10 Steps to Bring a Product to Market – Licensing

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.

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.

Small-scale production run

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.

Private label

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