Have you visualized a groundbreaking product, but the thought of turning that dream into reality gives you cold sweats? You’re not alone. Many aspiring inventors stumble on the hurdles of product licensing, unsure of where to start or how to navigate the complex world of bringing their ideas to market. This is where the Inventor Lady comes in, a great solution for turning innovative ideas into profit-generating products.

Unlocking the Licensing Mystery

I recently had the pleasure of talking with Rita Crompton the “Inventor Lady” and asking her more about what she has to offer the Remarkable Venture community!  I learned that she has more than 15 years of experience in product licensing, product development support, networking, trade show navigating. 

With that much experience I couldn’t help but ask some questions and Rita was quick to share her insight!

Solid Product Licensing Advice

Rita, how many different industries have you worked with in licensing or getting products to market? 

I have worked with dozens of inventors over the years in a variety of ways not just licensing.  We usually stick to consumer products rather than software or big technology.  We don’t do windmills but will do home health care. 

What avenue has been the most successful from your different licensing strategies? 

Tradeshows are the best, then social media.  Cold calling is worthless. 

Give examples of particularly difficult licensing deals? How are you able to make it a success? 

Wow!  That’s hard.  I have been doing this for a long time.  Every deal has challenges.  Things I have learned over the years that help now to ward off trouble:

• Do a background check on a potential licensee.
• Make sure the inventor knows the reality of licensing.  There will not be an island in the Pacific purchased! 
• If the inventor insists they bring in their own attorney, I walk away.  Attorneys kill a deal faster than anything out there.

As a licensing agent, why do you choose not to require up-front payment?

No one can guarantee a deal.  If I take money up front and can’t promise a deal that is bad for everyone.  I get paid when the inventor gets paid.  I have skin in the game just like they do.  The ones who take money up front have already made their business model.  It doesn’t matter if a deal gets done.

A Great Opportunity – ASD Market Week

Rita was most excited to share the upcoming ASD Market Week at the Las Vegas Convention Center March 10th – 13th, 2024 where she is hosting a support program for inventors to showcase their products to a potential audience of 30,000 buyers and companies seeking innovation from all categories.  Each inventor is given a support coach to help them throughout the week.

Rita, do inventors have to be there for the full 4 days?

Everyone does what they can.  Some are there the full week, some for part and some can’t be there but we take the product.  I have staff that works all the products which helps those who can only be there part of the time or not at all. Come early if you can or stay late to help clean up.  We need both if you can!

What stage of prototype is necessary?

Sexy prototype is what we need.  You do not need product in a warehouse or even on the way to the US.  Yes, it is great if you do; but not a requirement.  This show for most of you is gathering information and interest in your product.  It is about finding the folks we can contact after the show for licensing.  You do not need inventory.  This is when you can gather information on pricing, packaging and general interest from potential buyers!  If you have inventory or can take orders: wonderful, but not a requirement!

Booth:  800 sq ft.  Our biggest booth ever!  Right by the concession area!

Cost:  $2,200 – $2,800

What resources are needed?

• Website link if you have one.  It isn’t a requirement.
• We need high resolution photos.
• Sell Sheet if you have one.  We can help create one if you don’t. I attached a couple new ones.  As you can see, photos are most important.  People look more than read these days.  Text should be bullet points.
• Video 60 seconds or less.