Reaching out to companies to license your intellectual property can be challenging in a world filled with distractions and noise. With the abundance of information and the busyness of people today, it is more difficult than ever to capture the attention of the right individuals. However, there are strategies you can employ to stand out and increase your chances of commercializing your product ideas.
Before reaching out to anyone, it is crucial to do your homework. Research the person and their company to avoid potential scams or fraudulent activities. Avoid sending confidential information at the initial stage and refrain from requesting a non-disclosure agreement right away. Instead, focus on building a connection and gaining trust before disclosing sensitive details about your intellectual property.
Start by utilizing LinkedIn and email to reach out to potential contacts. While physical mail may have been effective in the past, the digital age calls for more efficient communication methods. Make use of tools like Hunter to find email addresses and connect with relevant individuals within companies. Reach out to a variety of personnel, including presidents, vice-presidents, and other departments to increase your chances of finding the right person to review your idea.
Timing is less of a concern in today’s always-connected world, so feel free to reach out on any day of the week, including weekends. Increase your odds of success by connecting with multiple contacts within the same company, but avoid pitching to multiple people simultaneously. Focus on one or two companies at a time to tailor your approach based on initial feedback. The size of the company is no longer the most critical factor, as culture and openness to innovation have become more important considerations.
Get to the point quickly in your pitch to demonstrate your understanding of the company’s needs and how your product can address them. Personalize your messages to show that you have done your research and are genuinely interested in collaborating with the company. Be persistent in following up with contacts who do not respond immediately, as multiple attempts may be necessary to get a reply. Have a sense of urgency and seek common interests to build rapport with potential partners.
When you receive a response, handle it professionally by being prepared to provide more information while safeguarding your intellectual property. Request a non-disclosure agreement before sharing confidential details and be patient as the company reviews your idea. Ensure that you respond to questions in the correct sequence to maintain credibility and keep the conversation flowing. By following these strategies and remaining diligent in your outreach efforts, you can increase your chances of successfully licensing your product ideas to companies.
