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In this episode, the hosts explore the complexities of licensing a new invention and discuss an alternate route that could be fun and profitable for inventors. They begin by highlighting the common misconception that slapping a patent on an idea is enough to start collecting royalties. They use the example of the post-it-notes inventor to demonstrate the reality of the process.

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Segment One: Licensing Vs. Selling

The hosts explain the options for distributing an invention and getting paid, namely licensing or selling. They discuss the difficulties of securing a licensing deal, from convincing potential partners of the value of your idea to negotiating favorable terms. They also touch on the issue of accountability, as licensing offices may not accurately report numbers and royalties, leaving inventors in the dark about their true earnings.

Segment Two: Pitching an Idea

The hosts role-play pitching an idea to someone who has money, manufacturing capabilities, and an administrative staff to carry out day-to-day operations. They highlight the skepticism of investors and the importance of addressing their concerns and providing convincing evidence of the potential success of the idea. They discuss the key factors that would lead to a successful pitch and subsequent meeting.

Closing:

The hosts share personal stories of licensing failures and encourage listeners to stick around to the end for an alternate route that could be fun and profitable for inventors. They promise to provide hope and a fresh perspective on the process.

Conclusion:

This episode provides valuable insight into the complexities of licensing a new invention and highlights the importance of addressing investors' concerns and negotiating favorable terms. It also presents an alternate route that could be a fun and profitable option for inventors.

The Invent With Me Podcast, where each week we help aspiring inventors and product creators to turn their innovative ideas into reality. Join us on youtube to have the ultimate show experience! www.youtube.com/@inventwithme