Should You License Your Invention?
For many inventors, the ultimate goal is licensing, even if they don’t quite know what licensing means. When you hear about inventors getting huge, profitable deals, it typically comes through the licensing process. But that’s only a small, lucky percent of inventors who go down the licensing route. If you’re considering licensing your product, you should have all the information, and know exactly what to expect. Unfortunately, since licensing companies are investing millions of dollars in any product they choose to sign, they must be incredibly selective in their choice. This means your product should be as highly polished as possible before pitching to licensees. And when inventors come to us looking for licensing help, there are a myriad of steps we take to prepare them.
Before presenting a client’s product to a licensee, we take a comprehensive look at that product and ensure it has a working prototype, a social media presence, informative blog posts, pictures, a sizzle reel, etc. We want our products to stand out from the rest, and that requires a great deal of preparation. It’s also essential to identify the licensees who are the best fit for a product, represent products in the appropriate category, and who are actively looking for new ideas. Licensing is like searching for a new home, and that means the fit should be just right.
It’s also essential to keep track of ever-changing market trends, which can be difficult for inventors not involved in the industry on an everyday basis. At Lightning Launch, however, it’s our job to keeps our finger on the pulse of the market, so our pitches are always targeted appropriately, and directed at the right companies.
Many inventors who pursue licensing often make the mistake of trusting inventor classes or coaches, and shelling out huge amounts of money. Inventors frequently sign up for one-on-one coaching, or weekly classes/Skype sessions, wherein they are advised by “experts” on how to bring their product to market. While this coaching is purported to ultimately save them money, coaches charge upwards of $2-3,000, and provide no hands-on assistance with sales materials, presentation prep, or pitching. A reputable invention company should be providing those services for half the cost. Interestingly, the same inventors who would willingly spend thousands of dollars on these coaches are reluctant to pay for reputable invention companies, having been told in vague terms: “never pay money to an invention company” — often by the coaches themselves! Our clients, however, understand that despite what inventor coaches and classes might tell you, there really is no fast track to licensing. Only though intensive, collaborative work with industry professionals can a licensing deal truly become feasible.
To learn more about the licensing process, and what it involves, reach out to Lightning Launch 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.