Hi Lisa, I met you at IMPEX last June. I have the EZ Sleep Travel Pillow. I think I would rather license the pillow out to someone else. Do I inquire with several companies at a time or do I get a response before moving on? Can I go to a store that has it's own brand, like Target? How do I approach them? What do I say and to whom do I say it to? I know I don't want to sell the patent. Can I have a licensing agreement with more than one company or do I give them the opportunity to have exclusivity? How long does something like this take? Is it reasonable to think I can have something in place in a month? I have never negotiated for anything, except on the beach in Mexico, I think this is a bit different! Please help!!!!

Thanks,
Pam

These are great questions!

I think I would rather license the pillow out to someone else. Do I inquire with several companies at a time or do I get a response before moving on?
--- I never put all my eggs into one basket. I contact everyone and don't stop until someone makes an offer.


Can I go to a store that has it's own brand, like Target? How do I approach them?
--- Generally, the answer is "no". However, this is changing. None of the retailers are set up with any policies for licensing, so as a rule of thumb it is better to start with the distributors who understand licensing.

What do I say and to whom do I say it to?
--- I call the companies and ask the first person if they license products. and if so, what is their submission policy.

I know I don't want to sell the patent. Can I have a licensing agreement with more than one company or do I give them the opportunity to have exclusivity?
--- Generally "no". Most companies only license on an exclusive basis.

How long does something like this take?
---There is no rule of thumb here. I have done things in as little as 2 weeks, but I knew the people and had an established reputation in the industry of success. On the other hand I have known people that it took many years to license.

Is it reasonable to think I can have something in place in a month?
---That depends on who you know

I have never negotiated for anything, except on the beach in Mexico, I think this is a bit different! Please help!!!!
---That is cute! It's all about creating a win/win! This is not an easy subject to broach. If you have not already, I recommend you listen to the "Now What?" course on this site.

For more answers check out:
http://www.ideatango.com/content/section/10/32/

Happy Inventing!

Lisa

Thanks that gives me someplace to start. Is there some standard verbage when approaching companies to license my product? Pam

Thanks Lisa, as I said before I am still trying to learn how to use this website and I'm not sure if you got my last message or not. If you didn't, the question was; "Is there some standard verbage that I should use when contacting these companies about licensing my product? Do I ask for someone's name in the Licensing department (if they even have one),or just send it to whom it may concern?

I do apologize if you already saw the question, but have not had the opportunity to answer it.

Yes. It is pretty simple. Just ask what their invention submission policy is. If they have one, they will tell you right away. If not, you can just ask who the right person to speak with about licensing inventions would be.

You are doing a GREAT job using the site. I have just been traveling and a little behind.

Lisa