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:
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:
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.
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.
Build your network: A product mentor can also help you expand your network of contacts and connect you...
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..
So if you have a concept, an idea, a product, or an app, now is the time to develop it.
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.
Let's shed some light on these questions.
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...
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.
Watch video here:
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: