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| John Stuart, Phoenix chairman, and Linda Scheurman, Phoenix co-chairman,
addressed the July meeting of the Phoenix Inventor’s Association.
The question and answer format gave inventor’s a chance to ask a
multitude of questions about the Inventor’s Association and the invention
process.
Key points addressed: §
You need
to decide whether to produce your own product or license. §
Producing
your own requires quite a bit of money.
§
Licensing
is based on keystoning. §
With
keystoning, you have to be able to make your product cheap enough to sell it at
a decent price. (The rule is:
“Your cost” x “five”.) §
Licensee’s
like to see “real” numbers in considering the licensing of a product. §
The
better you can prove your numbers, the better your royalties could be. §
Market
tests are a good way to prove your numbers. §
When
doing your market test, you must be prepared to mass-produce enough of your
product to conduct your tests properly. §
Last but
most important is a business plan. The business plan is the most important tool an inventor will use. A well-written business plan will get things going and will keep things focused. A good business plan demonstrates a professional commitment to the success of your product, to your success, and to the success of the investors who have become your partners. John and Linda have unconditionally dedicated an unlimited amount of time and energy to the Inventor’s Association of Arizona. They have gone above and beyond in guiding and helping the members of the group. Information and background on the expertise John and Linda have can be found on the IAA website: www.azinventors.org The annual Inventor’s Association of Arizona party was held on Saturday, July 8, at the Del Prado Apartments in Phoenix. IAA members from around the state gathered to enjoy casual poolside conversations and refreshments. President, Lisa Lloyd honored and gave special recognition to the IAA members who have helped to make the Inventor’s Association of Arizona the success it is.
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