A week ago I posted that in one morning, I brainstormed a product idea, did a product & and patent search, and contacted eight companies with the intent to licence the product.

A week later here are the results:

  • One company said they have enough products in the particular space
  • Two are interested! One said they would sign an NDA, the other has not yet replied to my NDA inquiry
  • One referred  me to a different department, I e-mailed the only contact on the company site so they were very nice about giving me a phone number to call
  • Four had no response … yet


Conclusion:
No too shabby, half of the companies got back to me. 25% are interested. I have not yet spent a nickle on anything!

Next steps:

  • Get an NDA signed: Cost: $0
  • Send more e-mails and make some phone calls: Cost: $0
  • Create a 3-D model virtual prototype: Cost: $0
  • Set up a website that will be my interactive eBrochure (better than a sell sheet) :Cost: $0

If there is sufficient interest, I may make a prototype. I may not even be needed. If my 3-D CAD model conveys the idea, it may not be needed.

Roadblocks
I hate making phone calls! I would never make it as a salesman. But in the business of inventing,you need to sell. Like Billy Mays said, “Life’s a pitch, then you die.”

If you have any tips on cold-calling please let me know via the e-mail link at the top of the page.

What about you?

If you want to pursue the same route I took with one of your ideas I can help you. Got to my company site, Inspiration2Innovation to get more details. I can create a 3-D CAD model, set up a website, etc. for you at very reasonable rates.

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