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Reach Out to Multiple Companies Another big mistake that Key says he sees people make all the time is giving up on their idea too quickly.

You have the option of licensing your product, service or idea to another company instead.

Stephen Key inventor, licensing expert and author of the book One Simple Idea shared some tips for licensing products and services in a phone interview with Small Business Trends.

Tips for Licensing Your Product or Service Consider the Amount of Work You Want to Do According to Key, the main benefit of licensing your product or service rather than just selling it yourself is the amount of work involved.

So before making your decision, you need to really think about what is more important to you.

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Research Other Patents So youve got an idea and you want to license it Great.

But before licensing your product or service, you first need to research your idea to make sure that its not already patented by someone else.

Find a Small Improvement Even if you find some similar items out there, that doesnt necessarily mean youre out of luck.

You can still be competitive in the marketplace if you just have an idea thats slightly different than others out there.

You just need a good idea that gives people a small improvement over an existing idea.

Dont File Too Early Key says that one of the biggest mistakes he sees people make is filing for patent protection too early in the process.

In fact, though he holds many patents, he said that theyre not absolutely necessary depending on the type of idea you have.

Consider a Provisional Patent In some cases when licensing your product or service, Key recommends looking into a provisional patent application.

It can give you a little bit of room to make changes and really flesh out your idea before filing an official patent application.

Be Your Own Expert The process of patenting and licensing can be complicated, so it can be necessary to enlist the help of an attorney.

But Key cautions against fully relying on someone else for this process.

Before getting into the process of licensing, you need to really decide what it is you want, what you think you can get, and research all of the different factors that go into the licensing process.

Find Your Market Key also thinks its a good idea to find out if your product or service will actually sell before paying for an official patent.

You can pitch the idea to companies early and see what kind of reception you get.

If no one is interested, you can save yourself the time and money of patenting your idea.

Create an Ad To really market your idea to companies, Key suggests simply creating a one-sheet advertisement that gives the basic information about your idea.

You can hire a freelancer to create an image of your prototype and then offer all of the basic information.

Use Multimedia You can also create a video ad to send to companies so that you can gauge their reception of your product or service.

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