Hey everyone, I'm new to the forum. I look forward to becoming an active participant, and I'm glad I found you all here.
I wanted to seek the expertise of those who have been there, as I'm approaching my first taste of potential success in product licensing.
I developed a product last year, created prototypes, filed the provisional patent, and built a good looking sell sheet. I have reached out to as many companies as I could find who might have an interest (willing to help anyone who is struggling with any of the aforementioned steps).
Now, one of the top three companies on my list is showing strong interest, and I feel a bit like a deer in the headlights. They say they want to go further and they want me to send them a prototype. They're a very large international company. My instincts tell me that my next steps are very important ones.
I have some specific questions, but before I ask - is there anyone who can help make some general suggestions to help me move forward?
Questions include - should I send a prototype at all, or try to deepen the relationship first? How do I navigate this?
If and when I do send a prototype, I'm planning on getting a NDA signed first, as I don't think it could kill the deal at this point. Thoughts?
Is it too early to get an attorney to consult with me on the negotiation?
I greatly appreciate any guidance you all can provide. I'm excited and want to proceed armed with as much knowledge as possible.