Expert Tips for Licensing Products

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This article is a summary of a YouTube video "Learn How to License Products from an Expert!" by inventRightTV
TLDR To be successful in licensing products, it is important to have a system in place, be open to inspiration, observe people for ideas, build strong relationships with clients and potential licensees, pitch at the right time, simplify product design and reduce manufacturing costs, demonstrate functionality through prototypes, overdeliver and provide value, and network with other inventors for support and inspiration.

Importance of Collaboration and Relationships in Licensing

  • 🏢
    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.
  • 🤝
    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.
  • 🤝
    Building a strong partnership and trust with the licensee is crucial for the success of a licensing agreement.
  • 📞
    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.
  • 💼
    Building relationships with companies is crucial in the licensing industry, as it can turn them from potential partners into clients.
  • 💡
    Collaboration and open-mindedness are key in pushing the boundaries and discovering new potential for a product.
  • 📈
    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

  • 📦
    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.
  • 📅
    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.
  • 💼
    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.
  • 📞
    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

  • 💡
    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.
  • 🛡️
    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.
  • 🐶
    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.
  • 🚀
    "You have to think bigger than what your original invention is... You have to think, 'Where else can we go with this?'"

Q&A

  • What is the purpose of Inventor Groups of America?

    — The purpose of Inventor Groups of America is to provide free education and a directory of local and regional inventor groups on their website.

  • How can I ask questions during the video?

    — You can join the website and chat during the video to ask the speaker questions live.

  • What tips does Keith Mullen share for successful licensing products?

    — Keith Mullen shares tips on having a creative process, prototyping, handling intellectual property, pitching tools, and negotiating and winning licensing deals.

  • How can I generate ideas for licensing products?

    — You can have a system in place, observe people, collaborate with others, and attend conventions to generate ideas for licensing products.

  • When is the best time to pitch product licenses?

    — The best time to pitch product licenses is right after the Super Bowl and towards the end of summer, coinciding with conventions, as companies are ready to start new projects and may have budget remaining.

Timestamped Summary

  • 📝
    00:00
    Keith Mullen, a successful inventor and entrepreneur, shares his tips and advice for becoming successful in licensing products, including his creative process, prototyping, intellectual property, pitching tools, and negotiating deals.
  • 📝
    04:09
    Keith, an architect turned inventor, shares his journey of reinventing himself and finding joy in product development, emphasizing the importance of having a system in place, being open to inspiration, and observing people to generate ideas for licensing products.
  • 📝
    13:27
    It's important to observe and stay connected in one industry for innovation, but also explore different industries; research and understand the niche and benefits of a product before pitching it; be selective with clients who have a good working relationship, established contracts, strong distribution channels, and commitment to push the product; build a partnership relationship with potential licensees for unexpected opportunities and growth; use the term "licensee" to establish a strong relationship; the speaker works with 8 clients in the pet industry but can't take on more due to time constraints.
  • 💼
    22:38
    Pitching for projects can take a long time, but finding a balance between meeting client needs and providing additional value is crucial for licensing products, with timing being important and pitching most effective after the Super Bowl and towards the end of summer.
  • 📝
    30:09
    The speaker discusses the development of durable chew toys, including Bionic and Jolly Dipper, and the process of simplifying product design and reducing manufacturing costs, ultimately leading to the decision to license the products.
  • 💡
    36:59
    Having a variety of products, being flexible, and demonstrating functionality through prototypes are important for licensing success, along with finding a receptive marketing lead and building good relationships with companies.
  • 📝
    48:20
    Overdelivering and providing value is important in licensing products, reach out to service providers for prototypes, licensing allows for freedom but can result in loss of control, and a failed foam rocket product wasted years of work.
  • 📝
    56:01
    Networking with inventors is important for support and inspiration, licensing products allows you to focus on what you enjoy, attend the replay on YouTube for more information.
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This article is a summary of a YouTube video "Learn How to License Products from an Expert!" by inventRightTV
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