LICENSING:  IT’S AS EASY AS YOU MAKE IT
by Cathy Smith 

Lisa Lloyd, co-founder and president of the Inventor’s Association of Arizona was the keynote speaker at the Phoenix meeting, June 7, 2001.   At the age of twenty-three Ms. Lloyd took her first project from conception to market.  The key ingredients in Ms. Lloyd’s success are knowing the product and the market, writing a good solid business plan, and knowing the right way to approach the companies who will license the product.  Ms. Lloyd’s positive attitude is also a big secret to her success.

Where do you begin with the licensing process? 

According to Ms. Lloyd, the first step is to protect your idea by starting the patent process.  Next, you research the market and see if your idea is feasible.  If there is a market for your idea, you begin work on the working models, which in turn will lead to your prototypes.  Once you have done this then you have a product that you can negotiate with.

How do you find manufacturers and companies that would be interested in licensing your product and how do you approach them? 

The first place to look for potential manufacturers is to locate a list or directory of manufacturers either on the Internet or in a library.  You can also go to the stores that carry similar products to what you have and write down the names of the companies who sell these products. 

You then contact these companies and ask what their submission policies are.  It’s a good idea to fill out a submission survey on each company with all the vital information and any other notes that would help you in preparing a presentation to solicit and secure a licensing deal.  It’s very important to know and understand the companies you plan to work with.

Never assume the companies understand and know your product.  Use your prototypes or working models, have a variety of other visual aids that will sell your product.   Be able and be prepared to show that your product will make their company money.  Have youR statistics and numbers ready.  Be able to show that your product is what they are looking for.

Licensing is only as easy or as complicated as you choose to make it.  Be up front with the companies.  Show a positive and uplifting attitude.  Put your best foot forward and get ready for the success that can come your way.

Ms. Lloyd’s home study course teaches the invention process in great detail, and can be purchased on the web site, www.inventionuniversity.com, for $155.00 as well as unlimited private consulting for $300.  Call 520-722-9545.