Question
Hello!
I have developed an app prototype that facilitates an LTE/WiFi interface between smartphones and smartwatches. I would like to bring the idea to the market. What is the best way to do this? I have heard from friends that often licensing is a good way to monetize software without the commitment of managing the process yourself.
Answers: 1 public & 1 private
Hi Marienne
Licensing is a great business model which allows you to access the skills and resources of your licensee, who commercialise your product and pay you a royalty or other licence fees. The risk in licensing is really in selecting a good licensee, managing the relationship properly and ensuring that your agreement is strong enough to allow you to end the relationship if the licensee proves to be unsuitable.
Licensing requires IP for the model to be sustainable - the stronger the IP the better. You will have copyright protection for your source code, which can be licensed. You should speak to a patent attorney about the extent to which your app may be patentable - as patent protection is stronger than copyright if you can get it.
Good luck!
Simon
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