need advise on how to profit on a patented design for baseball purpose training
I've created the design and need advise on how to sell it
I've created the design and need advise on how to sell it
Product entrepreneurs all face the same challenges. Those who succeed recognize they need to visualize themselves in business, structuring an enterprise, generating a business plan, protecting intellectual property and then seeking industry partners and investors.
In the process, copyrights, patents and royalty issues may come into play and development and distribution agreements are formed. Pricing is finalized based on cost and expense projections and competitive factors unique to the company as negotiation results are achieved with industry teaming partners, developers, manufacturers and distributors.
Financing is always a factor and can be achieved through loans or investors with a good business plan. The remainder of this article will address the basic elements of a framework within which to succeed with your product development.
Develop a marketing plan. You will be able to network your business vehicle, pick up riders as industry partners, and attract revenue fuel in the form of customers by marketing and social networking based on the thorough definition and content of your plan. For further guidance on this type of planning, please see the answers to the following question here at the Micro Mentor Q&A Feature: https://www.micromentor.org/question/4871
THINGS TO THINK ABOUT WHILE PLANNING
Locate teaming companies to further the objective that they would market your product as part of their offerings with your company licensing and sharing in the proceeds.
A business plan and the guidance above for its generation is the road map for developing ideas, laying out how to expand the sales of your product and researching your market to do so. It will also assist in developing pricing to considering the direct costs of product development, service implementation and distribution as well as the indirect costs of the enterprise itself (operating expenses)must be considered and financed.
A negotiation position for a given product will be driven by certain strategic factors:
Does a developer or teaming partner have a strong but realistic incentive to actively make the product a part of the marketplace?
Does market research indicate the idea will have strong sales volume once it is developed and distributed?
How much will a prospective teaming partner or investor have to invest in the product to get it to market? Does the product require testing?
Which is the better deal? Is it better to receive a 7% royalty on $5,000 worth of sales or a 1% royalty on $500,000 of sales? Even though 1% does not sound too impressive, of course it’s the better choice in this example.
A negotiation position should be based on support for the argument that a concept will experience a certain level of sales and the royalty should be based on a % of estimated end user volume sales, discounted for the investment that the developer and distributor must make to get it to market.
The royalty should be outside of the distributor cost breakdown and the end user cost breakdown. It is simply a deductive factor the manufacturer will have to introduce into their profit equation after the costs have been tabulated. They should not view royalties as a cost factor; they should view them as a share of the profit on the total estimated sales.
Chances of succeeding with a negotiation with a developer and/or distributor are increased by showing an understanding the prospective market for the product and drawing some comparisons between the product and other similar successful products.
Naturally there will be some give and take with the other side about estimated costs to get the product to market. Be forthright in acknowledging their investment but also support a position with some research and comparative data on the product potential.
Lastly, settle on a % of the end user sales volume based on an estimate to which is agreed with the other party and insures that the purchase agreement for royalties entitles the agreed upon % on all future sales.
Law 31 of 2000 on Industrial Design is a continuation after Indonesia has ratified the World Trade Organization Tea Establishing Agreement which includes the Agreement on Trade Related Aspects of Intellectual Property Rights (TRIPs Agreement) with Law 7 of 1994. Design Industry is a creation regarding the form of configuration, or composition of lines or colors, or lines and colors, or a combination thereof which is three-dimensional or two-dimensional which gives an aesthetic impression and can be realized in a three-dimensional or two-dimensional pattern and can be used to produce a products, industrial commodity goods, or handicrafts.
Industrial Design according to Law 31 of 2000 concerning Industrial Design is a creation regarding the form of configuration, or composition of lines or colors, or lines and colors, or a combination thereof which is three-dimensional or two-dimensional which gives an aesthetic impression and can be realized in a three-dimensional pattern. or two-dimensional and can be used to produce a product, industrial commodity goods, or handicrafts. Designer is a person or persons who produce industrial designs. In the process of registering industrial designs, as well as patents, an examiner is examined, while Copyright does not apply an inspection system.
Law Number 31 of 2000 concerning Industrial Design was passed by President Abdurrahman Wahid on December 20, 2000 in Jakarta. Law 31 of 2000 on Industrial Design was promulgated by State Secretary Djohan Effendi on December 20, 2000 in Jakarta. For public cognizance, Law Number 31 of 2000 concerning Industrial Designs shall be placed in the State Gazette of the Republic of Indonesia of 2000 Number 243 and the Elucidation of Law Number 31 of 2000 concerning Industrial Designs shall be placed in Supplement to the State Gazette of the Republic of Indonesia Number 4045.
Regards, Yapiter Marpi
thank you very much Ken very helpful info , would you recommend to get invest in the patent in order to sell the idea instead of launching the whole business?
I am Yapiter Marpi, I will share insights about home industry activities which are currently the most popular entrepreneurial activity, especially during the current Covid 19 Pandemic. This activity is in great demand by the community, especially among housewives for various reasons, ranging from not requiring large capital, implementing hobbies or hobbies, and actually being able to increase income and help the family economy. Another thing that makes people interested is that this business activity can still be done at house. because this type of economic activity is centered at home without leaving the obligation as a mother besides this business can be run by family members who are domiciled in their place of residence or have the closest family relationship by inviting several neighbors they feel. Choosing or determining the location of a strategic place of business to be the success factor of the business to be implemented. In addition, the right situation and conditions will also play an important role in the products or services that will be offered by being located in an easily visible area, so it will certainly get a lot of attention and of course also make it easier for the introduction and promotion of a business that has just started, as Utilizing the opportunity and the ability of Mrs. Yani's cooking skills, it was decided that food was what made her her main livelihood, especially since the impact of the Covid 19 Pandemic has also decreased family income. But in reality the activities carried out by some of these home industry players have not been able to optimally improve Ibu Yani's economy. These home industry players still have low knowledge about the home industry activities they have been involved in. In addition, there is still low understanding of home industry players about the importance of branding for food products besides quality, which is also considered to support business activities and there is still a lack of knowledge about the use of information technology in marketing the products produced on the grounds that they do not know the benefits of digital marketing and feel that the benefits of the internet are not in accordance with With the COVID-19 outbreak that hit the world, several industrial sectors including Micro, Small and Medium Enterprises (MSMEs) in Gresik City also experienced the impact of a decrease in the level of sales so that the profit earned was only around 7% in a period of 1 month. This condition requires the selection of a marketing strategy through the identification of internal and external factors. The choice of this strategy aims to increase competitive advantage so that SMIs can survive in the current uncertain conditions. Competitive advantage is obtained through the development of internal and external conditions in order to obtain the right competitive strategy. With all the limitations in the New Normal era, there are still business and job opportunities. The Indonesian Diaspora states that people can take advantage of business or business opportunities in the wholesale shopping sector, healthy food products, financial technology-based (fintech) financial services, education or learning, products related to health protocols, delivery services and content screening services. All of these business sectors also include those that are sharia, such as halal food products, or related to religious values such as zakat and alms or donations.