02. How Much Money Can You Make Licensing Your Invention?

Need 1 on 1 consulting? Don't hesitate to reach out: [email protected] 💟 Use my FREE Invention Validation tool: https://inventwithme.scoreapp.com 💡I just made a FREE Invention Validation tool that only takes 10 minutes🏋️ Wondering if your invention has a market? Wondering how hard it will be to make? Wondering what you need to prepare for? 👀 Take the FREE Inventor Validator test now and get a tailored output based on your score! https://inventwithme.scoreapp.com By popular demand... introducing Grant's "Invent With Me" Patreon. -You may want to join if... 1. You have an invention idea but don't know where to go from here... 2. You need access to engineers, lawyers, inventors or manufacturers. 3. You need inspiration and weekly tips to bring your invention to the market and start making 7-figures from your idea. https://patreon.com/InventWithMe?utm_... Invent with me is the first place to go when you need motivation to fire up your best self and create your invention! Have questions? Send us an email @ [email protected] Here are todays show notes; In this episode, the hosts explore the complexities of licensing a new invention and discuss an alternate route that could be fun and profitable for inventors. They begin by highlighting the common misconception that slapping a patent on an idea is enough to start collecting royalties. They use the example of the post-it-notes inventor to demonstrate the reality of the process. Segment One: Licensing Vs. Selling The hosts explain the options for distributing an invention and getting paid, namely licensing or selling. They discuss the difficulties of securing a licensing deal, from convincing potential partners of the value of your idea to negotiating favorable terms. They also touch on the issue of accountability, as licensing offices may not accurately report numbers and royalties, leaving inventors in the dark about their true earnings. Segment Two: Pitching an Idea The hosts role-play pitching an idea to someone who has money, manufacturing capabilities, and an administrative staff to carry out day-to-day operations. They highlight the skepticism of investors and the importance of addressing their concerns and providing convincing evidence of the potential success of the idea. They discuss the key factors that would lead to a successful pitch and subsequent meeting. Closing: The hosts share personal stories of licensing failures and encourage listeners to stick around to the end for an alternate route that could be fun and profitable for inventors. They promise to provide hope and a fresh perspective on the process. Conclusion: This episode provides valuable insight into the complexities of licensing a new invention and highlights the importance of addressing investors' concerns and negotiating favorable terms. It also presents an alternate route that could be a fun and profitable option for inventors. Questions? [email protected]