Connecting with companies that are looking for great ideas is essential if you want to license your idea. This article will give you tips and advice on how to stand out and get their attention.
You have a great idea. Maybe you’ve filed a provisional patent application, have a patent, or even a prototype. It doesn’t matter. You’re ready to find companies that want to license your idea. This is what I call knocking on the door of opportunity. You have to pitch your idea to them so they can decide if they love it, like it, or reject it. This is where you need to work hard to make sure your idea stands out and gets noticed.
Maybe you have a prototype or a 3D model, a sell sheet, and marketing material. You’ve protected your idea, and now you want to approach companies looking for new ideas. Unfortunately, this isn’t the fun part. In fact, it’s probably the hardest part. Initially, you wear your creative hat, which is fun. Later, you have to put on your business hat to reach out to companies. It’s not easy today with so much noise, but there are ways to stand out.
So, I’m going to discuss seven things you can do to stand out when reaching out to companies for a licensing deal. Remember, they get a lot of pitches, so we have to be clever to get their attention.
7 Tips to Connect With Companies to License Your Idea
1. Research the Right Companies
First, make sure you’re reaching out to the right company. Do your homework. Check out their product line and the materials they use. Ensure they accept outside product ideas from inventors like you. Know their mission statement and all relevant details about them.
The last thing you want is to submit your idea to a company that’s not a good fit for your product. Companies often reject ideas that don’t align with their product line. So, step one is to do your homework to ensure it’s the right fit.
2. Craft a Strong One-Line Benefit Statement
Your one-line benefit statement is crucial. Many people don’t realize how important it is to explain why someone would care about their idea. This statement should clearly and concisely convey the main benefit of your idea.
You can use this one-line benefit statement in your marketing materials, and it can be especially effective as an email subject line. This helps grab the recipient’s attention. Why should they care? How will your idea help their customers? Make sure this is clear in one line. Think of it as putting bait on a hook to attract interest.
3. Engage on LinkedIn
Number three, this is really easy to do. You’re on LinkedIn, you have your profile, and you’re targeting the right companies for your product. You’ve done your research and you’re following their posts. First, make a connection so they know who you are. Then, comment on their posts.
Don’t pitch your idea yet. Make it about them, not you. Ask good questions and show interest in their content. This will help you stand out. It’s a great way for them to get to know you before you start pitching. So, be a fan.
4. Connect With the Right Person
Every industry and company is different. In some companies, you might need to contact the marketing manager; in others, it might be someone in new product development or sales. Here’s what I do: I find the right company and reach out to about 10 people on LinkedIn to make a connection. I’m not pitching right away, just making a connection.
Once they connect, I send a short pitch explaining that I’m a product developer trying to license my idea to them. I briefly describe my product and its benefits. I ask if they are the right person to talk to or if they can point me to the right person.
Don’t send your pitch to a lot of people randomly. Target specific individuals, make connections, and give them time to respond. The key is to get in touch with the right person.
5. Craft Compelling Sell Sheet
Marketing materials are key to your success. Your sell sheet is a one-page advertisement that highlights the benefits of your idea. It needs to be short and direct. It’s worth investing in professional help to create it, as a well-written sell sheet is essential.
Make sure it is clear and concise, allowing companies to understand your idea in seconds. A great sell sheet can make all the difference when you want to license your idea.
6. Be Knowledgeable and Confident
To connect well with companies and get a licensing deal, it’s vital to prove you know your stuff right away. If you seem unsure or inexperienced, it could turn them off quickly. Here’s how to make sure you look knowledgeable and reliable:
You must show you understand how licensing works. Companies want to partner with someone who can contribute and knows what they’re doing. If you’re unsure or asking basic questions, it shows you lack experience, which might make them hesitant to move forward.
Before approaching companies, make sure you educate yourself thoroughly about licensing. They aren’t there to teach you or hold your hand through the process. Being well-prepared and knowledgeable will make them more likely to trust and work with you.
If you’re new to licensing, consider finding someone experienced to guide you. Having a mentor or advisor can be helpful in making sure you handle things professionally and confidently. The goal is to make companies feel confident that you’re skilled and reliable, making them eager to partner with you.
7. Be an Asset
Companies want you to be an asset. They need you to alleviate their concerns. It’s crucial that you understand your idea thoroughly. This builds confidence and enhances your chances of securing a licensing deal.
Final Words
Connecting with companies to license your idea isn’t always straightforward. At inventRight, we’ve built strong relationships with companies across various industries over many years. They trust us to help innovators like you.
Our program, Gateway, takes care of everything for you. We handle reaching out to the right companies, ensuring your marketing materials are spot on, and guiding you on how to protect your idea properly. Our goal is to secure that crucial licensing deal for you.
If you’re ready to take the next step towards licensing your idea, contact us at inventRight to apply for Gateway. We carefully review applications to ensure we’re working with individuals who are committed to doing things the right way to achieve their licensing goals.
