The director said while the armored superhero is largely unknown outside the world of comic books, he is confident his cinematic interpretation will appeal to a wide audience.
"I don't think it matters," he said of the film's comic roots. "There's enough going on in the movie and enough going on with the cast that people are going to give it a shot regardless of whether they know about it or not."
Jon also commented to the New York Post on Sunday that he was unsure what his contract has to say about potential sequels.
"I don't know what the deals are, but certainly we spoke creatively about what the first three movies would be," Favreau said. "I think we're all into it and would love to do it together."