Prerequisites Common to Licensing and Venturing

Despite the apparently great differences between licensing and venturing as commercialization strategies, they have a lot in common, including certain prerequisites. Either way, somebody has to spend money—a lot of money. Whatever you may have spent so far will pale in comparison to what’s required henceforth. So whether you want to market it yourself or convince someone else to buy the rights to do it, you need a convincing package. This includes …
Proof that it works. This means a working model or, better yet, an engineering prototype. There’s no substitute for showing investors or potential licensees something they can see, touch, and watch do its stuff. Without a looks-like, works-like model, ...

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