Licensing is a great way to get your product to the market without all the risk and expense of going it alone. Companies pay millions of dollars every year in royalties to inventors and product developers.
One question I get often when it comes to licensing is, “How long will it take for the potential licensee to review my invention?”
The answer is, “It depends on the potential licensee you are submitting your invention to.”
Every potential licensee has their own time frame set for when they will be able to provide you with a decision. Remember some companies receive as many as 200 different invention ideas to review every month. Licensing an invention is also a big decision so it takes time.
I recently assisted an inventor in submitting his invention to General Electric. We received this response after submitting.
“Thank you for your submission. Your idea will receive careful consideration by the appropriate people in the GE Business selected by you. The review process may take four to eight weeks and in some cases more time may be necessary. We would appreciate your patience in this regard. When a decision has been reached, we will let you know the extent of GE’s interest.”
Another company we recently submitted to had this to say.
“Thank you for your submission to Belkin. If Belkin is interested in your product idea, Belkin will contact you. Otherwise, you will not hear back from Belkin about your product idea.”
These are just a couple of examples of the responses you may receive from potential licensees. Most will give you a response within two to eight weeks. The best thing to do in these cases is to sit back and be patient. Give them the time they need to make the decision. Don’t call every day and bother the person who you are in contact with. Nothing will turn a potential buyer off quicker than someone calling every day wanting a decision. Be professional in dealing with them and follow the procedures they have setup for evaluating your invention.
If you have a new invention you are interested in submitting to potential licensees including the show Shark Tank please visit us at New Product Consulting