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How to license another companies technology?

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Bronze Contributor
Read Millionaire Fastlane
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May 24, 2013
New Jersey
Hey guys!

The question is in the headline but frankly, I don't even know if I'm asking the right question. Maybe you guys can help point me in the right direction for a little research adventure?

I'm developing a product that has a widget stitched inside of it... The only problem is that the widget that I've been using has been a complete piece of dog sh*t. My manufacturer can't seem to get it right and at this point, I don't have the expertise to help them any further (regardless of the engineers I've hired to help me help them).

The widget that goes inside of the product is already being created by another company... My whole idea came from me buying their product and thinking "Hm... that's cool... but it'd be cooler if I took it and put it in one of these!" - bam my creation was born.

So. What is it called for me to ask them if I can use their product in my product for a fee? That's licensing, right?

If it is do you guys have any idea how to approach companies to make it happen? My plan as of now is just to blast them from all angles - cold calling, email, linkedin, etc.

Another issue is that they could pretty easily rip the idea off. I don't know that it'd be worth their time to - buuuttttt they could without a doubt. Any advice?

I started this thread with the intention of only asking a single question... sorry for the three additional ones. ¯\_(ツ)_/¯

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