This is the fifth part of my progress to try and license an idea, you can read the earlier posts here:
Part 1) Just Started Inventright Course on How to License your Invention Ideas
Part 2) Review of Progress to Learn about Licensing Invention Ideas on the InventRight Course
Part 3) I Suck at Inventing, What About You?
Part 4) Filing a US Provisional Patent Plus Useful Books and Software
I thought I would share my news that I recently signed my first licensing agreement. If you have read any of my my previous post you may be aware that I have been doing the Inventright course and started with the test project they suggested of candy ideas.This last stage of the project was to make contact with potential companies who might want to license my candy idea. The InventRight Course says you should do this via cold calling, but I used a mixture of cold calling (I really hated it and suck at it), LinkedIn and email contacts (when I had tried to call with no response). After going through all the licensing steps I am pleased to say I found a company interested in making my candy idea (I obviously can’t disclose any more about the idea or the company).
There will be no champagne corks popping because there is still a wait while the company develops the product and try to bring it to market and potentially makes me some money. There are of course problems that can go wrong on the way, that the product can’t be made at a cheap enough price or that retailers don’t buy it. Whatever happens it has made me believe that it is possible to get companies to look at my ideas. and that the more ideas I have the more likely I am to be successful with at least some of them.
So if you are in a similar situation to me, with loads of ideas but doubting whether you can do it, just go for it and let me know how you get on.
It’s lonely writing a blog not knowing if anyone is reading it, so go on, write in a comment below and if you have any suggestions on things I should write about please let me know.