Inventor called and we discussed her product which is fully developed, a great idea and at a crossroads on what to do… She has a full-time job, has limited cash, and wants to manufacture her inventor product on her own. We discussed her options and spoke about starting slow, maybe reaching out to catalogs, building a website and generating some online sales, and building a track record at the same time, this is a way for you to gauge interest in quilting your day job and putting your bread and butter at risk. We also spoke about how getting into retailers is difficult, not impossible having one product to pitch them with.. The other option would be to try to
license it and collect a royalty with little risk to you. Licensing means contacting a company that is in the same product category as your invention and if they decide they are interested, you can agree to terms of an advance, royalties, territories, and time. I’ll get more into licensing agreements and how to approach licensees in upcoming posts…
