Feast on Ideas, Devour Endless Wisdoms.
Lesson 3: When you come up with new products, make sure they appeal to a sub-audience of your current customers.
Lesson 2: Use referrals to get your foot in the door with good manufacturers.
Lesson 1: “Eliminate” your competition by simply partnering with them.
Takeaway #3 – Quickly protect your idea by filing for a Provisional Patent Application over a full patent
Key Takeaway #2 – Discover highly marketable product ideas that have a high probability of success
Key Takeaway #1 – Licensing a product idea is often easier and faster than trying to manufacture and sell a product by yourself.
The most important thing is to take action and start pursuing your ideas. Even if you encounter setbacks or failures, the experience will help you learn and grow as an inventor and entrepreneur.
Networking and building relationships with other inventors, entrepreneurs, and industry professionals can be a great way to learn and grow your business.
When pitching your idea to a potential licensee, it's important to have a professional presentation, including a prototype or mock-up and a strong pitch.
A great way to develop new ideas is to focus on improving existing products or solving problems you encounter in your daily life.
The most successful products are often simple and solve a problem in a unique way.
A winning idea: It must be made with common production materials and methods.
A winning idea: It must have a large market.
A winning idea: It needs a “wow factor” — something that makes it exciting and sets it apart from the competition.
A winning idea: It must solve a common problem.
