Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing [email protected]...
-
Upload
rosalyn-golden -
Category
Documents
-
view
218 -
download
1
Transcript of Licensing Versus Going to Market Alone Warren Tuttle Monashee Marketing [email protected]...
External Product Development Lifetime Brands President United Inventors Association
Monashee Marketing
New York City retail store Buyer…learned housewares industry from ground up
Specialty Retail Store Owner
Independent Inventor Advocate
External Product Development for Lifetime Brands....25 licensing deals past two years
Taken several products directly to retail
UIA President
Lifetime Brands
30,000 products
9 Divisions
32 Brands including Farberware, Kitchen
Aid, Cuisinart, Pedrini, Towle,
Mikasa, Pfaltzgraf
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
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
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 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
Product development services Expanding patent opportunities Branding Established distribution Expanded product assortment Acknowledging Inventor Platform for future licensing opportunities
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?
1) Early Development Costs2) Tooling3) Manufacturing4) Inventory5) Shipping6) Warehousing7) Disbursement 8) Billing 9) Collection
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