You’ve submitted your product. You’ve patiently waited for a response. Okay maybe not quite patiently. And then, finally, the moment arrives! But when you open the letter or e-mail you’ve been anticipating, you discover that your idea has been rejected. It’s a Dear John letter. What do you do now?
Please, don’t be crushed. Having your product idea rejected isn’t the end of the world, I swear. I too have felt that way. But after being rejected so many times, I’ve accepted it as part of the process. Take the time you need to collect yourself. The most important thing you can do is to discover why your product was rejected. This information is extremely important to your future success. How can you go about discovering why? By calling the company and asking. It’s as simple as that.
Ask someone who is familiar with your product in the company or the submission process to spend five minutes on the phone with you, or even two! Maybe your product wasn’t there at the right time and was never reviewed by the development team. If so, you could resubmit the idea at an appropriate time. Maybe the potential licensee had too many different ideas on their plate. Maybe there was an element of your product they disliked that you can fix. If they indicate that your product was too expensive to produce, you could resubmit it to them if you find a way to cut costs. Maybe you could approach them again after having done some of your own research about price points and manufacturing costs. If you receive four, five, seven rejections, you may want to reflect that upon the possibility that your idea isn’t the great one you thought it was. You might need to table the product for a while and come back to it later with a fresh perspective.
If you never get this information, you’re going to be in the dark. How can you move on without any direction? Please do everything in your power to get this critical feedback. An additional bonus is the relationship you’ll be forming with the company, whom are likely to remember you. Professional inventors come back to a company again and again. Good luck!
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 30 years. Along with business partner
Andrew Krauss, Stephen runs inventRight,
a company dedicated to educating inventors about selling their ideas
and the skills needed to succeed. You can listen to the weekly radio
show on inventing. Get In The News, list your invention to have media
outlets find you for news stories.