Inventing is a numbers game. And so, by extension, is licensing. What does that mean? If you want to license your ideas for new products, you can't get too attached to any of your ideas. This is challenging for most people, to put it mildly. In my experience,...
14 Reasons Why Companies Reject Product Ideas For Licensing
So, you came up with a great idea for a new product. Following my advice, you put together an attractive sell sheet and filed a provisional patent application that has value to establish perceived ownership. You began reaching out to companies to see if they're...
Is Your Product Idea Right for Licensing? How to Tell
How can you tell if your idea for a new product is right for licensing? It’s a reasonable question . . . on the surface, anyway. If you’re new to licensing, know that this is a great alternative to starting a business, for product developers who want to focus on being...
Can an Idea Be Too Simple for Licensing?
I love simple ideas. The first book I wrote about licensing is even entitled One Simple Idea. So when someone asked me if an idea could be too simple for licensing in a comment on my YouTube channel, I had to laugh. I love this question. First, what is licensing? If...
How to Effectively Evaluate Your New Product Idea
As I often say, licensing is a numbers game. To become successful, you'll need to invent idea after idea. Beyond that, you'll need to get good at determining which of your ideas to move forward with. You probably love all of your ideas. I love mine, too. But my...
5 Reasons Why Simple Ideas Win
When an inventor tells me, "There's nothing like my idea out there!" I cringe. Usually it's said with pride, but in my mind, that statement is worrisome. For one, I think, there's a good chance you're wrong. Products that are similar to your idea most likely do...
How Do You Know if You Have a Good Idea for a New Product?
If you've had an idea for a product, at some point, you've probably wondered, "Is this idea any good?" It's a reasonable question! Unfortunately, it's also nearly impossible to answer. As a co-founder of a yearlong educational program that teaches people how to...
5 Essential Ingredients of a Winning Business Idea
Ideas come in all shapes and sizes. But my experiences and the experiences of my many students have taught me that winning ideas -- ideas that are profitable, quick to license, and inexpensive to venture -- share specific traits. Namely, they pave a smooth path to...
How to Decide If Your Business Idea Is a Total Bust
Everything seems to be in place: you had a great idea for a product or service and know there's a large market for it based on research. Your prototype works and is ready for production. You have a business plan in hand after getting advice from industry experts....
Which One of Your Great Ideas Should You Work on First? Your 5 Question Checklist
To my great joy, I get to work with extremely creative people day in and day out. Some of them are nearly bursting at the seams with ideas for new products. Life’s little inconveniences don’t annoy them so much as kick off another new train of thought. How could that...