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10 Steps to Bring a Product to Market - Licensing
Step 10 - Approach Your Candidates and Sign the Deal
Approach your candidates, first with letters and phone calls, then with your presentation. Approach the companies that are the best fit for your idea first, since companies grow wary of products that have been "shopped around" to many different companies.
Once you have found an interested company, you should get a lawyer to help you with the licensing deal. You may have already made some preliminary agreement with the licensee based on your preliminary licensing proposal, but you will need a lawyer to handle all the details of the deal to ensure that you are properly protected. Our Law Associate, Eric Hanscom, can assist you in protecting your rights. Besides his extensive law experience, Eric is also an inventor himself so he brings a unique perspective to all of his work. Contact him at eric@iciplaw.com.
Do You Need Help?
Are things not going as well as you hoped? Try these extra steps if you can't seem to get things going.
- If potential licensees doubt the success of your product, you can have a small-scale production run. If the product sells well, potential licensees will be less hesitant to license the product.
- If licensing just isn't working out, you can try private labeling. If companies are hesitant to license your product, they are probably worried about the risk. In private labeling, you are taking on more of the risk, while still using the licensee's brand name, contacts and marketing ability.
Look at the Other Business Models
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