Successful Inventors: Inspiring Dialogues with The Patent Professor® podcast

#14 Licensing Products & Receiving Royalties - Product Developer - Sef Chang

15 Sekunden vorwärts
15 Sekunden vorwärts

Sef Chang develops products and licenses them to companies. 

Many people are unfamiliar with the option of licensing their intellectual property. 

In this interview with the Patent Professor®, Sef defined what licensing is in the product development industry, discussed his start as a product developer, and more.   

The word licensing can be an unfamiliar term when you associate it with product development. 

Licensing is renting.

Think of your intellectual property as real estate property. 

When you buy real estate, your name is on the deed; therefore, you own that property. 

You have the right to rent out the property for additional income or sell it to make a profit.   

It's a similar concept of having tenants at a property that you own. 

A patent is a document similar to a deed because it identifies the owners of intellectual property. 

You can license your intellectual property to companies.

As the intellectual property owner, you can revoke companies from selling your product if they do not pay royalties.   

Licensing is a business model that is not specific to a product. 

An idea like a logo, design, song, or artwork can be licensed and considered intellectual property.   

Sef discovered licensing products after graduating college. 

He submitted many product ideas to a novelty company. 

The company was interested in a licensing deal for a miniature keychain back scratcher. 

The back scratcher sold 180,000 units and kicked off his career as a product developer.   

Product developers are valuable to corporations because new products launch annually to produce revenue. 

Corporations like Honda Civic and Apple need product developers to construct the latest consumer goods.   

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