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In this tutorial, Steve emphasizes the importance of preparation before obtaining a licensing agreement. Many people mistakenly wait until they have an agreement in hand, but being well-prepared can provide leverage during negotiations. He advises that a solid provisional patent application is critical; it should demonstrate perceived value and be well-crafted. Key elements to include are details about manufacturing, materials, workarounds, variations, and comprehensive drawings. To aid in this process, Steve mentions a program called Smart IP, which guides users on how to effectively write a provisional patent application.
