Me and and my partners are the inventors of a new handtool. We presented it at a competition at our University and placed well (top 4 out of 30 teams) and got alot of great feedback on the tool and even had some industry people tell us they'd buy it if it were on the market. It was to my belief due to conversations we've had that the goal was to try and to try and license/sell the idea/prototype/etc off. We got a provisional patent and procured the help of some great engineers to develop the product even further and make an even better prototype. Now, one of the partners has brought to the table of use procuring investors and trying to take the idea to market (that means manufacturing, molds, sample orders, patent, etc). This ride was not one I was interested in or planning on taking. I'm an internet/online/ecommerce entrepreneur, it's where my experience and success has been. The handtool market is not one I have experience or knowledge and neither do I want to. They know I'm not really interested in going further as they plan and it's been brought to the table to me for me to cashout my % when they get investors.
To keep it short, def go for the licensing route if you're not comfortable getting into the manufacturing business. I've done it and it's tough. You should be able to shop potential licensors by going to the local hardware store and seeing the main brands on the shelf & going after them. You will need a good sell sheet. Listen to this podcast, bud, it will help: http://www.smartpassiveincome.com/how-to-get-paid-for-your-ideas/