Potential licensees are strongly suggested to conduct their own due diligence before entering into a licensing discussion with OTC. Here are some of the key questions:
- Evaluate the intellectual property proposed to be licensed and its potential value to your business.
- Can you develop the intellectual property independently without infringing?
- Is a patent likely to be issued? How strong is the patent?
- Will you need additional intellectual property protection around the patented technology and can you acquire it?
OTC does not guarantee a patent will ever issue and it is up to the licensee to conduct its own due diligence before entering into a Patent License Agreement.
OTC chooses a licensee based on a company’s ability to commercialize the technology for the benefit of the general public. Generally, OTC requires a business plan or product development plan from the potential licensee. Sometimes an established company with experience in similar technologies and markets is the best choice for a particular technology. In other cases, the focus and intensity of a startup company is a better option.