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Education Licensing Your Invention Is Your Product Ideal for Licensing?
Education Licensing Your Invention Is Your Product Ideal for Licensing? | Is Your Product Ideal for Licensing? |
| Written by Stephen Key | |
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I am devoting the next three blogs to a very important question: is your new product innovation an ideal match for licensing? There are three criteria that you need to subject your idea to before you pursue licensing.
Is your product high volume enough? Is your product going to be easy to manufacture? And, are the benefits of your idea easy to understand? These three questions should act as filters for your product – the answers you supply will determine if your product is appropriate, and furthermore, a great match for licensing. Does your invention need to be ideal in order to license? Absolutely not. If your product doesn’t meet all three criteria with flying colors, it by no means automatically insures that your product cannot be licensed. Manufacturing kinks CAN be worked out, and your product might simply sell to a much smaller market (and understandably, make much less money). The third criterion is less flexible. Your benefits do need to be quickly and easily understood. But ultimately, it’s important to know where you stand and where your assets lie. If you are considering licensing a product, please follow these next three blogs. If you can answer each question with confidence, your product is on the right track! This article is courtesy of Stephen Key’s “Invention And Product Ideas” blog on allbusiness.com. Also note that Stephen¹s inventRight.com web site gives free tele-seminars every other week teaching inventors how to sell their ideas. Stephen Key is a successful inventor who has licensed his ideas for over 25 years. Several of his products have been endorsed by celebrities such as Michael Jordan and Alex Trebek, and sold in retailing giants such as WalMart, Walgreens and Disney stores and theme parks worldwide. You can read more about Stephen at inventright.com/about.html and view some of the products he has worked on by visiting inventRight.com.                     |
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