What is Licensing? Taking Your Product to Market Through Others Making a Royalty on Each Piece Sold Establishing a Fair Royalty Amount ($ or %) Exclusive versus Non-Exclusive Terms Annual Minimums Signing Advance Length of Licensing Agreement
Licensing versus Going Alone Same Development Process (idea, working prototype, patent search, marketplace vetting) What are Industry Standards and Nuances? What are Retailer Requirements for Single Item Vendors? What is Price Point of Product? What is Margin of Product? What are Costs Involved With Going Alone?
Licensing (Partial)Checklist Product That Solves a Problem Must Appeal to Enough Folks Working Prototype that Proves Function Patent Researched and Claims Identified Retail Marketplace Studied Industry Studied (Trade Shows, Magazines) Companies Studied (Google, Stores, Shows)
What Is Lifetime Brands Looking For? Functional and innovative new products that solve problems Working prototypes that prove function Patent research and filings…like most companies LB wants to license something tangible Rational person who understands industry and a fair licensing arrangement
How Lifetime Brands Helps Inventors Maximize Revenues Exposure and distribution to all of America’s leading retailers 32 brand names and custom product development to exploit retail relationships 40 person design and development department to add value to patents Fair licensing agreements Acknowledgement of inventors role
Summary…What Will Drive Your Decision Financial Resources Time Passion Consumer Feedback Industry Product Margin Personal Goals