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Steve discusses the importance of being prepared before obtaining a licensing agreement. He emphasizes that having a solid provisional patent application is crucial, as it needs to demonstrate true value and perceived value to potential licensors. Key elements to include in the application are manufacturing details, materials, workarounds, variations, and extensive drawings. Steve suggests that a well-prepared application will provide leverage during negotiations. He recommends using their program, Smart IP, which guides users on how to effectively write a comprehensive provisional patent application that meets these criteria.
