Are you in a situation where you have a great product idea but simply don't have the financial resources to launch it to market? Frustrating isn't it?
Is there anything you can do apart from give up and forget the whole thing? The good news is that there is a lot you can do but the first thing you must do is get a little education. This will save you a fortune in the long run.
If you think your "product" has merit, you could consider product licensing. This is where you would allow another person to manufacture and market your product for you. Why would someone do this? Well if they are in a similar market already, they probably have existing customers that would buy your creation. What is to stop them simply stealing your idea and producing the item themselves? There are a number of legal safeguards in place to avoid this happening although I have to say that they offer no protection at all unless your agreement is set up properly. You have to be very careful when entering into negotiations of this type. You need to understand the game plan and abide by the rules. You also have to ensure that the other side does the same.
Will there be a huge number of people interested in licensing your idea? Well that depends really on the invention you have come up with. Despite of, or perhaps because of, the amount of innovation and creativity in most markets, there are a limited number of new ideas. What seems like a great plan to you may meet a lukewarm response when you approach other investors. But that doesn't mean that there isn't a market and that you don't have a potential goldmine on your hands.
You may find that your product idea has already been tried and it failed. But that doesn't have to mean the end of things. The previous launch may have happened when the market wasn't ready or was approached in the wrong way or via the incorrect medium i.e. should have been marketed online but was promoted on a TV shopping channel. An issue you may have is that "your" product idea may already be the subject of a patent. This can be checked out but there will be a charge applied for checking. So before you spend your money, you need to know a little about patents and how far the idea has been protected. Not all patents have been created equal and some of them have been registered incorrectly or only apply in one country. Patents don't always cover every nuance so there are all sorts of issues involved which you should educate yourself about if you are seriously going to pursue this idea. View more about Brand licensing agency
There may be other reasons why your product is not ideal for licensing. It may not be possible to manufacture it at a low enough cost to generate a profit when it is sold to retail at a price the market will bear. Finding ways to keep costs down so that there is an attractive profit margin when marketing the product is often the challenge facing new product producers.