Well, if you are asking yourself the same question, you're not alone!
Having a creative idea ah-ha moment or a sketch on a napkin idea is one thing but...
Turning your great ideas into a market viable product that has licensing potential, is a whole new ballgame altogether.
After all, a lot goes into making your invention idea into a market viable product and then hoping to get it successfully licensed.
Getting from simple sketches on a napkin to something tangible that many people would actually want to invest in can get quite tricky, frustrating and exhausting. Especially if you don’t know how to navigate getting that great invention idea from your mind to the market, licensed and...then profit!
So, you may be wondering, how does licensing your invention idea really work?
Let’s start with...What is licensing?
To put it simply...Licensing is the best kept secret for 1st time inventors. A majority of the risk you can use to your advantage by leveraging the success history of already established licensing companies.
Essentially the licensing option can provide you the inventor the opportunity to create balance between risk and reward. Basically, the company obtains the licensing permission from you, ‘the inventor’, to manufacture and sell your products to a predetermined target market or industry. They will also pay a royalty fee to you, the original owner for a specific period of time.
The details are all formalized in what we call a Licensing Agreement between you and the licensing company.
A licensing company should at least possess all the right resources, a history of success, relationships with distributors, buyers, and a viable marketing budget.
To make your new product invention attractive to a potential licensor, you’ll likely need to consider investing in your invention strategy to properly position it to...make it license worthy.
But what makes an invention worthy of licensing?
Well, first of all, you will have to ensure that what you have is novel and unique! Your new invention should have the potential to solve the pain points and challenges of a large target market audience in the form of benefits and value. In other words, you need to clarify if you have a market viable product.
There are also advantages and disadvantages to licensing. However, it’s No doubt that licensing can be easier than doing it on your own. When you do it on your own..we call this venturing.
It’s key to understand how to navigate the licensing process and determine if it is a viable decision.
This is where I can help you help yourself. This week I’ve got a few openings in my schedule so reach out for a Complimentary Inventor Strategy call today! Here’s the call scheduling link for your convenience.