Expert Tips for Licensing Products

Importance of Collaboration and Relationships in Licensing

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  Keith Mullen's ability to achieve remarkable creative feats from his garage and home office highlights the importance of determination, collaboration with product development teams, engineers, and clients in the entrepreneurial journey.
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  Collaboration and interaction with others, such as clients or colleagues, can be a great source of inspiration and new ideas, as different perspectives and concepts are shared and discussed.
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  Building a strong partnership and trust with the licensee is crucial for the success of a licensing agreement.
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  Building a strong relationship with your licensee is crucial, as you want them to reach out to you first when they have new ideas or challenges to tackle.
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  Building relationships with companies is crucial in the licensing industry, as it can turn them from potential partners into clients.
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  Collaboration and open-mindedness are key in pushing the boundaries and discovering new potential for a product.
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  Providing value and over delivering on projects can lead to clients requesting more work, establishing a strong and ongoing business relationship.

Strategies for Successful Pitching and Execution

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  The speaker is willing to do whatever it takes to get the product into the marketplace, including tasks like packaging design, finding vendors, and conducting testing and inspection.
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  Timing and execution are crucial in pitching ideas for licensing, as having a great idea alone is not enough if you can't execute it well and deliver on time and on budget.
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  Pitching product ideas to clients can be done through video conferencing or in-person meetings at conventions, but it's important to build a relationship first before presenting the concepts.
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  The key to successful licensing is providing the person pitching your idea with the tools they need to sell your product at the board level, as they become your representative in the room when you're not there.

Thinking Outside the Box and Pushing Boundaries in Product Licensing

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  Coming up with innovative ideas from outside the industry can be highly valuable in licensing products, as it brings a fresh perspective and unique solutions.
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  The bionic material has a patented defensive geometry, similar to an M1 tank, designed to disperse incoming rounds and energy, making it a unique and innovative product.
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  The Jolly Dipper is a redirected chewing toy that helps dogs with destructive chewing behaviors and separation anxiety by keeping them occupied with a peanut butter paste inside a ball.
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  "You have to think bigger than what your original invention is... You have to think, 'Where else can we go with this?'"