Inventor called and we discussed her product that is fully developed, great idea and at a crossroad on what to do… She has a full time job, has limited cash and wants to manufacture her product on her own. We discussed her options and spoke about starting slow, maybe reaching out to catalogs, building a website and generate some online sales and build a track record and at the same time, this is a way for you to gauge interest without quitting 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 to contact 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…
