If you have more than one prototype, and the situation is appropriate, you might want to consider making submissions to more than one potential licensee at the same time. I have no set rule about this. I take it case by case, guided by experience. The decision is made easier for me if I have patent or trademark protection.

If a company asks you to hold off further presentations until it has an opportunity to review the item at greater length, set guidelines. In all fairness, some products require a reasonable number of days to be properly considered. However, if you feel the company is asking for an unreasonable period of time, seek some earnest money to hold the product out of circulation. The amount of time and money is negotiable. Also insist that the product not be shown to anyone outside the company, such as trade buyers.

The value of the multiple submission goes beyond having your idea reviewed by more companies at a faster pace: it may also set up a bidding war. I have done this from time to time, and it is an understood tactic of negotiation. Do not be timid about suggesting it, but do know when and where to do it—and only for special products.