What are the best ways to pitch your product to licensees?

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If you have an innovative product idea, you might want to license it to a company that can manufacture and distribute it for you. Licensing can be a great way to earn royalties from your invention without the hassle and risk of running a business. But how do you pitch your product to potential licensees and convince them to invest in your vision? Here are some tips to help you prepare and deliver a successful licensing pitch.

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1 Research your target market

Before you approach any licensee, you need to know who your ideal customer is, what problem your product solves, and how it stands out from the competition. You also need to know the size and potential of your target market, and how your product fits into the existing trends and demands. Doing market research will help you validate your product idea, identify your unique selling proposition, and tailor your pitch to the specific needs and interests of each licensee.

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Dominique Hoppe

?? Rédacteur en chef @Creativity and Innovation Network ?? Social Media Manager
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Focus on key elements. Start with a compelling elevator pitch, succinctly conveying the product's uniqueness and benefits. Provide a clear market analysis, showcasing the demand and potential growth. Highlight your product's competitive advantage and address how it meets the licensee's needs. Develop a visually appealing presentation, including prototypes or demos if possible. Emphasize the financial potential, illustrating the revenue model and profit margins. Clearly outline licensing terms, showcasing the value for the licensee. Build rapport by demonstrating your expertise and commitment. Lastly, be prepared for questions and negotiations, ensuring a collaborative and mutually beneficial partnership.

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Gregory Carson

Patent Attorney | Biomedical Engineer | Inventor
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Insights gained from your target market research will help you when negotiating agreements. Understanding the size of your market and the scale of deals provides valuable context for structuring your own arrangements. Additionally, insights from your target market research can also help you clearly articulate the unique value of your product in comparison to competitors.

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2 Protect your intellectual property

You don't want to share your product idea with anyone without securing your intellectual property rights first. Depending on the nature and stage of your invention, you might want to file a patent, a trademark, a copyright, or a non-disclosure agreement. These legal tools will help you prevent others from copying, using, or claiming your product without your permission. They will also show your licensees that you are serious and professional about your invention, and that you have something valuable to offer.

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Dr. Rolf Claessen ??

patent attorney ?? equity partner at Michalski · Hüttermann & Partner ?? youtuber ?? podcaster ?? TV jury ?? author ?? chemist ?? most importantly dad ?????? charity Rotary and JCI ??? patents, trademarks & designs
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It is curcial to file a patent application before (!) pitching to investors. First of all, most countries do not have a novelty grace period such as in the US. Secondly, the receiving end of your pitch could easily file a patent by themselves for your idea. You would have to then sue them for taking your idea illegally. However, in practice, this is very difficult, since the patent application then might also disclose features that have not been disclosed by you or you do not have written proof that you disclosed these features to the recipient of this information.

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3 Create a pitch deck

A pitch deck is a presentation that summarizes the key features and benefits of your product, as well as your market research, intellectual property, and licensing terms. It should be clear, concise, and compelling, using visuals, data, and testimonials to support your claims. If possible, include a prototype or demo of your product to demonstrate how it works and why it is appealing. A pitch deck should not exceed 10-15 slides and should cover the problem that your product addresses, the solution it provides, the size and profitability of the market for your product, how it compares to other products in the market, its value proposition for customers and licensees, its legal protections and status, its royalty rate, minimum guarantee, territory, duration, and exclusivity for the licensing deal, as well as the next steps for the licensing process.

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Courtney Laschkewitsch

?? Open Innovation Product Developer | Game Designer ?? | inventRight Coach | Serial Inventing Podcast Host | Creator of AR in Sell Sheets | Effervescent & Fervent Speaker
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Pitch decks can be helpful in the toy & game industry, but they aren't as common in other industries these days. 10 - 15 slides to showcase a product right from the get-go, automatically assumes they have time to review it - and many don't. If they do, they will skim it, and miss a lot of points. Start with a 1-page pdf called a sell sheet. It will include images of your product, often a storyboard of how it is used, a one sentence benefit statement that makes it unique to hopefully everything else out there, 3 - 6 benefit statements that are from 3 - 15 words each that talk about the emotional benefit and why behind what the feature is (ie - not that it helps you wash dishes, but that it saves you time), and your contact info!

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4 Find the right contacts

Once you have your pitch deck ready, you need to find the right people to pitch it to. You can use online directories, databases, trade shows, magazines, websites, and social media to identify and research potential licensees in your industry or niche. You can also use referrals, networking, and cold emailing to reach out to them and introduce yourself and your product. When contacting licensees, you should be polite, professional, and personalized, and explain why you think your product is a good fit for their company and customers.

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Dr. Rolf Claessen ??

patent attorney ?? equity partner at Michalski · Hüttermann & Partner ?? youtuber ?? podcaster ?? TV jury ?? author ?? chemist ?? most importantly dad ?????? charity Rotary and JCI ??? patents, trademarks & designs
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Who is the right person to talk to? You want to find the decision maker. This can be the CEO, the vice president sales, the vice president IP, ... do some research on Linkedin and other source, what the size and structure of the management is. Then think about who could be the decision maker for this case. Target this person as directly as possible. If this is not possible, it is sometimes better to "come from the top" (from someone more up in the hierarchy) than "from the bottom" (e.g. telephone call at the main number).

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5 Practice and deliver your pitch

The final step is to practice and deliver your pitch to your licensees. You should rehearse your pitch several times, preferably with feedback from others, and refine your script, slides, and delivery. You should also anticipate and prepare for possible questions, objections, or concerns that your licensees might have. When delivering your pitch, you should be confident, enthusiastic, and respectful, and focus on the benefits and value of your product for the licensee. You should also be prepared to negotiate and adapt your licensing terms if needed, and follow up with your licensees until you reach an agreement.

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James Jorasch

Founder Model Meetings // Science House // 780 Patents
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If you are new to the world of pitching products/services, you will definitely want to set aside *a lot* of time for developing a deck and practicing your delivery. I strongly recommend reviewing existing decks in the industry or technology of your idea. You can learn the typical language and types of slides used, and there may be common pain points in that industry that apply to your solution as well. If you need help with the delivery of your pitch, there are many ways to get help, such as: - Finding a local Toastmasters club that you can use as a testing ground of pitch options; - Finding an Angel investor group that holds regular pitch sessions. The feedback will be high quality, but you may only have one chance to pitch.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best ways to pitch your product to licensees?

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1 Research your target market

2 Protect your intellectual property

3 Create a pitch deck

4 Find the right contacts

5 Practice and deliver your pitch

6 Here’s what else to consider

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