In today’s digital age, reaching out to companies to license your intellectual property can be a daunting task. With the vast amount of noise and distractions, getting the attention of the right people has never been more challenging. However, by breaking some traditional rules and adapting to the current environment, you can increase your chances of success.
Before reaching out to companies, it is important to do your homework and research the individuals and companies you plan to contact. Use platforms like LinkedIn and email to connect with potential contacts. Be cautious about sharing confidential information too early in the process and avoid asking for a non-disclosure agreement too soon.
There is no right time or right person to reach out to when trying to license your product ideas. Cast a wide net and connect with multiple individuals within a company to increase your chances of finding the right person. Avoid pitching to multiple people within the same company simultaneously.
Focus on pitching one or two companies at a time and be prepared to make adjustments to your marketing materials based on the feedback you receive. The size of the company is not as important as finding a company with the right culture that embraces open innovation. Get to the point quickly in your initial message and show that you understand the company’s business and how your idea can benefit them.
Following up with individuals who do not respond is crucial to standing out and getting noticed. Persistence is key in the licensing process, as most people will not respond to your initial outreach. Have a sense of urgency and seek common interests with the contacts you are trying to build rapport with.
When you do get a response, be prepared to provide more information about your idea while also protecting your intellectual property. Sign a non-disclosure agreement if necessary and be patient while the company reviews your proposal. By implementing these strategies and staying persistent, you can increase your chances of successfully licensing your intellectual property to companies.
