Product Licensing Consulting
A consulting service that helps individuals license their product ideas to companies, enabling them to earn royalties without the need for manufacturing or company setup.
Problem Solved
Many creative individuals have great ideas but lack the resources or knowledge to bring them to market. This service provides a pathway for monetizing those ideas.
Skills Required
Strong communication and negotiation skills, knowledge of product development and licensing processes, and the ability to connect individuals with potential licensees.
Why this works now
The rise of platforms like InventRight and similar product licensing marketplaces facilitates connections between inventors and companies seeking new ideas. A first revenue move could involve joining the InventRight community to showcase client ideas and attract potential licensees. However, founders should consider the potential for high customer acquisition costs, especially if initial outreach involves extensive networking and marketing efforts to gain credibility in the licensing space.
Where this idea came from
Podcast: The Side Hustle Show
Episode: 672: 4 Types of Passive Income to Stop Trading Time for Money
Aired:
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