“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.”