eSignature Legitimateness for Photo Licensing Agreement in Australia

How to eSign a document: eSignature legitimateness for Photo Licensing Agreement in Australia

foreign [Music] key here and today I'm going to talk about how to get the right licensing agreement a lot of people call me and they'll say hey Steve I'll give you a call once I get a licensing agreement but I'm here to tell you you need to be prepared before you get the licensing agreement and if you're prepared a little bit if you do a little bit of work beforehand then you're going to have a little leverage when you're negotiating that licensing agreement so how do you do this number one make sure that when you write your provisional patent application it truly has value that's right it has perceived value and it has value to them so make sure you're writing it correctly we talk a lot about how to write a well-written provisional patent application that includes everything from manufacturing to material to work rounds to variations and a lot of drawings so make sure you do a good job with that and we have a program called smart IP which will show you exactly how to do that and you can find that on our site and bitrite TV I mean eventright.com okay the second thing that you need to do in fact I've got some notes Here let me see oh yeah make sure your marketing material is is concise it's strong um it's done in such a way it convey it conveys the benefit of your idea very very quickly so they can share it to buyers they can share it internally and everybody can get excited so number two make sure your marketing material that means your cell shape maybe your one minute video is dynamite that's one thing that's going to give you some leverage okay also make sure you understand um the point of difference between your idea and similar ideas so that gives you some type of knowledge of why yours is better so it gives you a little bit more leverage to maybe get a higher royalty rate right so do your homework so you know the landscape of all the products that are out there all right I think that's number three um also make sure that whatever you design and when it when it gets manufactured can fit a certain price point of those other products that are on the market if you design in such a way that it's going to be too expensive at re at retail it's not going to give you any leverage in fact they're going to think twice and maybe they don't see the um the return on investments you want them to say wow this is going to make a lot of money not only for you but for us and the customer is going to absolutely love it so make sure to design it in such a way that's going to fit that particular retail price point and all of them have a range okay and let's see oh yeah one of the most important things to make sure you get a right licensing agreement is work with a company that has done this before work with a company that's inventor friendly work with a company that knows how to treat us fairly and I talked a little bit about how to find those inventor friendly companies you can find out on another video but if you find a company that's never done it before it's just going to be difficult and you're going to be pulling your hair out and everything else so find those companies that do Embrace open Innovation find those companies that do understand what is a fair uh licensing agreement for both parties that's one way to get that right licensing agreement okay I also want to say real quick that um be patient it's going to take you longer than you think it's going to take all right so why you want to rush this thing and you can you know bad licensing agreements can be written or can be signed very very quickly but good ones just take a little bit of time and here's the last thing you are going to need some help yes you are you're going to need someone that's going to help you with the business terms that's going to help you negotiate uh to get the things that you truly need but also at the very end when you're ready to sign it you're going to probably need a licensing attorney to help you with some of the language you're a licensing attorney is not going to help you negotiate it you're going to have to do that yourself so that's why you need someone to help you with that all right and if you need someone to help you with this please reach out to us we do it all the time okay Stephen key here thank you for watching this video ah make sure you're getting the right licensing agreement and make sure you're prepared before you get it do your homework way in advance so you don't when you do get it you have a little bit of Leverage to negotiate and get that right licensing agreement for you this is Stephen key thank you for watching this video [Music] [Music] [Applause] [Music] [Applause] [Music] [Applause] foreign [Music]