The Difference Between Licensing and Launching Products

In the realm of innovation, many inventors grapple with a central question: Should they license their product idea to another company or launch it themselves?

On the surface, licensing seems to be a shortcut to success. You conceptualize, another firm produces and markets, and you sit back collecting royalties. However, a deeper dive reveals that licensing is often more of a fairytale, primarily because your product is unproven. Conversely, launching a product, i.e., taking control of its manufacturing and selling, is typically the best bet for real-world success, especially when selling online or in retail outlets. 

Licensing: An Uphill Battle with Low Odds

Licensing, while theoretically appealing, often turns out to be a challenging endeavor. Here's a closer look: 

  1. Unproven Ground: One of the most significant pitfalls of licensing is that an unproven product has little to no sales record. Brands are naturally risk-averse. They are less likely to take a chance on an...
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Why Now Is The Best Time To Start A Business

Starting a business gives you the flexibility and opportunity to control your destiny. But with all the pain and dysfunction in the world today, a lot of people are probably thinking, "how could I ever start a business in this environment". Here's why..

  1. Change = Opportunity. Whenever there are changes, new opportunities always surface to address those changes.
  2. Work From Home trend. Society is coming to the realization that entrepreneurship is the future, whether as a side hustle or to replace your income.
  3. Access to people. It has never been easier to reach specific audiences that would benefit from your business. Look no further than social media and influencers. 
  4. You’re never going to get rich working for someone else. Now there are always exceptions to this but rich people know that the greatest risk is not betting on yourself. 

So if you have a concept, an idea, a product, or an app, now is the time to develop it.

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Why You Need a Mentor

A product mentor can be incredibly valuable for anyone involved in product development, whether you're a new product manager or a seasoned entrepreneur. Here are a few reasons why you might want to consider working with a product mentor:

  1. Gain experience and insights: A product mentor can offer you valuable insights and experience that you might not have acquired on your own. They can share their experiences, offer advice, and provide guidance based on their own successes and failures. Gaining another perspective or feedback can help skyrocket a good idea into a better one.

  2. Receive constructive feedback: A product mentor can provide feedback on your ideas, strategies, and plans, helping you to refine and improve your approach. This can be especially helpful if you're struggling to identify areas for improvement or if you're feeling stuck in your product development process.

  3. Build your network: A product mentor can also help you expand your network of contacts and connect you...

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Top 3 Questions Inventors Ask

Inventing is a thrilling journey, one that starts with a burst of inspiration and the spark of an idea. However, the process that transforms that idea into a tangible, marketable product is anything but simple. For most inventors and entrepreneurs, this journey can seem like a vast, uncharted wilderness, filled with uncertainties and dilemmas.

The 3 most common questions that inventors and entrepreneurs ask us are:
1. Where do I start?
2. Should I license my product?
3. Do I need a patent?

Let's shed some light on these questions.

1. Where Do I Start? The Power of Research.

The first milestone on your invention journey isn't the drawing board; it's research. It's a foundational step that informs your path, mitigates risks, and increases your chances of success. So, what should you be researching?

Understanding the Market: Begin with identifying and understanding your target market. Who are the potential users or buyers of your invention? What are their needs, preferences, and...

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TOPIC: The Journey of a Startup Entrepreneur with Linda Hopkins

Revealed: Learn what it's really like to become a startup entrepreneur. Mike Corradini and Stephen Ritch will be interviewing Linda Hopkins, owner of The Rainbows End Daycare and a T-Shirt subscription business.

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TOPIC: The Journey of a Startup Entrepreneur with Bryan Lawrence

Revealed: Learn what it's really like to become a startup entrepreneur. Mike Corradini and Stephen Ritch will be interviewing Bryan Lawrence, owner of Creepy Candles.

Watch the video here:



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