Think ideas are hard to come by? Try licensing those ideas.

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I cannot tell you how many designers and inventors I have talked to over the years have an unrealistic view of the potential licensing process. They think, “I have a great idea. Why wouldn’t X Company want to buy my idea, make it and pay me royalty?” But, over the past decade, our marketplace has changed and the licensing process and market cycles have changed with it. For example, prior to the recession, the life cycle of a product was generally 3-5 years. After