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July 6, 2023
John Rizvi, Esq.

Advice on Licensing Your Product Idea: What’s the Best Way to Name the Product Before You Pitch It?

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00:00

And how important is the naming of a product, or is that something that company you sell it to will take care of?

Yeah, it's not that important. The company that you're licensing it to—not selling—if you're gonna license, great, if you want to sell it, too, you could sell it; those are different.

00:17
Once you sell it, like, you don't have naming rights to it anymore. It's just like you sell you know, that they own it, they can call it whatever—

That's their intellectual property, they own it. The most valuable thing is ownership, okay? The—if they take it, they run with it, they have a name that's on brand with their audience. Now, when I approach naming my products, I like to be as literal as possible. Like not, don't don't make it anything too whimsical, where they're like, “What?” and get confused after they're like, “Oh, okay, I get it,” and then they understand what the product is.

So, yeah, so that's what you're suggesting is that the name, you know, unless you're a huge company that has the marketing power to explain what the name stands for—you know, Google can get away with you know, developing a phone and you know, calling it an Android or whatever, but for the average investor, it needs the name has to be—I’m looking for—something that connotates what it is, like, look at, like, Post-It, right? It kind of explains what it is. Now your miniature keychain back scratcher, just out of curiosity, what's—you didn't supply a name for it?

I just call it Mini Back-scratcher.

Okay, do they have a brand that they're selling it as, a brand name?

They call it Kikkerland Mini Back-scratcher.

Okay, no perfect, there you go, like, something simple, a name that explains what it does.

01:44
People get too hung up like, oh, they trademark their name so they can license their or sell the name to have like— The chances of them using that name is going to be highly unlikely, and most likely the name that you gave it is terrible.

01:58
So plus, they have again they have the MBAs and the marketing staff on board that they can spend the time and money.

They've been doing it for a long time. They know what they're doing, let them do it for you.

Right.

You take, you take care of it for me. You’re like Steve Jobs, come up with the iPod. Yeah, go make it happen. Think it's gonna be brilliant, like, go.

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