LCW, I have worked with Hogwildtoys in the past and they did not require a prototype to submit your idea. They were very helpful and even recommended another toy company for my idea that did not quite fit what they were looking for at that time. I would suggest contacting them and asking prior to submitting anything. They may have changed their policy since we last spoke.

Lisa,
I would hold off telling anyone about your invention until you have cleared it through EE. It could jeporadize your chances with them. If they are like most companies they want to keep things under wraps until they feel it is a proper time to release it and get the most exposure for it at the time.

roger, hogwildtoys says they need a prototype so they can figure out the manufacturing cost. have you worked with them before and did you have to have a working prototype?

Can I tell my idea now since I disclosed it to EE for the show and was selected for final consideration ?

I normally don’t patent anything I am trying to license. One reason is cost and having over 250 ideas. It would cost me $24,000 just to do a provisional on each one and I start a one year time clock for filing my patent. Which is more expense.
Also, I have found that sometimes the original idea is drastically different from the final product that the company releases. It would not be covered by the original patent. So, you spent money on a patent you can’t use and have to file for another patent to cover this end product. I call it " What started out a Dog ends up a Cat".
If you go to my wensite and see the Power Pitch Horseshoes and could see what I originally sent in you would not recognize the two tiems. After the company was interested in the original idea and we discussed adding more playability I came up with additional features and it went in a different direction. The final product to me was better and difintely more marletable.

Should you have patent on what you are trying to sell the company or is having it licsened ok?

Don’t mail them anything until you have a signed Nondisclosure and have the correct person to address it to. If you just blindly mail it in care of invention submissions, etc the chance of it going nowhere is high. Look through their website for a inventor relations, marketing director, or legal employee. I will normally send them an email or call them to make sure they are the correct person and also ask for their nondisclosure prior to doing anything else. The companies that state they own anything you send I avoid. If you can’t find any info on their site i will cold call them and ask for the New product dept or ask the operator if they have anyone in charge of invention submissions.

I have marketing materials and a list of companies I would like to pursue. However, I am at a loss as to how to find the correct person in the company to contact about my idea. P&G and Kimberly Clark have dedicated channels for this, but alot of other companies do not. In fact, many of them have language on their website to the effect of “unsolicited ideas become our property and we are under no obligation to pay royalties, etc”. How would you recommend finding the right person to contact? I have a mailing address, but don’t know who to address to? Legal Department? Buyer? Any ideas would be appreciated. My invention is a wearable item.

All of my licenses have come from two dimensional drawings giving the benefits of the product. One thing I have learned is not to go in debt over your idea building elaborate prototypes that will be changed many times before the final product goes to market.
Look at the blurb on the back of any novel. It condenses down 300 pages of text into a couple of paragraphs. Based on that blurb you decide whether or not to purchase the book. You need to get your idea down to that condensed version. I have been told by more than one product reviewer that you have 30 seconds to grab their attention. If you can’t get your products benefits down in that amount of time how do you expect the consumer to get our products benefits when they see it on the shelf?

this is a great thread!

Do some research first on the comapny you are targeting. Look through their website and see if it lists contacts for specific areas. Some companies list their policy for submissions.
Here is an example http://www.hogwildtoys.com/ Look at their policy for submitting toy ideas.
Here is one for Black and Decker http://www.blackanddecker.com/CustomerCenter/Product-Ideas.aspx I know am Inventor that paid a marketing firm to get this contact info. He could have gotten it for free if he had taken the time to look through their website.

If you Google them you can sometimes find articles that list contacts within the company. That gives you a head start when you call them cold. Plus, before you call any company write down what you want to ask and any other important info. you would be surprised howmany people forget or lose their train of thought once they get someone of the phone. It makes you look a lot more professional and prepared if you have your ducks in a row.

When you get the chance to talk to a company, your primary goal should be to establish a trusting relationship with that company. Then you can find out what it is they really need. For example, you might be trying to sell the company a new napkin holder, but they are looking for new napkin dispenser, or napkin designs. Showing them your idea can help you establish credibility. But the next thing you want to do is ask, “what types of products are you looking for?” and “Is there a specific need you have or a problem you’re trying to solve?”

I used this approach with a company I had talked to before. They told me what they needed and then paid me to submit potential product solutions. Although the products never made it to market, establishing the relationship has been just as important and can lead to additional opportunities to “invent to spec.”

Companies are in the business to make money. If you can demonstrate that your product can do that, you will likely hold their attention. You need to show them that your product will be able to be made and sold for a price that people are willing to pay. Usually the sell price is 4 to 5 times the cost to make. I have only used real prototypes for showing companies. They do not typically have to be done as would be seen on a shelf, but likely should be fully functional. This will save money. Then you can back up your less than perfect prototype with a pretty virtual prototype.