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What we teach and educate people on is called product licensing. Basically, you rent or license your product idea to a company that is already in business. That company currently sells its own products online and in stores and will bring your product to market. In return, they pay you royalties for each unit sold. So they do all the heavy lifting while you provide them with the great idea. It's a perfect partnership.
The traditional way to bring a product to market is to start a business. That means you have to write a business plan. You have to raise capital, deal with marketing, production, advertising, fulfillment. And in most cases, you can drop everything else you do because running a business is all-encompassing.
But there are many people who don't have the time, money, experience, or desire to start a business. If you license your product to a large company that already has shelf space, they can get it to market very quickly. And because of their size and prevalence, the best way to protect your idea from copycats is to sell it first and sell it quickly by licensing it. There are simple tools to test the market without spending large amounts of capital, filing expensive patents, or even building expensive prototypes. You don't have to quit your job.
As with any business, there are always risks, but with the licensing business model, you transfer most of that risk to your licensee and can work on and test many ideas. And you always have the financial bandwidth to move on to your next idea because you sell the benefits first without building prototypes, filing expensive patents, or even starting a company. So your costs are extremely low compared to making the product yourself.
You will learn so much on inventRight TV. You will learn how to find companies looking for ideas. You will learn how to license your product with a simple one-page ad called a sell sheet. You will learn how to protect the ideas of the provisional patent application. You will learn what is important when signing a licensing agreement. Basically, you will learn how to become a professional inventor and learn the business model of licensing. Plus, you will learn from industry experts who will give you the latest tips, advice and strategies.
Thank you for being part of our inventor community. And if you need more information, you can also call us at 1-800-701-7993. Or you can email me personally at [email protected]. Be well, keep inventing, and check out inventRightTV.
Stephen Key and Andrew Krauss are the world's leading experts on licensing a product idea. If you have an invention idea, this is the show you should watch. Steve and Andrew are the co-founders of inventRight, a coaching program that has helped people from over 60 countries license their ideas for new products. For more information and to join the one-on-one coaching program, visit http://www.inventright.com.
If you have questions about inventing, creativity, design, market research, prototyping, manufacturing, negotiating, pitching, selling, cold calling, approaching open innovation companies, licensing agreements, non-disclosure agreements, patents, copyrights, trademarks and intellectual property in general, subscribe to inventRightTV! New videos every week, including tons of entrepreneur success stories.
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“A simple idea: turn your dreams into a licensing gold mine and let others do the work.” Find it here: http://amzn.to/1LGotjB.
“Sell your ideas with or without a patent.” Find it here: http://amzn.to/1T1dOU2.
/"Become a Professional Inventor: The Insider's Guide for Companies Looking for Ideas/": https://www.amazon.com/gp/product/1653786256/
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