Want to offer your brilliant ideas to a Fortune 500 company for the potential of licensing it?
Then perhaps this is for you!
Here are at least 5 key benefits to licensing great products…
- Create opportunity for passive income
- Reduce financial risks
- Great tool to access entry and gain market presence in various markets
- Could help deter potential and costly lawsuits
- Offers access to a number of resources
Even the best and biggest companies are always searching for amazing market-worthy new product concepts. After all, this helps them to save extensive R&D efforts and divert their budget to pave the path for a market viable product including manufacturing, distribution, etc.
So, if you have a great new viable product idea based on your extensive market research supported by a large market need, this is a great start!
But what about the ownership of the idea? If your goal is to rent out your idea with the help of all your rudimentary product sketches or even official engineering drawings, you can simply file for a PPA that in most cases will cost you less than $150. At the same time, if you do not want the companies you approach to divulge sensitive information pertaining to your idea, convince them to sign a Non-Disclosure Agreement before proceeding forward.
Ready for tips on how to get a good company to license your idea? Here goes:
Find them via Research on LinkedIn
LinkedIn should be your home base if you are looking for people you can pitch to! Make a list of all the companies that might be interested in your idea and scan for the profiles of the decision-makers who head the marketing, sales, and product development teams. Start a conversation and get names of people who might help you to connect formally with the right people.
Prepare and Practice your Pitch!
Remember that company decision makers don’t have a lot of time on their hands. So essentially, your pitch shouldn’t take up more than a minute! It should be clear, concise and get right to the point…in the form of Benefits. In fact, make it so interesting the listener will want to say, “PLEASE, TELL ME MORE!”
Focus on the pain points that your new product idea has the potential to solve and wrap up your product’s features and functionalities in the form of benefits that the target audience will experience when they purchase the product. Also, how you present your idea is as important as the idea itself. So don’t forget to practice as much as possible to perfect your pitch!
These are just two of the many tips that will help you to get closer to your dream of transforming your idea into a tangible and profitable product that people will love!
Want expert guidance on how you can crack the licensing game? Grab a copy of my bestselling book, “The Entrepreneurial Incubator: Secrets to Getting your Invention from Mind to Market” now!