How to License an Idea to the Music Industry

Some industries are more receptive to new ideas than others. Neither my students nor I have ever had any success breaking into the greeting card industry, for example. The music industry, on the other hand, celebrates ingenuity -- like you'd expect it to. When I founded a guitar pick company, I discovered firsthand the industry embraces inventors. People are willing to hear you out.

Every January, I feel a tingle of excitement in remembrance of NAMM, the music product industry's monumental trade show. I reached out to Marc LaCorte, executive vice president of Schecter Guitars, in advance of the event this year to ask him about open innovation, what he thinks about independent inventors, and how to get the most out of the show.

Marc told me inventors solicit Schecter fairly frequently. It's not often the company is actively looking for new ideas, he explained, but when something interesting comes in, they'll converse about it. The company will get in touch to see how far along the inventor is. It doesn't happen that often, he said. But they're absolutely open to it.

"If someone has a great idea, we'll look at it," he said plainly. Why wouldn't they?

"If we think it's interesting, we keep reading. If we see something that makes a good, clear case for the product, we follow up," he went on. It's the quality of the idea that matters most, not how it's presented, nor how smoothly the pitch is delivered.

When I asked him what kinds of ideas stand out, he gave a quick answer. "A lot of what people send in is random. You really need to align yourself with the right companies. We're looking for a good fit. If it doesn't fit into what we do, what we manufacture...."

His advice to inventors is to really research what companies could be good partners. Show them you've thought about their business. That's really the way to up your odds of getting a response, he said. To me, that sounds a lot like, "Be sincere." I love that. And I agree. Not targeting the right companies is one of the biggest mistakes inventors make. If your idea doesn't fit within a company's product line, it's not going to work.

As far as prototypes are concerned, "they obviously help." But in the music industry in particular, which is relatively low tech, it's also fairly easy to determine whether an idea is going to work or not. So no, actually, Marc said: They aren't always that important. On the other hand, he really appreciates when an inventor has filed intellectual property.

"We love to see people who have done their homework legally, because we know how time-consuming and financially burdensome that is. We also want to get to market first. It tells us, hey, this person has something tangible. It moves things forward faster internally." That makes sense. Having filed a PPA clearly shows you've done your homework. You've invested some time. You've prepared. They respect that.

So, I asked, when should inventors pitch him? "Not at NAMM," he said with a laugh. "Not before NAMM." He continued on. "The best time is probably from February to June. You won't get anyone's attention at NAMM. Don't bother. But, after it gets into the 3rd quarter, you won't see your product for another year. So if you want to make it to market, make sure you're there in time."

NAMM was a riot. It didn't hurt my product was voted "Best in Show" two years running. I think NAMM is a great place to meet people and build relationships. Of course, companies are there to sell. So be approachable. Who should you contact after the show? Use the opportunity to figure that out. Genuinely inquire about other products before even thinking about making your pitch. Marc put it this way.

"I think if you go to NAMM expecting a lot of interaction with people, you'll be disappointed. They've spent a lot of money to be there, their time is valuable, so it's difficult. From a literal meeting with people standpoint, you'll have a hard time approaching most large companies." He went on. "However, I think if you're trying to learn and educate yourself about the companies you want to approach, you'll have a great time. See them up close. What are they doing? Do you want to align yourself with them?"

If you're looking to license, don't pay for a booth. It's best to work the show on your feet. So be prepared to shake a lot of hands and walk, walk, walk.

Originally published on Inc.com January 15th 2016.