Licensing Versus Going to Market Alone Warren Tuttle

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Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing wwtuttle@yahoo. com 203 -594

Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing wwtuttle@yahoo. com 203 -594 -8808

Lifetime Brands 30, 000 products 32 Brands including Farberware, Kitchen Aid, Cuisinart, Pedrini, Towle,

Lifetime Brands 30, 000 products 32 Brands including Farberware, Kitchen Aid, Cuisinart, Pedrini, Towle, Mikasa, Pfaltzgraf 9 Divisions

What is Licensing? � Taking your product to market through others � Leveraging valuable

What is Licensing? � Taking your product to market through others � Leveraging valuable IP � Making a royalty on each unit sold � Establishing a fair royalty amount ($ or %) � Negotiating exclusive or non-exclusive terms � Setting annual quantity minimums � Securing a signing advance � Determining length of licensing agreement

How to Prepare a Productive Licensing Presentation � Taking a professional approach � Understanding

How to Prepare a Productive Licensing Presentation � Taking a professional approach � Understanding industry licensing guidelines � Vetting product at retail � Develop working prototype proving function � CADs and photos � Researching and filing for a patent � Creating a Sell Sheet � NDAs

Who to Approach when Licensing � Research your industry � Retail store and catalog

Who to Approach when Licensing � Research your industry � Retail store and catalog shopping � Internet Searches � Trade Shows � Industry Trade Magazines � Industry Contacts � Determine company with broadest distribution and reach � Seek “Inventor Friendly” companies

When Licensing is the Right Move � When personal resources are limited � When

When Licensing is the Right Move � When personal resources are limited � When industry standards are stacked against you…the plight of the single sku vendor � When you are working on multiple projects � When running a company is not for you � When your personal creative and business strengths lie elsewhere � When a larger company can simply do it better than you

How Larger Companies Can Help Inventors Maximize Revenues � Product development services � Expanding

How Larger Companies Can Help Inventors Maximize Revenues � Product development services � Expanding patent opportunities � Branding � Established distribution � Expanded product assortment � Acknowledging Inventor � Platform for future licensing opportunities

Going to Market on Your Own � Same initial development process (idea, prototype, patent

Going to Market on Your Own � Same initial development process (idea, prototype, patent search, marketplace vetting) � What are industry standards and nuances? � What are retailer requirements for single item vendors? � What is price point of the product? High margin and low volume opportunities. � Can you earn a windfall profit early on? � Can you build and sell the business?

Going Alone (Partial)Checklist 1) 2) 3) 4) 5) 6) 7) 8) 9) Early Development

Going Alone (Partial)Checklist 1) 2) 3) 4) 5) 6) 7) 8) 9) Early Development Costs Tooling Manufacturing Inventory Shipping Warehousing Disbursement Billing Collection

Summary… What Will Drive Your Decision � Financial Resources…access to $ � Time…quit your

Summary… What Will Drive Your Decision � Financial Resources…access to $ � Time…quit your day job? � Passion…are you a visionary, or simply crazy? � Consumer Research…sketchy � Industry…challenges within each � Product…ability to manufacture � Margins…high or low volume � Personal Goals…quality of life

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