This process can enable inventors to earn 20 times their initial investment. Product licensing offers an ideal balance of risk and reward. Research growing markets and find avenues to develop products where there's established demand. You can increase the chances of making product licensing part of your business plan if you cultivate a culture of creativity. This process tends to be faster, more affordable, and more lucrative than other options, such as starting a new company to sell an invention. Inventors simply rent, or license, their ideas to a company, which manufactures and distributes the product quickly and easily.
Product licensing is one of the easiest ways for inventors to bring their ideas to life.
Reasons to Consider Licensing a Productĥ.
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