It’s the inventor’s dilemma – make the product themselves, or sell the idea?
There’s no easy right-or-wrong solution, and both methods can make innovators cash. But it’s a decision best made early in the game, and requires an assessment of resources and and goals.
Some folks are ready for the cost, time, and dedication it takes to build a business around their innovation. But not everyone wants to throw their hat in the startup ring and invest themselves in building a business – they just want to earn cash from their idea.
Whichever fork in the road one chooses, there are steps to take and hoops to jump through to make sure the process end in profit. If you’re ready to evaluate the pros and cons of licencing vs. manufacturing, and needs some advice on to getting started, we’ve got your back:
Join us Friday, June 2nd, 1-2 p.m. for Biz503: Getting Your Invention to Market. Listen live at 99.1 FM in the heart of Portland – or online anywhere at PRP.fm.
Our current Biz503 series is about taking your idea from a concept to profitability, and all the steps along the entrepreneurial way. This week we’re comparing the benefits of licensing vs. manufacturing.
This week on Biz503 Immix Law Group, trusted legal advisors to startups and small business, will give away a free hour of legal work on an issue or challenge you’re facing in your business. (Terms and conditions of an engagement letter will apply.) Listen to the live show for a chance to text-to-win!
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