Here’s how you can dramatically increase your odds of success in licensing.
Understand that licensing involves quantity and persistence. If one company isn’t interested, another might be. In any case, you should find out why each company isn’t interested. Don’t assume that your invention lacks merit until you have enough feedback.
Submit to several companies – maybe 10 or even more. Don’t quit until you’re convinced that your invention is not marketable for valid reasons.
A “no” answer is no of consequence unless a valid reason is given that persuades you that your product won’t ever compete successfully in the marketplace. Never assume a rejection is a reflection of the merits of your invention unless you get a specific and convincing reason.
Caution: nearly all companies of significant size will have a policy and procedure for submitting ideas and inventions. Contact your list of prospective licensees and ask for its submission procedure.
Photo by Žygimantas Markevičius
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