JOIN US on SEP 21ST LEARN – HOW to COMPARE LICENSING VS SELLING
PLUS- Managing Liability- Mike Zitek - The Ragnar Group
The Inventors School 2022: Bringing a New Product to Market
SEPTEMBER AGENDA (Meeting # 9, Sept 21st -6pm- 2022):
We are almost ready to Start SELLING our product.
Last month we reviewed/discussed different ways to “Build a Sales Channel”.
This month we will compare LICENSING a product vs SELLING it directly.
What are the Pros and Cons?
What are the Risks and Costs of each?
What are the Investment Costs?
How much Profit/Income will we receive?
LICENSING Vs BUILDING A BUSINESS
- Pros
- Cons
- What does it mean for you?
COMPARING COSTS vs MARGINS
- Manufacturing
- Inventory
- Product Insurance
- Sales/Marketing
COMPARING INCOME STREAMS
- Expenses
- Cash Flow
- Profit Vs Royalties
Managing Liability with the Right Types of Insurance
INSURANCE is a KEY COMPONENT in DECIDING WHETHER TO LICENSE OR TO CREATE YOUR OWN BUSINESS---PRESENTER: – Mike Zitek of The Ragnar Group (see below)
Key topics will include:
- Types of coverages for inventors
- The process of securing coverage
- What coverage you should have as a licensor
- General costs and how underwriters assess the situation
- Learn2Catch Toss Ring assessment
TOY PRODUCT UPDATE:
Every Month Jahn Stopperan, our Lead Developer, will also be showing you the Progress of “OUR” new product from the previous month. Members and Visitors are asked to give us ideas on what “you like” and “what we might consider” to make it even better. THAT PROVIDES LEARNING FOR ALL OF US!! …….And even more for you, as you develop your own product idea.
EXAMPLES for This Month include:
- Finalizing Our Prototype for presentation and final feedback from a Toy Manufacturers Rep
- Gathering and summarizing key selling points for next months
- Review of our Final One-Page Pitch Sheet
- Sifting though the Pros of Cons of Licensing Vs Building a Business to “Sell” our Toy Product
YOUR QUESTIONS: IF You Have Any Specific Questions You Would Like to Have Answer at the Meeting, You are Welcome to Email them prior to the meeting to: info@inventorsnetwork.
JOIN US Wednesday, SEP 21ST
TIME: 6:00PM-8:00PM (
WHERE: 1001 HWY 7, Eisenhower Community Center (Just West of HWY 169), Hopkins MN 55305
COST: Guests ($15.00) / Members FREE ($80.00 Annual Membership). Pay at Check-In with Cash/Credit Card.
About Inventors Network: Inventors Network is committed to the Minnesota Inventor Community with; Guidance, Resources and Networking. Monthly meetings (3rd Wednesday) include: Speaker/Topic of Interest with Q&A; Informational Roundtables on Manufacturing/3D-Printing/
UPCOMING MEETINGS:
OCT 19TH: Perfecting Your Product Pitch.
- Learn How to Define Your Product WHY- for The Consumer & for The Retailer
- Manufacture Reps Will Present HOW to SELL to REPS & RETAILERS…..WHAT Buyers Need!
ABOUT MIKE ZITEK- of The Ragnar Group is one of the leading business insurance brokers in the Twin Cities. With his experience as a 25+ year insurance underwriter, he has a unique insight into the business of insurance dealing with both the brokerage and underwriting side.
Mike Zitek owns The Ragnar Group, a Commercial and Personal lines insurance brokerage company serving many States. Mike is specifically focused on business insurance and helping both start-up and established firms analyze their risk. Mike has a great deal of experience assisting individuals and small businesses in identifying and positioning new products for proper coverage.
Mike Zitek owns The Ragnar Group, a Commercial and Personal lines insurance brokerage company serving many States. Mike is specifically focused on business insurance and helping both start-up and established firms analyze their risk. Mike has a great deal of experience assisting individuals and small businesses in identifying and positioning new products for proper coverage.
In addition to presenting his knowledge and experience in the general business marketplace, Mike has also assessed the Inventors Network “Learn2Catch” toss ring and will be presenting the assessment and recommended strategies and options related to coverage for the product and our organization.