One of my clients has developed an innovative recycling machine for a niche. He uses the machine himself as he has a recycling company. However, I advised him to capitalize on the invention by licencing the technology. This is because when talking to him he felt unease with manufacturing; he rather wants to stay with his main business. So, I proposed licencing to other equipment manufacturers. I want to manage this process on behalf of him, but I lack experience in licencing. Should my customer first patent the invention and then simply call manufacturers if there is some interest? What are the milestones and pitfalls in licencing?
Does your customer own the IP, or Patent for the recycling product? Once he secures the patent rights from USTPO, then he can license his patent to a Co to mfger, and sell the product, he would receive royalties on the sales of his product by a secondary, licensed CO. This is all given that the product and product patent is of interest and has value to a 2nd party Co that wishes to license their patent.