To Thyself Be True
One of the best traits about design professionals is also one of the worst: The ability to create and design in different mediums allows designers to enhance everything that they touch. Ideas flow like water down a river of creativity, gathering into a pool of guilt. The guilt stems from not taking action on a splendid concept for a new linen design or an ergonomic chair for children, or perhaps a new use for bamboo.
The reality is that while the ideas may be useful and unique, it doesn't mean that they should distract a designer from their core business of interiors. Licensing has captivated many people because of the allure of having one's name "in lights" and because of the perceived passive revenue stream.
While the occasional vanity surfaces, most people are looking to make extra money through their visionary ideas. Unfortunately, it takes a great deal of time and energy to have ideas translated into tangible products that can be sold. And once created, it doesn't mean that anyone will buy them.
This definitely is not a case of "build it and they will come." So what do you do if you still want to try and get your fantastic idea to the marketplace? Consider these steps to licensing and you might have a chance.
- Do you have a name that is recognized by the public? If not, you should find someone that does to co-brand with or consider just being a behind the scenes designer.
- Create a story that will position the product and target to companies offering opportunity – money, brand building, PR.
- Find appropriate companies with which to license or develop products.
- Identify product opportunities with the right partner and then develop them.
- Negotiating the terms is crucial and best handled by an expert.
- The designer designs and the licensee is responsible for the distribution and marketing. Without a plan in place for both, the product is not going to get sold.
So, to thyself be true. Do you really have the time and patience to see this new endeavor through? If you do and your interiors business can afford to have your mind elsewhere for awhile, then consider the crash-course in licensing you just had and engage a professional to help you. If not, refocus your energies on interiors and reap the rewards you will get from the extra attention you pay to it.
Thank you to Gregory Vargo Design Licensing for input on this article.
Lloyd Princeton
Design Management Company
(212) 777-5718
lloyd@dmcnyc.com
dmcnyc.com