I get this question all the time. Inventors will tell me they’ve been working on their idea for a long time and nothing has happened. They’re getting tired, frustrated, and wondering if they should give up. One of my most successful ideas I licensed received over 100 rejections. I sent physical prototypes with a letter to each company. I had enough rejection letters to fill my dining room table that sits 15 people.
I know exactly how this feels. I was tired, frustrated, and it seemed that licensing my idea was impossible. Why didn’t I quit?
I knew this idea was needed and it had huge potential. I’ve been licensing my ideas for over 40 years and these are 5 things I learned.
1. Trust your gut
Sometimes you just have to trust your instincts. I had a feeling this idea had merit.
2. Evaluate your steps
I thought “access” to over 100 companies and a “great” idea would be all I needed. I was wrong.
3. Get help
Eventually someone said “Steve you’re going after the wrong companies. You need to take away risk by creating demand.” Getting the right advice helped me license my idea.
4. Don’t give up
Sometimes you just have to keep going. It’s a numbers game.
5. Believe in yourself
I was able to find a mentor that provided me with the right advice. When things got tough, I always had his support. He helped me believe in myself. It takes courage, determination, and persistence to be successful at Product Licensing.
Are you filling up your table? How many rejection letters have you received? Are you getting the help you need? Stephen Key – inventRight Cofounder