Tagged: Selling invention
September 11, 2018 at 9:31 pm #7212
I wanted to seek the expertise of those who have been there, as I’m approaching my first taste of potential success in product licensing.
I developed a product last year, created prototypes, filed the provisional patent, and built a good looking sell sheet. I have reached out to as many companies as I could find who might have an interest (willing to help anyone who is struggling with any of the aforementioned steps).
Now, one of the top three companies on my list is showing strong interest, and I feel a bit like a deer in the headlights. They say they want to go further and they want me to send them a prototype. They’re a very large international company. My instincts tell me that my next steps are very important ones.
I have some specific questions, but before I ask – is there anyone who can make some general suggestions to help me move forward?
Questions include – should I send a prototype at all, or try to deepen the relationship first? How do I navigate this?
If and when I do send a prototype, I’m planning on getting an NDA signed first, as I don’t think it could kill the deal at this point. Thoughts?
Is it too early to get an attorney to consult with me on the negotiation?
I greatly appreciate any guidance you all can provide. I’m excited and want to proceed armed with as much knowledge as possible.
Thanks!September 11, 2018 at 9:36 pm #7213Tom KirkParticipant
You are on the right track. Six months ago I was in the same situation. Don’t let this opportunity pass you by.They wanted to see my prototype after reviewing it by e-mail. After signing an agreement I mailed it. Within six months I have signed two license agreements with the same company. Now they are welcoming more ideas from me.
Good luck to you!September 11, 2018 at 9:40 pm #7214Jess NaylorParticipant
I would recommend sending the prototype asap, don’t worry about an NDA as you’ve already filed a PPA. Save your money for a licensing attorney when they make the first offer.
And yes, your next steps are very important. Keep yourself on track and cross your fingers. There are a good handful of quality licensing mentors you can find online who’ve been in your shoes, licensed deals, and will help you for a small fee. So far you’re on the right track, good luck!September 12, 2018 at 9:28 pm #7218
Thank you all for your advice, I will proceed with sending the prototype right away. I really don’t want to miss this chance, it seems like a great opportunity for my project.September 12, 2018 at 9:33 pm #7219AdamParticipant
Please keep us updated, I am looking for advice in this direction and would love to know how your situation progresses.
Thanks and best of luck!September 12, 2018 at 9:36 pm #7220
Hi Adam, sure I will give regular updates but I have the feeling it’s going to take a while, since it’s a big company and the communication so far has been slow, but productive nonetheless.September 14, 2018 at 2:25 pm #7233victorParticipant
You can always have companies pay for prototypes and further development if they are really interested in the invention.
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