Question
My colleague's contact has a patent on a simple and easy to produce health related accessory. The patent owner can't continue with their plans to produce the product for financial reasons. What is a good approach for buying or licensing to minimize cost? It is not a burning issue for me, but the idea is interesting and I might be interested in producing the accessory at some point. (I can't spend a lot of money on this now.)
Answers: 3 public & 0 private
You might want to consider putting this patent into a newly formed corporation or another type of business form. See which business types are available to you and which would be most beneficial from a financial and tax perspective.
You should analyze the commercial market for the accessory, then analyze what your costs to manufacture will be, assess how much you can market the accessory/device for, and then either have the patent owner assign the rights over to you for an agreed-upon amount of money or you can structure a multi-year licensing agreement.
check commercialisation or simply IP monetization of patent for better negotiations, hire a patent agent from similar business field who understand the patent complexity and can analyse financial and tax perspective.
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