With the success of shows like ABC's Shark Tank everyone believes they can achieve the dream. And you can, but not without a lot of hard work. A successful product is all about the execution. Even when it comes to licensing your invention idea you need to have more than just a concept. Licensees want to know that you have some skin in the game. You don't need
to spend hundreds of thousands of dollars to get to a licensing deal but you do need to have checked a few boxes.
-Research: make sure that your product doesn't already exist. Check Amazon, your local Walmart and do a simple online search.
-Prototyping: sometimes many iterations, to make sure your idea actually functions.
-Patent: do a little research on USPTO.com or a prior art search with an attorney and decide if you can file for a utility patent or design patent. And while you're preparing to file for your patent, you should file a provisional patent, especially if you'll be presenting your product to potential licensees.
You don't need to spend hundreds of thousands of dollars to get to a licensing deal, but you should expect to spend some money along the way. If your product looks manufacturing ready, if you have a a packaging mockup, unique product features, and a viable pricing structure you'll be well on your way.
Keep in mind, it's nearly impossible to license a concept; you're asking a licensee to take a huge financial risk on an idea you haven't put a single dollar into. And even if you're lucky enough to find someone to do it, you can expect your royalty to be very low. So, don't be fooled by folks trying to sell you marketing materials and 3D prototypes on your concept, that'll just be wasted money. My partner and I started Lightning Launch with the intention of helping folks achieve their dreams without breaking the bank. So, if you're looking to take the next steps, let's talk!