Welcome to the Forum for InventorSpot.com, the most popular invention related website in the world. Read our welcome message.
Moderators: Scrupulous, Roger Brown, citizen
9 posts
• Page 1 of 1
FAQ: Do I try to License My Idea or Take to Market Myself?
by Work2XL » Sun Sep 30, 2007 6:01 pm
-
Work2XL - Blue Belt
- Posts: 478
- Joined: Tue Apr 24, 2007 7:56 pm
- Location: Denver
I have an Idea. Should I pursue a license agreement or should I start a company and try to take the product to market myself.
by Michelle » Sun Sep 30, 2007 6:43 pm
-
Michelle - Black Belt
- Posts: 1529
- Joined: Wed Oct 11, 2006 7:27 am
You can start by reading this great article on our site by Stephen Key & Andrew Krauss
License My Idea or Sell It Myself?
http://inventorspot.com/license_or_sell
Other basic info articles are all at our general Inventor Information section
http://inventorspot.com/invention_information
Thanks,
Michelle
License My Idea or Sell It Myself?
http://inventorspot.com/license_or_sell
Other basic info articles are all at our general Inventor Information section
http://inventorspot.com/invention_information
Thanks,
Michelle
by citizen » Sun Sep 30, 2007 7:04 pm
-
citizen - Brown Belt
- Posts: 989
- Joined: Mon Jul 30, 2007 2:55 pm
Not sure why...but all the links that have been posted lately don't load properly. It brings me to the page and says its done loading, but its a blank white screen. It just started happening a few days ago.
that is the question
by grahamms » Mon Oct 01, 2007 7:41 am
- grahamms
- White Belt
- Posts: 14
- Joined: Tue Sep 25, 2007 2:24 pm
Works2XL,
Great question. I think Steve and Andrew's article is about the best I have read on the topic.
Great question. I think Steve and Andrew's article is about the best I have read on the topic.
by GrillCharmer » Thu Oct 04, 2007 9:36 am
-
GrillCharmer - White Belt
- Posts: 31
- Joined: Tue Jun 05, 2007 7:01 am
Wow, that's a big, important and complex decision. To truly help you with this, we'll probably need a few pages of posts, so hold on to your hat Both are very good options for very different reasons. This will take some soul searching. One of the biggest questions is... what do you want to do when you grow up? Let's say all things being equal (and right now, I don't know if that's the case as I don't know your product, industry and market demand for your invention) but lets just say that it is a fantastic product and that both customers and licensing partners are beating down your door. (The reason I'm taking this angle is because in the end, regardless of the success or failure of your product, you have to love what you do, or no money in the world will make it worth it)
Okay, so you have manufactures lined up to license your wonderful widget! Are you ready to let go of your "baby" and let it out into the world? Have you had about enough of this particular product and are ready to move on to other things and another chapter in your life? Are you ready to sit back and collect your 2-5% per quarter and be done?
On the other hand, you choose to manufacture yourself. Your journey has JUST BEGUN! Are you ready to immerse yourself in a new business and a new career? Are you ready to be the President, Founder, CFO, Accountant, and Janitor? Are you ready to be it for the long haul? Are you ready to collect 100% of the profit?
In a nut shell, it all breaks down to.... where do you see yourself in 5 years? With licensing, the good news is there is a lot less risk, the bad news is there is a lot less reward. With manufacturing the bad news is, it’s all on you…the good news is… it’s all on you!!
Personally, one of the biggest reason’s I went with manufacturing was because I just wasn’t ready to call it a day. I could see myself building something my children could be proud of and maybe one day take over. I am still very much in love with my product and I just can't let it go. This is such a personal choice for such individual reasons, I hope in all my babbling I have at least given you some questions that when answered can give you a direction in which to lean. What are your concerns and thoughts with licensing vs. manufacturing? I would love to hear more about your product and your situation.
Okay, so you have manufactures lined up to license your wonderful widget! Are you ready to let go of your "baby" and let it out into the world? Have you had about enough of this particular product and are ready to move on to other things and another chapter in your life? Are you ready to sit back and collect your 2-5% per quarter and be done?
On the other hand, you choose to manufacture yourself. Your journey has JUST BEGUN! Are you ready to immerse yourself in a new business and a new career? Are you ready to be the President, Founder, CFO, Accountant, and Janitor? Are you ready to be it for the long haul? Are you ready to collect 100% of the profit?
In a nut shell, it all breaks down to.... where do you see yourself in 5 years? With licensing, the good news is there is a lot less risk, the bad news is there is a lot less reward. With manufacturing the bad news is, it’s all on you…the good news is… it’s all on you!!
Personally, one of the biggest reason’s I went with manufacturing was because I just wasn’t ready to call it a day. I could see myself building something my children could be proud of and maybe one day take over. I am still very much in love with my product and I just can't let it go. This is such a personal choice for such individual reasons, I hope in all my babbling I have at least given you some questions that when answered can give you a direction in which to lean. What are your concerns and thoughts with licensing vs. manufacturing? I would love to hear more about your product and your situation.
<p>
Leslie Haywood, Founder and President, Charmed Life Products LLC <a href="http://www.grillcharms.com/">www.grillcharms.com</a>
</p>
<p>
</p>
Leslie Haywood, Founder and President, Charmed Life Products LLC <a href="http://www.grillcharms.com/">www.grillcharms.com</a>
</p>
<p>
</p>
by bottleslingguy » Thu Oct 04, 2007 7:07 pm
-
bottleslingguy - Black Belt
- Posts: 1770
- Joined: Sun Oct 22, 2006 7:41 am
Scrupulous won't let us... 
by Work2XL » Thu Oct 04, 2007 7:48 pm
-
Work2XL - Blue Belt
- Posts: 478
- Joined: Tue Apr 24, 2007 7:56 pm
- Location: Denver
Grill Charmer,
I really appreciate your response. Actually, it was a generic question that we get alot here at the forum. I did like your answer, and your passion. My project is more of a product than an invention. I can't quite disclose yet, hopefully soon. My site is kind of a coming soon teaser. http://studytyme.com/
Scrup,
I'll delete this post in a day or two. To clean up the thread.
Randy
I really appreciate your response. Actually, it was a generic question that we get alot here at the forum. I did like your answer, and your passion. My project is more of a product than an invention. I can't quite disclose yet, hopefully soon. My site is kind of a coming soon teaser. http://studytyme.com/
Scrup,
I'll delete this post in a day or two. To clean up the thread.
Randy
by GrillCharmer » Fri Oct 05, 2007 10:45 am
-
GrillCharmer - White Belt
- Posts: 31
- Joined: Tue Jun 05, 2007 7:01 am
Thanks Randy! Passion is not in short supply over here. Now if only I can convert Passion into $$$ I'll be in business! 
I like your teaser and can't wait to see more. I must say, I'm very intrigued!
I like your teaser and can't wait to see more. I must say, I'm very intrigued!
by Scrupulous » Fri Oct 05, 2007 11:22 am
-
Scrupulous - Black Belt
- Posts: 2414
- Joined: Sun Jan 21, 2007 7:32 pm
- Location: United States
Work2XL wrote: Scrup,
I'll delete this post in a day or two. To clean up the thread.
Randy
That's fine with me, Randy.
Thanks.
9 posts
• Page 1 of 1