Is connecting with VPs of Product Development on LinkedIn the best way to find a company to license or buy my patent?
There are a few companies that I would like to contact to see if they are interested in licensing or acquiring my patented design. They manufacture a large variety of products including accessories in the same category as my product, but without my design feature. Is trying to connect with their senior people in product development on LinkedIn the best way to go about this? If not, how should I do it? Thank you, Deirdre Frouge, Founder, Park Avenue Accessories
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In would try to to,it face to face if you pissi ly can
To,it...this is a sales process I believe...
It's a hard way to sell as basically you're looking for a needle in a haystack (finding someone interested to buy it). Sell it to the companies who have competiting products, (under a non-disclosure, non-circumvent agreement of course). You may have to chase after their biggest customer to drive the market.
Lead generation may be helpful here. In other words, obtaining the names and contact info in the position/industries you'd like; saving yourself the time and research so you can apply your full effort into reaching out to your target audience. I use lead generation all of the time, it's cheap and effective. Message me if you'd like to learn more, I'd be happy to share.
Well, I would have probably gone as per the following outline had I been in your shoes.
1. Your problem (question) is not whether connecting to VP's will help u but it's how you can best market /pitch your product.
2. Step 1 : As LE PETE says ' Start the patenting process'.
3. Do a mental analysis to find out what is the applications of your designed product.
4. Research the industries who need the applications.
5. Find out how they are doing it at present.
6. Work out the value addition your product has or will have in the future. This is the critical part.
7. Make a presentation with actual case studies.
8. Meet /Call the company's CEO ( depends upon the value addition bit) or someone lower. Pls do your research very well.
9. Sign an agreement and become a billionaire.(maybe write a check to me for 100 G )..LOL
Don't approach the VP's by linked in . All organizations are different and have different centers of power, irrespective what the Organizational Management Guru's say. While one VP may be able to help you, the other may be in the redundancy line but he/she won't tell you that. So you'll lose time and energy, which will demotivate you. Contact through phone and then by letter etc.
Hope that helps!
Suggest you contact your local score chapter for free, confidential advice.
They would be aware of attorneys as well as entrepreneur support groups.
Being a licensed patent holder you have all the powers .
Anyone would love to hear about your idea and the relationship avenue for business.
You can use social media like Linkedin it's perfect.
Make sure you are tapping the right target market who can optimize mutual returns .
But make sure you sell and discuss the idea one on one with everyone .There may be privacy or confidentiality issues discussing over the Internet.
Best of luck.
North York , Canada
No, don't do that. Two points: (1) design patents only protect ornamental features, and are generally easy to design around, so it's likely that whoever you show will just end up saying thanks, but no thanks but might very well adjust their products to add functionality that adds similar value for their customers but doesn't look that much like what's in your design patent. (2) Always go to the CEO, as she/he has the business's big picture in mind. Middle to upper managers may end up contacting you back, but they'll be supervised by the CEO, so take it more seriously than if you approach them directly. I did this for clients for 12 years, so feel free to contact me directly if you'd like to know more. There are many ways to mess up when licensing new inventions. I'd be happy to help you become aware of the pitfalls and how to avoid them.
I think the unconventional approach is to contact Patent Attorneys first about your creation. You must protect it, regardless of Titles on LinkedIn.
A lot of attorneys would be interested in a commission on deals to connect people together. Attorneys also like to make business deals and often do, because they deal with Contract Law, Software Law, Manufacturing Law, so it's a natural fit for them to be part of the deal.
That being said, start networking with Patent Attorneys, because what happens is they usually have a network of clients that are looking for new ideas to bring to market. I would go an INDIRECT way to start with
If your product is Software related, then create a mini-product prototype, and Mobile App is good place, IF you can fund it with small amounts
If it's manufacturing, then you really need to VET out the companies, and get yourself in the mindset of the Owner, their goals, their agenda.
That being said
Go to Clarity for help
you should be able to find someone who has done this or Patent Attorneys that can answer the best route.
No. Product development sounds very wrong for any external contacts. You need to find somebody with "external business development", "open innovation" or at least "licensing" in their title. General Business Development might be ok - at least they could help you navigate the company.