Less time spent searching and more time spent finding is the Smart Way to Innovate.
Are you searching for companies that manufacture a products similar to the one you are inventing? If you are looking to license a product, it makes sense to look at companies that are in that business.
Here is a great resource to find the companies you are looking for. The site is called MacRAE’s Blue Book. And I thought Kelly was the only one with a Blue Book.
Yesterday I searched for “Pet Toys” and found a list of 69 companies. I sorted through the list and found a handful of companies that I was not aware of and that were a good fit.
Fit is important. You need to find compatibility or else you won’t get very far. Be sure that what you are presenting to them is a complimentary product and not a competing product.
This is referred to as a brand extension. A brand extension is a product that is an already established line of products (same product category) and has the same brand. Brand extension allows the new product the benefit of the existing product’s established reputation.
- Keep a record of the companies contact information. You want to build a database of contact names, phone numbers, web sites, and e-mail addresses for the next time you get an idea for the same category
- Keep a record of when you contact the company, the result of the contact including date and outcome
- See what products they offer and think of ways to improve them
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