Your Invention - Commercially Exploit It with the Right Intellectual Property Lawyers

So you've already protected your intellectual property - now it's time to talk to your IP lawyers about how you can commercially exploit your idea or invention

It's not always necessary to take the task on single-handed, as there are several ways in which you can harness the skills and expertise of others to help make your product a marketable proposition. And one option to consider is a franchise or distributorship, which will allow the technical expertise of the inventor to be matched with the investment of the franchisee and in combination, take the concept to market.

This arrangement suits physical goods, services and also rental businesses. In these situations, the two parties are entering into effectively a partnership, where one supplies the brand and the know-how, and probably some marketing support, while the other provides the manpower on the ground to sell and deliver the goods or services.

A franchise or distributorship is normally developed around a system that franchisees will use; controlling the delivery or production of the service, sales and marketing - basically giving an instant small business that is already made. Macdonalds is a well known example of this - their systemisation includes even the precise time that a burger is grilled for - providing a uniform brand, and a highly ordered system for franchisees to follow. Generally, a franchise is a much more expensive, and comprehensive agreement than that of a distributorship; and the investment needed for a franchise is usually greater. Commonly a distributor will have more geographical freedom to trade, while a franchise is usually restricted to a specific geographical area.

These arrangements will always need suitable legal documents that protect both parties to the agreement. The franchisor must take care that they protect any knowledge and expertise that the franchisee has access to so that it can't be copied or taken advantage of at a later date; and the franchisee needs to know both what they are getting by way of recompense from the partnership, as well as their financial commitment to pay what will typically be a turnover-based royalty to the franchisor.

In addition, thought needs to be given to an exit strategy for each party, should one decide not to continue with the agreement from a certain point in the future. Getting correct intellectual property advice at this stage is vital. Make sure that you have specialist IP lawyers to advise on the protection and the liabilities you will take on in signing such an agreement.