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In this video, Steve discusses the importance of being prepared before obtaining a licensing agreement. He emphasizes that having a well-prepared provisional patent application can give you leverage during negotiations. Key points include ensuring that the application demonstrates real value to potential licensees and is thoroughly completed. Important aspects of a strong application involve detailed descriptions of manufacturing processes, materials, workarounds, variations, and incorporating many drawings. Steve highlights a program called Smart IP, which offers guidance on crafting an effective provisional patent application. Preparing properly can enhance your position in licensing negotiations.
