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updated 7/22/2014 2:47:29 PM ET 2014-07-22T18:47:29

You have an idea, and now you're ready to let a manufacturer distribute it on a grand scale. But before you rush into a licensing deal, there are plenty of things you need to consider.

The infographic below from Idea Buyer, a marketplace to buy and sell patents, offers some handy advice to help you out. For instance, if your product or intellectual property needs to be tested or certified, get the process going before you license so that you can snag yourself a higher royalty rate.  Also, get familiar with the royalty rates standard for your industry so you know what to expect.

For more tips and a reference guide to industry royalty standards, check out the infographic below. 

 

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