How to Know if You Should License Your Invention
For many inventors, licensing is the ultimate goal. When you hear about inventors getting huge, profitable deals for their products, that typically means they secured a lucrative licensing deal. Unfortunately, only a small percentage of inventors are actually knowledgeable bout licensing, and its many benefits. Our aim is to educate inventors on what, exactly, the licensing process entails, and give you an accurate idea of what to expect.
Licensing companies are incredibly discerning and do not take on most products submitted to them. They are investing millions of dollars in products they choose to sign, requiring them to be extremely selective. This means your product should be as highly polished as possible before pitching to licensees. Our job is to prepare products for their big licensing debut, and ensure that they have the greatest chance of success.
Before presenting a client’s product to a licensee, we take a thorough look at that product and ensure that the inventor has a working prototype, a social media presence, informative blog posts, pictures, and a sizzle reel. We want our your product to stand out from the rest, and that requires a great deal of preparation. We also have extensive experience in identifying the right licensee for your product, who represents products in the appropriate category and is actively looking for new ideas.
Our job also requires us to keep track of ever-changing market trends, which can be difficult for inventors not involved in the industry to understand and track a daily basis. We keep our finger on the pulse of the market so our pitches are always targeted appropriately, and directed at the right companies.
We also advise inventors not to fall into the trap of inventor classes or coaches, and shelling out huge amounts of money. These “experts” often require hefty upfront fees without providing much actionable value. Coaches often charge upwards of $2-3,000 without providing any hands-on assistance with sales materials, presentation prep, or pitching. We pride ourselves on putting the client first. An invention company shouldn’t be making money unless the invention itself is making money, which is exactly how we operate with regard to licensing. We don’t make money unless the product does, which incentivizes our team to find the most lucrative licensing deal we can.
To learn more about the licensing process, and what it involves, reach out to us today. If you believe your product is ready for licensing, or could benefit from the assistance of true industry professionals, contact us for a free product evaluation.