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How to Sell or License Your Product Ideas
Hello Inventor, Entrepreneur, Idea Person, Are you interested to license or sell your product ideas to companies? The Good The good news for inventors is that companies constantly need new product ideas. Companies need new products to generate revenue and stay competitive. Each company’s needs are different. For example, a licensing manager at Proctor and Gamble told me they want a new product to generate at least $100 million in sales per year. And to get a product launched and marketed they might spend $30 million. Revenue goals for a small and mid-size company are not the same as a huge corporation. They would be happy if a product generates $1 to $10 million. So, the best company for your product idea depends on the right fit. The
Problem Another cause of rejection is mailing an invention to the engineering department. Years ago when I worked as an engineer, outside ideas were seen as competition. Later when I worked as a Product Manager in the marketing department, I welcomed new ideas. The other reason for being denied is submitting only a patent or just a description of how the invention works. You can’t assume that a company will just figure it out.The Solution The best way to approach companies is with information about your invention from a business perspective. Companies make product decisions based on market need, product marketability, manufacturability, competition, profitability, and more. Companies are less interested to see a fancy marketing brochure. To get a company excited from the beginning, give them business information about your invention. To introduce new ideas, I create what I call a Product Proposal. A simple Product Proposal has worked and led to deals. The Licensing Executives Society performed a survey to understand licensing trends. One aspect of the survey looked into why deals fail. Companies listed the following reasons why licensing deals did not succeed:• Absence of reliable market data Two ways I can help you 1) If you have good ideas, perhaps the only thing preventing you from being successful is having the right knowledge in your hands. Please see my Sell or License Kit to get the answers you need. Click for Kit info.2) If you don’t like marketing or contacting companies, you can hire me to try to reach a deal. Please see my Selling Ideas Services page. Click for Selling Ideas Services. Best success,Matthew Yubas ∧ Top of page |
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