Signed his first licensing deal with inventRight coaching support
How persistence and inventRight guidance helped Lars revive a kitchen idea and land a licensing agreement
After early no’s on his plant-based prep tool, independent inventors Lars Rannes set it aside, then noticed the category heating up. He rebuilt the prototype, refreshed his materials, and reopened outreach, which sparked serious interest. Using inventRight’s process and Stephen Key’s book, Sell Your Ideas With or Without A Patent, he moved from shelved concept to a signed agreement.
This is his story.
“This past week I signed my very first license deal, and I am over the top excited about it naturally. Getting to this point in my inventing career has taken a bit longer than I expected, but sometimes the timing for your idea is just not right.
A year ago, I submitted my product with a top-notch sell sheet and fantastic video.
However, I received nothing but no’s. My product was either too niche, too big, too this, or too that.
A bit discouraged, I tucked it away and almost forgot it until one company came back and said, ‘Hey Lars, how about that thing?’
The market for kitchen tools that prepare plant-based food had taken off, and they saw an opportunity to launch a new line for that category specifically.
So, I brought my prototype back out, dusted it off, scrapped it completely, redesigned, & 3D-printed a new, upgraded version.
Nay, they said again.
I decided to let more companies look at the updated material and BINGO: Serious interest. The 10-step process I learned as an iR student was instrumental in securing this deal.
Stephen’s book “Sell Your Ideas” also provided me with a list of essential points I needed to include in my term sheet before involving my attorney.”
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