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FAQ: How do I get a company to look at my...prototype?
by jkalber » Wed Nov 26, 2008 9:05 am
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Is there a good way to find company contacts to approach with idea without patent? My husband has built a prototype - we are looking to find a large company to license...? Any help would be great - thanks!
Also, I have two ideas patented that I would like to license...
Thanks!
J
Also, I have two ideas patented that I would like to license...
Thanks!
J
by Scrupulous » Wed Nov 26, 2008 11:13 am
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Scrupulous - Black Belt
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A lot of that would depend on the condition of your prototype.
If it works the way it is intended and works well, then the next thing you would want to do is have it engineered to be manufactured as inexpensively and as ergonomical as possible. Having CAD renderings of a close-to-commercial design is the best way to supplement a rough prototype, because you leave much less work for the potential licensee to risk. You can consider the amount of effort it took to fabricate the prototype, and use that as a gauge in projecting whether or not anyone else would be willing to commit to that undertaking. (This is assuming that it is indeed a new item.)
A lot would also depend on the particular business(es) you approach.
If you take the top-down approach (huge company), then the chances are slimmer that you will succeed. But the rewards appear to be greater. If you take the bottom-up approach (DIY or manage suppliers, production, and distribution yourself), then you will likely maintain much more control over your project and you will be much more likely to find an operation that is ready and willing to take the remaining risks.
Investigate your targets.
Are they in a position to distribute to a variety of retailers? Do they have the means to coordinate production and shipping? Might they be in a position where fill-in work is desirable? Are they small enough that you can reach the directors of engineering, sales, etc. without waiting for weeks? Do you understand their capabilities and limitations?
If the answer to these questions is yes, then chances are that you have a good candidate. Just hope that they like your product...
If it works the way it is intended and works well, then the next thing you would want to do is have it engineered to be manufactured as inexpensively and as ergonomical as possible. Having CAD renderings of a close-to-commercial design is the best way to supplement a rough prototype, because you leave much less work for the potential licensee to risk. You can consider the amount of effort it took to fabricate the prototype, and use that as a gauge in projecting whether or not anyone else would be willing to commit to that undertaking. (This is assuming that it is indeed a new item.)
A lot would also depend on the particular business(es) you approach.
If you take the top-down approach (huge company), then the chances are slimmer that you will succeed. But the rewards appear to be greater. If you take the bottom-up approach (DIY or manage suppliers, production, and distribution yourself), then you will likely maintain much more control over your project and you will be much more likely to find an operation that is ready and willing to take the remaining risks.
Investigate your targets.
Are they in a position to distribute to a variety of retailers? Do they have the means to coordinate production and shipping? Might they be in a position where fill-in work is desirable? Are they small enough that you can reach the directors of engineering, sales, etc. without waiting for weeks? Do you understand their capabilities and limitations?
If the answer to these questions is yes, then chances are that you have a good candidate. Just hope that they like your product...
Re: FAQ: How do I get a company to look at my...prototype?
by MississippiInventor » Fri May 21, 2010 4:44 pm
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A more basic question is does a company really care about your prototype.
The answer is not really.
They only care about it to the extent that the prototype has helped you do two things:
1) proven that the invention works really well
2) proven that the product will make them a whole lot more money than whatever they're currently doing
They really want to see the answers to these two questions.
If you want to get their interest and yourself some credibility, do research on these two things.
--PROVE that it is faster, cheaper, allows reocurring sales, ect. (requires #'s)
--PROVE to them how much money those beneifits will make them over their CURRENT process.
The answer is not really.
They only care about it to the extent that the prototype has helped you do two things:
1) proven that the invention works really well
2) proven that the product will make them a whole lot more money than whatever they're currently doing
They really want to see the answers to these two questions.
If you want to get their interest and yourself some credibility, do research on these two things.
--PROVE that it is faster, cheaper, allows reocurring sales, ect. (requires #'s)
--PROVE to them how much money those beneifits will make them over their CURRENT process.
Re: FAQ: How do I get a company to look at my...prototype?
by Roger Brown » Wed Jun 02, 2010 8:29 am
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Your original question was "Is there a good way to find company contacts to approach with idea without patent?" You also mentioned having a prototype.
You can find companies to approach a variety of ways. Through their websites, calling them directly and email. Look in the stores and see who has the most shelf space in your catergory. Research those companies and contact them seeing who looks at outside products and their policy for submitting. Some only look at patented items and others are more open to submissions in various formats. Either way make sure you have documentation of any contact and approach them professionally. Don't send things that aren't clearly explained and hope they can figure it out. You need to keep your presentation short and concise. Do not send a novel when a pamphlet would suffice.
Most companies prefer you do not send our prototype unless they ask for it. They do not want to be responsible for items they did not request. You also have to take into consideration how many prototypes do you have to send out if each company requested one. Sometimes it is better to video tape the prototype in action and send them a link to a website hosting that video. Have the video set to private so only those with the link can see it.
You can find companies to approach a variety of ways. Through their websites, calling them directly and email. Look in the stores and see who has the most shelf space in your catergory. Research those companies and contact them seeing who looks at outside products and their policy for submitting. Some only look at patented items and others are more open to submissions in various formats. Either way make sure you have documentation of any contact and approach them professionally. Don't send things that aren't clearly explained and hope they can figure it out. You need to keep your presentation short and concise. Do not send a novel when a pamphlet would suffice.
Most companies prefer you do not send our prototype unless they ask for it. They do not want to be responsible for items they did not request. You also have to take into consideration how many prototypes do you have to send out if each company requested one. Sometimes it is better to video tape the prototype in action and send them a link to a website hosting that video. Have the video set to private so only those with the link can see it.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.
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