Just the other day I was speaking to an inventRight student and he mentioned that his list of potential licensees was somewhat short.
Being familiar with the industry, I asked him if a particular company was on his list and, guess what?, it wasn’t.
I asked him how he developed his list. He has used one of our recommended strategies which is to visit retail outlets where his product might be sold and make note of the companies selling similar products. That's a great start but it's not enough!
There is another source of information - the Internet! And, he acknowledged that he hadn't spent a lot of time searching within his industry for other companies.
It’s extremely important to research companies using both of these methods! There’s no way you can personally visit every single retail outlet that could potentially carry your product! Searching online is important for this reason, but also because you will be able to find companies in different regions of the country and also in different parts of the world.
At that point in our conversation, I offered to teach him how to approach online searching for potential licensees. And I'll share the same advice here with you.
1. Type in the name of your particular category followed by the word "companies".
In this particular situation our student had a plush toy design. So we entered "plush companies" in the search bar.
Sure enough, a toy company directory came up. This particular website had a directory of all companies that were producing plush, stuffed animals. Gold mine!!!!
We also typed in "plush toy companies" and "plush toy and novelty companies" to expand our search. And yes, more companies appeared.
2. Visit the website of the trade show for your product's category.
ToyFair New York is the biggest trade show for toy products. So we entered "ToyFair" into the search bar.
On this website we found the exhibitor list of companies that would be attending and showing products. There was a map that you could click on. To narrow our search the website allowed us to use a filter "plush".
Bingo! All companies that produce plush toys were displayed! My student now had a list of over 60 companies!
At inventRight, we have learned that on average, you should be prepared to submit your product idea to at least 30 companies.
So to make your list - do both a retail store visit and an Internet product search! Leave no stone unturned!
Here's a video that I made on just how to do this.?rel=0