- Find something that doesn´t require your presence
- Find something that doesn´t require your hands
- Make sure it has a “Multiplying effect”
(Page 8) “I tell my inventRight Students not to waste their time on prototypes and patents. When you licence it´s not that complicated.” (Page 11) “In basic terms, licencing means taking your idea, your “intellectual property,” and giving someone with a lot of powerful resources the privilege of using it for a price. You set the terms by which you extend this privilege. In return, they give you a rent check, also know as a “royalty” check, four times a year.” (Page 13) Why not use Kickstarter as a resource to fing great ideas and connect these people with the right company? “…since we don´t have a big company to run and worry about, we can turn on a dime to bring those ideas to life…” “…a midsize company is usually your ideal candidate to licence your idea…So I suggest you find the number three or number four player in the market and show them how licensing your idea will make them number two or even number one.” (Page 21) “…60-70 percent of all spending is consumer focused, and 40 percent of consumer spending is discretionary and driven by desire, not necessity.” (Page 22) Formula for Licencing Simple idea + existing technology + 3 or more players in the market = licence Formula for Manufacturing Unique idea + new technology + 1 or 2 major players in market = manufacture