This post by Blackstone Content Correspondent Summer Suleiman originally appeared on ideavillage.org.
Do you have an invention or idea? Here’s what you need to know to bring it to life!
This week’s IDEAinstitute was led by Lisa Lloyd, an expert in inventing and licensing with over twenty years of experience.
Lloyd presented five steps to successfully invent and license a product. We’ve got the full presentation for you here
1. Research
Once you have your idea, draw a sketch of your product or idea, make a model, and create a prototype.
2. Define
Make sure you do all your market research beforehand to see if there are any other products in the market similar to your idea. Also check for existing patents on products. Just because it’s not out on the market already, doesn’t mean it’s not in the development stage.
3. Protect
Purchase a patent on your product and develop a strategy on how you plan to get your product on the market.
4. Test
Once you’ve done all your research and created a model, it’s time to test your product on the market. Shows and fairs are a great place to start. Retail stores and the web, and direct TV sales.
5. License
Create a sell sheet complete with images of your product, features and benefits of it, and your contact information. The approach: show your product at trade shows and make cold calls to retailers.
Negotiations: Royalty rate 3%-8%, the minimum and upfront amounts are negotiable.