What is Licensing, Anyway?
For many inventors, whether you’re just starting out of you’ve been in the product development game a long time, the ultimate goal is to license your product. Licensing is an easy way to really enter the market with as little risk as possible, as the licensing company will handle the manufacturing, packaging, distribution, commercial shoot, and ultimately the product roll-out. This is perfect for inventors who don’t have the time, money, or interest to invest in building out a brand on their own, and a good licensing deal can be extremely lucrative. However, especially for inventors unfamiliar with the process, it can be difficult to procure a licensing deal. Licensing companies see thousands of product pitches every month, and they must be very selective in their choice. They are investing hundreds of thousands of dollars, if not millions, in any new product they take on, so they will never sign a product unless they are completely confident in its potential for success. And that’s where we come in.
Many inventors start pitching to licensees on their own, and that’s a mistake. Having a thorough understanding of the market, the required presentation materials, and exactly what the licensee is looking for, is paramount to a product getting an exclusive deal, and you receiving that quarterly royalty check. Prior to presenting our clients’ products, we make sure the product is in the best possible shape for presentation. We spend a lot of time prepping our products for presentation, so when they do come before licensing companies, they stand out from the crowd and have a solid chance of success. It’s also essential to know who your audience is. Being able to identify the licensees who are the best fit for a product, who currently have a need for products in your genre, and are actively looking for new ideas, makes our pitching process extremely efficient, and increases your chance of getting to the next round.
The desire to obtain that exclusive licensing deal is so strong that we often see inventors misplacing their trust in inventor classes or coaches. They sign up for one-on-one coaching, or weekly classes/Skype sessions, wherein they are advised by “experts” on how to bring their product to market. Coaches commonly charge upwards of $2-3,000 for their “services”, and provide no hands-on assistance with sales materials, presentation prep, or pitching. While we do understand the allure of a licensing deal, and trying any method you can to make it happen, we advise you to thoroughly research any company purporting to “guarantee” you a licensing deal, or which requires a large sum of money.
Don't let anyone tell you that getting a licensing deal is easy. Even with a solid product, presented perfectly, licensing companies often pass for a variety of reasons. Despite what some invention companies and coaches might tell you, there is no fast track to licensing, and no guarantees. The best tactic you can take is to give yourself the best chance of success, by working with a partner who thoroughly understands the product landscape, the market for your idea, and knows how to navigate the licensing process. With Lightning Launch, you are truly getting what you pay for.
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