Creating A New Product With An Existing Manufacturer - Licensing?

[SparksCW]

My business deals in a certain electronic product.

I sell these products from a few key brands.

I can make the product better by combining the best features of all the current manufacturers and adding 1 new unique, problem solving feature which will open up more customers to a product they otherwise couldn't have.

My main supplier is UK based and I have a meeting with the director in two weeks time, they are a BIG company (but unlikely a name most will have heard of as the products are quite specialist).

I had contemplated designing and making the product myself, but that's going to involve big bucks, starting from scratch etc. I think this product MIGHT be receptive to Kickstarter, but it's still a big ask from someone who has no experience in manufacturing.

The company mentioned above has the money and resources to make my product a reality, and to be honest their existing product is 70% of the way there so they would be a very good base for the product. I'm pretty sure the director will be receptive to my ideas as well.

But what's in it for me?

Has anyone done anything similar before, how do I ensure that I can benefit from this?

 

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[Carnage]

My business deals in a certain electronic product.

I sell these products from a few key brands.

I can make the product better by combining the best features of all the current manufacturers and adding 1 new unique, problem solving feature which will open up more customers to a product they otherwise couldn't have.

My main supplier is UK based and I have a meeting with the director in two weeks time, they are a BIG company (but unlikely a name most will have heard of as the products are quite specialist).

I had contemplated designing and making the product myself, but that's going to involve big bucks, starting from scratch etc. I think this product MIGHT be receptive to Kickstarter, but it's still a big ask from someone who has no experience in manufacturing.

The company mentioned above has the money and resources to make my product a reality, and to be honest their existing product is 70% of the way there so they would be a very good base for the product. I'm pretty sure the director will be receptive to my ideas as well.

But what's in it for me?

Has anyone done anything similar before, how do I ensure that I can benefit from this?

From my understanding, you have an idea for a new product, but you don't want to deal with the manufacturing and distribution...etc.

You're looking at licensing and what's in it for you could be a licensing deal where you could get a royalty for every item sold or lump sum.

Stephen Key is the expert on licensing and there is actually a thread on this forum where he answers a ton of questions about licensing and how you can start with just an idea, protect it and bring it to market

https://www.thefastlaneforum.com/community/threads/one-simple-idea-stephen-key.30946/

Stephen's first post is about 3/4 of the way down the 1st page.
Good luck!

 

[JacobBW]

How did the meeting go @SparksCW ?
I've got an idea and am just getting started looking into patents and licensing - so will definitely be checking the thread mentioned by @Carnage

 

[SparksCW]

How did the meeting go @SparksCW ?
I've got an idea and am just getting started looking into patents and licensing - so will definitely be checking the thread mentioned by @Carnage

They liked the product idea and will likely move with it, but there won't be anything in it for me unfortunately.

I will investigate making it myself in the future, at the minute I know I can't fund it and my audience isn't yet big enough to sell it adequately. For now I will continue building the core business and building the audience until such a time I could make it reality.

 

[JacobBW]

They liked the product idea and will likely move with it, but there won't be anything in it for me unfortunately.
I will investigate making it myself in the future, at the minute I know I can't fund it and my audience isn't yet big enough to sell it adequately. For now I will continue building the core business and building the audience until such a time I could make it reality.

Fair enough, Keep going buddy!