Licensing a new product idea is not easy. Here is some inside
knowledge to help ensure your idea has the best chance.
The first thing is to think your how your idea will look to the
Head of New Product Development or Technical Director of a company.
They are likely to have a list of twenty odd ideas that they are
currently considering working on, that they have come up with
through working consistently in that market sector for years. They
have probably ranked these ideas using a suitable idea assessing
criteria and have a range of ideas ranked from 'no-hope'
through to 'Wow'. Most are probably ranked good but with a
few issues to be overcome.
The company's product development team will be working on
new products currently and several will be at various stages of
development. Into this process comes an entrepreneur with a new
idea. The company know that months of assessment, validation, IP
due diligence checks and negotiations will follow should they like
the idea.
