When you’ve got a great idea for a product, there’s an important decision to make right up front: do you want to build a brand new company from the ground up in order to commercialize the product OR do you sign a product licensing deal with a pre-existing company that already has the resources in place in order to get your product out into the market?
If you choose the latter, and you’re successful in getting your product or invention licensed, you’ll receive royalties on sales of the product, and you’ll have a lot more time on your hands to tend to other activities in your life.
We know a thing or two about both commercializing and licensing products, having pursued them both on many occasions over the years. If you’re considering licensing an idea, be sober. Getting a company to license your invention from you is far from a simple task. The fact is, the rate of inventors who successfully license their inventions is very low—much less than 10%.
If seeing your product on the shelves is your dream, you not only have to have an appealing invention, but you also need to be an appealing inventor. Tenacity, preparation, and professionalism must become your hallmarks.
And we’re here to tell you that you can succeed. We’re proof positive! We were fortunate to successfully license our invention—“The Battery Buddy”—to a Fortune 500 company. And we generated upwards of a million dollars in royalties by doing so. From there we went on to help other inventors license their inventions.
Author: The Sloan Brothers
Copyright 2009 StartupNation, LLC
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