licensing your invention without breaking the bank?

Existing Solutions that Miss the Mark

Depending upon who you talk to, you will get all sorts of advice. A patent attorney will tell you that you need to protect your invention, so you should file a utility patent. An engineer will say you need to develop your invention, so you need CAD files. A marketer will say you need to conduct market research and focus groups to establish the right benefit statement and promotional material. They are all right (on some level), however if you were to do all of those things, you are likely to spend over $50,000, even for a relatively simple invention.

If you go to a "submission company", you may think that you are getting a deal with only paying $10,000-$20,000, but many come to find out that their patents were improperly written, products poorly designed, and the only promotion efforts they did was send out mass emails or mailers.

Introducing the Design for LicensingSM Strategy

At Enhance, we have developed a proprietary strategy at confronting all of the above issues and have tailored a program for inventors to minimize their out-of-pocket expenses, while maximizing their chance to land a license deal. Rather than do comprehensive work on ALL facets of your invention, we develop the crucial elements that will be most effective at getting the attention of a potential licensee.

For the inventor that is seeking to license their invention, our system focuses on the industrial design aspect to product development, where through a development process your invention is brought to life. First our designers free-hand sketch various concepts in the "ideation" phase to both brainstorm solutions and improvements and also insure that the invention is how you envision.

Next, your invention is built in 3D CAD software and then rendered into a "photo-realistic" image, which truly brings your invention to life! To see samples of some of past projects and the quality of our work, please view our portfolio by clicking here.

Finally, the renderings are incorporated into a sell sheet, which includes the formulation of positioning statements, benefits and features as well as a professionally designed logo. The sell sheet provides the potential licensee with an understanding of your invention's potential and its unique selling proposition in a clear presentation designed to immediately grab their attention.

Licensing on Contingency

For those that select the Platinum or Gold level packages, Enhance will also provide licensing consultation on contingency. This consists of presenting your invention to companies well positioned to sell your invention in high volume and pay you a royalty, trade show representation, negotiations, license contract preparation and license deal management. This way you will have an expert representative working on your behalf, attending shows and making face-to-face presentations.

Further, there are no added out-of-pocket for our time, travel, etc. - we are paid as a percentage of what we achieve for you! Our share is 20% of the royalties (and you retain 80%). As a bonus, our share doesn't start until you recoup all of your costs from the design package you initially selected.

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Our Clients are Talking…

“The 3D renderings, logo and sell sheet were awesome! I was very pleased with the feedback that was provided along the way. Lastly, I'm extremely pleased on how quick my rough drawings came alive for me to present my project to companies.”

Joe K., Dubuque, IA

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