You’ve been working extremely hard to license your product idea, but you’re not having any success.
You’re not quite sure what you’re doing wrong. To determine if you should move on, you need feedback.
Without receiving any type of feedback from a company about your product idea, it’s hard to determine what to do next.
So, why is feedback so important to your licensing success?
Most product ideas that get licensed are changed and altered after being submitted. It’s all part of the product development process.
That’s why it’s incredibly important to build relationships with potential licensees.
That way, you receive the type of feedback that allows you to redesign your product idea and fit it to the company’s needs and wants.
Here are 16 reasons why your product idea might get rejected:
- Most commonly, it’s not the right fit for the company’s product line.
- Your point of difference compared to similar products is not large enough.
- The timing isn’t right. The company you submitted to is too busy working on other projects.
- The cost of your product does not fit into the retail price range of similar products.
- Your product is too similar to other products on the market.
- The product category is too crowded.
- You’re asking a company to look at a category they don’t currently participate in.
- The benefit of your product idea isn’t clear.
- The company doesn’t accept outside innovation.
- The company doesn’t think the market is large enough to invest in developing your product idea.
- The company doesn’t think there’s a need for your product idea.
- You haven’t found the right person within their organization.
- The company doesn’t have the manufacturing capability for your product idea.
- There is too much product liability.
- You have reached out to the market leader and they are risk-averse. They don’t like to be the first on the market.
- The company needs intellectual property on your product idea but feels it will not be attainable.
Without knowing why your product idea is being rejected, it can be very difficult to decide whether or not to walk away.
With this type of feedback, you can look at your product idea and determine if you can make the required changes to overcome any of their rejections.
Most people walk away too early. Don’t be afraid to get the feedback you need!
Thanks for reading,
Stephen Key
inventRight CoFounder
