The category your inventing in can be extremely important to consider. Especially if you are considering licensing your idea to an outside source. There’s no perfect industry but you should be aware of what you’re getting into. Certain categories like the toy industry or novelty gifts industry are more open to outside submissions than others.
The toy industry has been working with independent inventors for many decades, and is quite comfortable with the concepts of open innovation and licensing. Everyone in the toy industry is looking for that one big product because they know that if they find it, they could sell millions of units. It’s just that type of industry.
The novelty gifts industry is another one that is also receptive to outside product submissions. There’s always a huge appetite for new and unique novelty gifts. But watch out when inventing any type of seasonal gifts. You may have developed the most popular gift for Father’s Day this year but your product is only going to sell for a few weeks. Companies that sell novelty gifts only sell a certain amount and then they’re on to the next thing.
At New Product Consulting we make it a point to find companies that accept outside submissions for licensing in all categories. If you have the next big invention idea please visit us at New Product Consulting to get started.