Licensing Deals

Have the right attitude.

Do your homework.

Benefit rather than prototype. If the company does not see the benefit, do not build the prototype.

Reduce the benefits of your product to one sentence. ie ipod- 1000 songs in your pocket

Have an estimate of how much it would cost to make?

Know how you would make it.

Understand what the company is looking for. Price point. What they manufacture. How could your product fit in with existing products? Are you speaking with the right company?

Understand royalty rates for similar products.

Don’t pitch your idea on initial contact. Find the right person to speak with

Figure out the right contact and the right companies to pitch a product to.

Don’t just be a mountain of information. Get to the point. Use marketing material, not long winded rants.