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Licensing Question...

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by KLaw, May 23, 2017.

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  1. KLaw
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    KLaw Silver Contributor Speedway Pass

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    I'm really struggling with the "who" to license to question. Say, I've got an automotive paint formulation that will revolutionize auto paints. Who do I attempt to license this to? The paint manufactures (ppg, DuPont, etc...) or the large commercial automotive Auto body shops that paint the autos? The advantages of the paint formulation benefits both the manufacturer and the end user. See my quagmire? Thanks for any and all advice.
     
  2. MattR82
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    MattR82 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Why not approach all of them? I'm only learning about licensing currently, but I believe licensing deals can be broken up by region/country? Some guys start licensing to the smaller/mid size companies when the big boys show no interest. Then when it kicks off and is successful you may actually be approached by the larger companies. Just be sure to retain all IP and have a minimum guarantee so they can't sit on your product and do nothing with it (they would have to pay you a minimum guarantee that increases every year or the product/IP reverts back to you).

    Also, maybe have a look at a pull through marketing strategy? I've only read about how well it works in helping licensing deals so maybe someone else can help shed some light on it. Seems like your product may be a candidate for this strategy? If you have huge interest from the autobody shops, you can take this to the large paint companies. Kind of like a proof of concept? Or almost like a purchase order :p I'm def no expert on it but if I were you I would look into it :)
     
    Last edited: May 23, 2017
    Arun Siva, Wolfman and KLaw like this.
  3. KLaw
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    KLaw Silver Contributor Speedway Pass

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    Lol. Finally got something back from Helen of Troy.
     
  4. ThirtyOne
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    ThirtyOne Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    owning a license to manufacture and sell something is only good if you can manufacture and sell it. Dupont is in the biz of manufacturing and selling paints. Auto body shops are in the biz of painting your car. Make sense?
     
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  5. Wolfman
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    Wolfman Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    Hi Matt, Thanks for your post. My instincts tell me that you're on to something that may be helpful to the Klaw and me. I have a very low-tech invention I'm probably going to patent. (To lawyer up or not to lawyer up...that is the question.) I'll tell you more about it when I become less paranoid and get some traction.
    Where did you get that stuff about "pull through strategy"? I want to learn about that.
    Thanks again,
    Greg
     
  6. MattR82
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    MattR82 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Stephen key's book, one simple idea.

    Pretty sure you could ev ebb n find some of his free videos about it on YouTube but not positive. The free ones wouldn't be that in depth though, but the book I highly recommend.
     
  7. Wolfman
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    Thanks Matt, I'm new here and I'm pleasantly surprised at how helpful and generous people are (like you.) It is refreshing and I hope a precursor of all the good coming into our lives. Greg
     
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  8. LightHouse
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    LightHouse Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Do you have any IP on it yet?

    Also, depending on how revolutionary it actually is, id assume you would want to go straight to the top. I can't imagine an auto body shop would mess with new stuff that they have no history on. They wouldn't want to paint a car, and that car come back in a year because it flaked.

    I would create a demo, and pitch it to the big companies that are still nimble like ppg and basf.
     
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