Legal Brief: Licensing Concerns for Product Introductions
May 21, 2024
Security Business Magazine
Types : Bylined Articles
Integrators introducing a new product or service would be wise to consult their legal and compliance experts
Let’s say you have an idea for a product or service, and your team is excited and eager to take it to market; however, a competitor is already offering the same thing. You and the team think you can do it better, but you must move quickly so the offering gains traction in the market.
As the product winds its way through various groups within the company, legal and compliance raises the question of whether a license will be needed to sell, install, and/or service the product. In turn, the company may need to abide by certain licensing requirements, such as background checks, fingerprinting, and training.
This is concerning to you and the team. If you want to offer the product to as broad a market as possible (across many states), it would require a review and analysis of the licensing obligations in each state. It is feared that this process will hinder your ability to compete, increase costs, and otherwise impede business opportunities.