Value of Patent to Entrepreneur

Hazzard On the first day of July 1999, Tom and his wife Tracy had to make an intimidating choice regarding the meal. The inaugural product of their company was released exactly one year ago. It focused mostly on computing services using touch screen technology. The business created PDA computers so that its clients could carry out daily chores, take notes, and participate in activities. He adored his Palm Pilot, but he struggled to decide whether to utilize touch displays with paper or plastic.

Hazzard determined the likelihood of establishing a business that would make use of a pen or stylus, which led him to examine his palm to gain knowledge of the market's organizational structure. He invested more resources on the study that made him realize that pen making would be the cheapest to purchase and assemble the components. After concluding on manufacturing, he made the debut advertise that attracted a significant number of new customers. However, there were some challenges, especially during the first advertisement. Hazzard had a difficult time in convincing Palm to include the devices in the stylus port on the upcoming ones.

However, the company later traded the patent with the Sun Coast Corporation that deals with making and distribution of promotional commodities. It happened after the T-tools discovered that the corporation was a player in the market carrying out the business with products that have a similar design. They realized it after the Sun Coast protest of piracy which coerced to license its patents without prolonged friction. The T-tools was, therefore, unable to maintain the relationships with Palm but continued with their activities in producing the writing tools. Finally, the partnership with Sun Coast fee for license hazard was able to earn an income of approximately $450000 in 2003.

Work Cited

Conley, James G. ttools A: The Value of Patent to Entrepreneur. Kellog School of Management. 2015. pp. 1-36.