What is Licensing, and Why is it Important?
Securing a licensing deal is the gold standard for many inventors. Licensing is a low-risk way to enter the market, as it doesn’t require you to invest in your own manufacturing, marketing, or distribution, and all you have to do is sit back and collect a quarterly royalty check. The licensing company handles all of the above, including packaging, commercial shoots, and product roll out, making it a perfect fit for inventors who don’t have the time or money to invest in building out a brand on their own. For inventors unfamiliar with the process, however, licensing can feel like a daunting process. Licensing companies see thousands of product pitches every month, and they must be very selective in their choice. After all, it’s a huge investment for them. That’s where we come in.
Most inventors think they can pitch to licensees on their own, which is unfortunately a huge mistake. Without the necessary knowledge of the industry or how the licensing process works, many inventors are in over their heads, and don’t give their inventions a realistic chance of success. Securing a licensing deal requires a thorough understanding of the market, curated presentation materials, and knowledge of what the licensee is looking for. Before presenting our clients’ products, we make sure the product is in the best possible shape for presentation. We also target licensees who are the best fit for a product, who currently have a need for products in your genre, and are actively looking for new ideas, making our pitching process extremely efficient and increasing your chance of getting to the next round.
Some invention companies might tell you that getting a licensing deal is easy. The reality is, however, that even with a solid product, presented perfectly, licensing companies often pass for a variety of reasons. Despite what some invention companies and coaches might tell you (and try to sell you), there is no fast track to licensing, and no guarantees. To give yourself the best chance of success, you should start by working with a partner who thoroughly understands the product landscape, the market for your idea, and knows how to navigate the licensing process.
We put our years of expertise to use for our clients, curating a professional presentation before pitching to licensees, giving inventors reasonable expectations, and keeping you consistently updated on the process so you’re never in the dark. Our success depends on your success, and that’s how it should be. 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.