You’ve laid the groundwork for creating a new product and have seen it grow from an idea into a fully designed showpiece that you know as the potential to make your pockets just a bit fuller. But, how do you get the new product from just an idea or prototype into potential full production? Well, there’s more than a few ways to get your product idea into the in baskets of companies that are looking to sell your product.
The gambit of ways could include a crowdsourcing platform to starting your own company to sell the product. However, one of the best ways to get your idea or product into the right hands is to license it. Licensing products offers one of the biggest returns on investments while also offering the greatest chance at product success.
The numerous benefits of product licensing
Licensing a new product through companies such as Universal manufacturing Corp has several benefits which aren’t readily available by crowdsourcing or a company start-up. Offering a new product requires some groundwork, but an investor licensing a product could see that effort halved. Starting a new company can be difficult, needs a large financial start-up investment and requires a great deal of time to begin to run effectively. With product licensing and a backing manufacturing company, product creators can get back to what they do best, creating products.
How licensing works
An inventor decides they want to work with a pre-existing company who has the resources needed to present their product to the wider business market. The inventor presents a proposal and licensing request documentation to a company like Universal manufacturing Corp who then decide if they will or will not accept the licensing request. Once the product is on the market, the company provides product royalties to the inventor.
Be an appealing partner
Licensing a new product requires not only an appealing invention but also an appealing inventor. When seeking to license a product; tenacity, preparation and being a continuous professional will get your foot in the door.
Landing a product license is within reach
Present your product proposal like a pro by providing a potential licensee with everything they need to make a decision in your favor. When presenting information to a licensee, be sure to provide the following information in a clear way:
- Market research data
- Competitive analysis information
- Patent status
Patent status is important to include in a product licensing proposal because larger corporations generally have intellectual property departments handling the influx of new product licensing request, these business corporations generally will not accept any licensing submissions for a new product opportunity without a patent. When submitting a product proposal idea to potential licensees, be sure to submit smart by ensuring that the idea or product has been protected by a patent or a provisional for added proposal protection.
Overall when seek to present a new product to the public, licensing is one of the best ways to do so. While there can be a challenge to discover just the right fit of a licensee, a product inventor can find the right one. With proper preparation and equipment for the challenge, there is a solid shot with product licensing to see an idea take shape while the inventor continues to pursue and create other ideas. Licensing gives an inventor the quickest path to success and wide distribution while at the same time allowing the manufacturing licensee to have a return with far less effort or risk.