How Often Should You Follow Up With Your Licensee?

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• published: 09 Aug 2016
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inventRight coach David Fedewa explains why staying in touch with your licensees is essential. If you want your product idea to make it to market, it's a must! He also explains how to keep expanding your list of potential licensees. And finally, he explains how he licensed his first idea. InventRight is a one-on-one coaching program that helps people license their ideas http://www.inventright.com Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how they can help you license your ideas. Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work” (http://amzn.to/1LGotjB). inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies. Welcome to the ask David Fedewa show, I am your host David Fedewa and I am here to answer any one of your inventing questions. Cool, I want to get started out today with Maria. Maria has got a great question here, I am going to follow up with Bando Helium cannot pronounce your screen name but, we will get to that question second. So, “thank you for sharing your expertise I am an interested licensee we met. They have tested my prototype, cool, not very common. I have only met one of my potential licensees after we really carved out a deal so, it is not very common. So all those people that worried about flying somewhere that is not something you have to do. So, they proposed keeping in touch every couple weeks as they formed a new company. Alright, Maria, this puts me on the rocks are they doing a start-up where that if you could post a follow-up question underneath here to let me know like is this a start-up wear that because licensing a new innovation to a start-up is a difficult proposition you can lose your electrical property lose your intellectual property rights but if you assign them to them and you know start upstairs there are so many things that can happen to be very careful as you move forward with somebody that is forming a company. Now if it is a company a major, major company that is forming something to handle your product specifically because they are branching out awesome, love it. Sometimes I am not hit back from them for more than four weeks. Maria, it is common, I had a potential licensees working on them contact twice a week at least calls emails going back and forth. One day, did not even say a word disappeared. I call them when we gone two weeks could not get a hold of them, called the secretary. “Hey, you know leave me a voice message I will get back to you three weeks, four weeks, five weeks, six weeks”. You finally shoots me an email and says, "hey, we are at a trade show, we knocked it out of the park, we are back on our A game working on your project let us get moving it forward”. That was it, that was the only thing that he said about being gone for six weeks and that is what happens when you are Licensing vs. Venture. Adventuring you have more control over that time licensing, you do not because you are relying on another company to move your project forward and so realize that. Be calm within but move things forward as your project progresses. When I reach out to them they respond back by email with brief updates perfect there in correspondence with you there they are making that interaction a lot easier. I do not want to be a pain but I also do not want to ignore their initial proposal by monthly updates. So, Maria, it happens they fall off the map they come back people switch so just stick with them this is mine, my idea of what happens you have got a marketing manager you got whoever that individual is within that company and he is got a stack of projects on his desk, and as he moves through those projects you working I want getting stuff done and passes it off to somebody else and your project starts to sink down in that pile and when you call them and you contact them you follow up and even just a simple email, “Hey, how's it going? Is there anything I can help out with”, Oh! Here, let me pull that project out, let me see where it is at. Let me contact my manufacturing got, let me reach out to marketing see where they built this thing and where we are going with it. Okay, perfect, that is where it is at. Let me get back to you Maria, let you know, let that put you right back on top of the pile.