Secrets to Licensing Success: Insider Tips on Monetizing Your Patent

Bold Inventor

In this Bold Inventor Show episode, co-hosts J.D. Houvener and Matt Kulseth dive deep into the art of patent monetization with a special guest – Tom Stegeman. Tom shares his inspiring journey of developing an innovative swim fin product and successfully licensing it to a major company. If you’ve ever wondered how to get your product from prototype to market, this episode is packed with insider secrets, actionable advice, and real-world lessons. 🎧

Tom breaks down the challenges and triumphs of navigating the patent process, offering practical insights into:

Key Takeaways:

• 🏊 From Idea to Prototype: Why testing early with real users is essential to validate your product.
• 📝 NDA Negotiation Tips: How to filter through companies based on the attitudes and red flags in their NDAs.
• 📞 Getting Past the Gatekeepers: Creative ways to connect with decision-makers at top companies.
• 💼 Licensing vs. Manufacturing: Why partnering with an established company can often be more profitable than going to market alone.
• 📊 Persistence Pays Off: Tom’s roadmap for building relationships, pitching effectively, and staying resilient through the licensing process.

The episode wraps up with an exciting Shark Tank-style bold bite – analyzing a tandem inflatable boogie board pitch, discussing patentability, and exploring how to protect unique product designs. 🦈 Tom and the hosts evaluate the business model, highlighting key lessons on the importance of patents and trade secrets for entrepreneurs.

Teasers:
Thinking of licensing your product? Discover the critical questions to ask during negotiations and how to make the right connections in your industry. Tom also reveals how securing a patent can unlock powerful licensing deals and explains why NDAs are more than just paperwork – they reveal a company’s true intentions.

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DISCLAIMER
Everything discussed on this podcast is for informational purposes only and not for the purpose of providing legal advice.