Technology & Invention Commercialization Programs
Helping an inventor identify a significant barrier to the commercialization of his invention
The Situation
Mr. HandyMan, a successful business entrepreneur, had invented and filed a
US provisional patent application for a new and useful household tool. The
entrepreneur logically thought that the development of a prototype, following
through with the patent application, and identifying and approaching potential
licensees would be the next logical steps to enable him to capitalize on
his invention.
The Challenge
In order approach a potential licensee with an attractive business opportunity,
it was necessary for Mr. Handyman to identify businesses that would be best
positioned to utilize the invention. In addition, the target businesses would
likely require that the invention was complementary to their existing product
lines. Once such candidates were identified and pre-screened, a relevant,
professional proposal that illustrated how the licensing opportunity would
meet the potential licensees' specific business needs had to be developed.
The Solution
In order to assist HandyMan in formulating a licensing offering for potential
licensees, Vertex gathered market intelligence. First, the market was surveyed
to identify similar products and to gain an understanding of the businesses
that were actively involved in the relevant industry. Secondly, through telephone
and face-to-face interviews with retailers, manufacturers, contractors and
homeowners, Vertex gained a thorough understanding of tools and procedures
currently used to handle the specific task that would be facilitated by the
invention.
The Result
During the course of gathering market intelligence, Vertex discovered the existence
of a similar product that was patent pending and had just been introduced
to the marketplace by a large multi-national toolmaker. Apparently, HandyMan
had independently invented the same product. The filing date for the competitive
patent would clearly predate HandyMan's patent application date and would
thus no doubt prevent his patent from issuing. Since the company's patent
application had not published, a routine patent search would not have revealed
the existence of the patent application.
While this was clearly disappointing news for HandyMan, he was thankful to have identified the barrier to commercial success at an early stage before product development, patenting and licensing business development time and funds had been expended.
