Wednesday, January 14, 2015

Your Idea : Protecting and Selling (S. Key)

When you're ready to have "the" meeting with a licensee, you have to get them to sign an NDA. It must have these :

Both sides agree not to disclose each other's confidential info to others.
Both sides agree not to use each other's confidential info without compensation to the other party.
Both sides agree to return all docs, info, prototypes, etc supplied in the event of a no-go.
Both sides agree that info that was already known to them is deemed not-confidential.

Then, your Sell Sheet must have the bold Benefit statement - benefit to the user, but, also, potentially, to the manufacturer.. Brainstorm, get a few, use one : focus on one big thing, keep it short, concise, specific, no jargon.

Sell Sheet : 

Contains bold one-line benefit statement
Visual representation of your idea
Contact info (include your biz card in the package)
A few additional benefits of the idea - as concise and compelling as the big benefit statement
"Patent Pending" in the lower left corner. Never list the application number!

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