Licensing

When you’ve got a great idea for a product, there’s an important decision to make right up front: do you want to build a brand new company from the ground up in order to commercialize the product

 

OR do you sign a product licensing deal with a pre-existing company that already has the resources in place in order to get your product out into the market? 

 

 

 How to get your product licensed

Licensing your invention is basically a four-Step process: 1. Locate Manufacturers 2. Prepare Marketing Material 3. Submit Marketing Material to Manufacturers 4. Negotiate License Of course reaching Step 4 depends upon how well you do Steps 1 - 3. You will first want to locate 20 to 100 manufacturers who make products similar to your invention.   You will then want to prepare a professional looking marketing letter and possibly even a professional brochure of your product.   You may even want to start your own product WebSite showing your invention in further detail for the manufacturers that receive your marketing letter. After you receive some responses from manufacturers, the next step is to negotiate the licensing agreement, which you should hire an experienced attorney for. If you are unable or unwilling to take the time for the four-step process, then you should consider seeking the help of a licensing agent or attorney.