Design & Development Knowledge Base
Product Licensing
Licensing is one of the ways to generate revenue from a product idea. Licensing an invention typically involves a contract between a manufacturer and an inventor where the manufacture pays a royalty percentage to the inventor for every product sold. Before engaging in licensing conversations, inventors typically file for a patent. At a licensing meeting, an inventor-entrepreneur typically presents design renderings and prototypes illustrating the concept.
Slingshot supports inventor-entrepreneurs through their licensing process by providing design renderings and prototypes, helping them to present like an established company. This is key to making a good impression on potential licensees.
See also: Innovation, Functional Appearance Prototype
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