The Franklin Forge: Brokering Process
The Brokering Process for a Product Concept/Invention
I am certain you’ve heard this statement with regards to the real estate brokering business; it’s all about “location, location, location”. Well, when it comes to brokering an invention, it’s all about “exposure, exposure, exposure.” Giving your product idea exposure to manufacturers is what can lead to a rewarding agreement. And this is the effort we make on your behalf.
Once your product concept becomes patent pending, we start the process of trying to find a company that would like to license (royalties based on sales*) or a one-time buy-out (one sump sum payment*). Here’s what the process can entail:
- Research and identify manufacturers to approach
- Provide you with a list of those companies
- Develop a product proposal to pique their interest
- Approach manufacturers directly - we do not waste time with trade shows and websites as they are totally ineffective
- Inform you of all responses we receive from approached companies
- Review and advise on manufacturer waiver forms
- Provide follow-up information as companies requested approached company
- Handle the negotiations - present and advise you on all offers
- Help structure the final agreement or review the final agreement if drafted by the manufacturer
Our one-time service fee covers everything. We do not “nickel and dime” the daylights out of you. Even if our expenditures exceed the service fee that you have paid to us, we do not approach you looking or additional compensation.
* If you would like to gain a better understanding of how the buy-out and/or royalties/percentages work, feel free to give us a call.
Click here to download the Invention Record Form to obtain our free assessment.
Helping PEOPLE Turn Ideas into Products.