Collaboration May Be The Answer You Are Looking For To Be Successful With A Product
By Andrew R. Spriegel
Here is a product that we have just started to commercialize successfully after 7 years of sitting on the shelf because it was 2 complicated. It is a drip-less baster that required tooling, $50,000+
We had received several licensing deals on the baster from numerous companies but all of the companies were offering pennies on the dollar, so we turned them down.
I was introduced to a marketing professional this year and we spoke about the products I have at various stages of development. When he looked at the baster he said “you don’t have to license the baster, you only have to license the valve!”
This is why collaboration is critical. We gave the marketer a percentage of sales and went from a position of weakness with the baster to a position of strength with just the valve.
At the Chicago Home and Housewares show this year we offered companies a non-exclusive license to make and use the valve for a royalty on each valve sold. Of all the companies we approached only one wasn’t interested. We showed the companies this video http://www.WonderValv.com and they realized without the valve their baster would leak and the basters with the valve wouldn’t…If we hadn’t brought someone else on the baster would still be on the shelf gathering dust.