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South Dakota
Key Economic Indicators 
Item  Rate 
CPI: 0.1% (Jul 2017) 
GDP Growth:   2.6% (2ndQTR 2017)
Bank Prime Interest Rate:   4.25%
Consumer Confidence:  121.1% (Jul 2017) 
Small Biz Confidence:  105.2% (Jul 2017) 
Avg Gas Price:  $2.35 










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Licensing is the process of renting or leasing an idea or product to another entity to develop, distribute and sell the product in return for paying royalty fees to the owner of such idea or product.  The owner of the product still retains full ownership.  Licensing your product requires establishing a Licensnig Agreement which stiuplates the condictions of the licensing to include the specific timeframe for the license.

Licensing is a way for entrepreneurs with limited funding, resources or experience to get their  products sold in the marketplace and earn an income from it. 

The company that you license your product to is called the Licensee.  The owner of the product is called the Licensor.

Licensing royalties range from 3%-10% of the product sale price.  Royalties are usually based on the whole sale price to the retailer, not the retail price.

The timeframe for licensing a product is usually 5 years.  You can renew the agreement with the same company, or assign the right to another company.  Be aware that the Licensee will always insist on the right of first refusal be stipulated in their contract.

Things to Note:  1. Licensee traditionally enphasises the full right to sell the product worldwide.  They do not wan to be limited to any specific market.











































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