20/10/2022
THE PROFIT EXIT POINTS
Along the path to developing a product and building a business around it, there are a range of different points where you can exit the process and still be able to make a profit.
We call them the "Profit Exit Points".
Invention Garden breaks these down to 3 main Profit Exit Points, each one related to a specific work Phase, showing you what to do to reach that point.
1.
First, you have the "Quick Wins". You may be able to arrange an agreement with an existing company: they may agree to pay you a fee or royalties on sales for your idea even before you own a full Patent, or other intellectual property for your product invention.
2.
Second, there are the "Licensing Legends". These are licensing agreements where you profit from the Patents or other IP that you own by allowing other companies to develop, manufacture and sell your product idea.
3.
Thirdly, the final Profit Exit Point is where you manufacture your own product and build a business to market and sell it yourself. With this method you may still have partners, either financial or manufacturing, but you keep control over the process and a larger percentage profit of what is sold.
Profit may not be your driving concern but, if it is, then taking your product to production as a small player may not be as profitable as finding an agreement with a major existing company.
Every product is different and the possible Profit Exit Points need weighing up separately for each one.
The Invention Garden Roadmap will show you how to make this decision, saving you time and helping you decide where the most profit could be.