Home  Marketing
| The Key to Selling Invention Ideas | November 19, 2008, 4:22 pm | visits: 29 | wordcount: 715
|
By Art Espey
Energy and persistence conquer all things
- Benjamin Franklin
These words were spoken by one of the greatest inventors in history. It was true in the 1700s and it is true today. Persistence and determination, the true spirit of entrepreneurialism is the key to selling invention ideas in today's rough and tumble market.
You, as the inventor will encounter countless naysayers who tell you that you're crazy or you're wasting your time. If you haven't encountered them then you either have kept your new invention a secret or you have not tried to develop it and bring it to market.
Even James Garfield, the 20th President of the United States doubted the value of the telephone. Talk about missing the vision. The world is full of people who won't share your vision or passion for your invention, the problems it solves or the benefits that it brings to society.
As an inventor you have to be passionate and visionary without being obstinate and stubborn. Communicate the benefits that your invention brings to society. Tell people how it will improve their lives by saving them time or money or making their lives safer. Tell them how it is better than the alternatives. Your invention has to solve a problem and fulfill a need to get attention today.
Great invention ideas are money magnets. If your invention fulfills a true need than you can attract invention capital. Get a mock up prototype that either shows what your invention will look like or performs its basic function. It is best when this mock up prototype can do both. At a very minimum it must be something that a potential investor or partner can see and feel, touch and hold.
Once you have your mockup prototype be very proactive in identifying all of the potential investors or partners who are interested in your type of product. A quick way to find out the top two or three potential partners is to visit stores, outlets and distribution centers that either handle your type of product or service your target customers.
Strategic companies are always looking for new products to edge out their competition. They are always looking for the next new thing. Showing them how your invention can fill their customer's needs is one of the keys to selling invention ideas.
Your initial pitch to potential partners should be short and to the point. It should be concise but professional, and do we have to say grammatically correct and error free. Focus on the problem and the benefits of using your invention as the solution. Focus on the advantages and leave the door open for questions.
Great performers always leave their audiences wanting more, and you should be no different. It is much better to engage a potential investor or partner by answering their questions than to give them a full blown power point presentation with all the answers (from your perspective) and getting the polite nod. The polite nod usually means no – not interested – have a nice life. It is the deathblow to selling invention ideas, at least to that potential investor or partner.
Communicate your vision of sales and distribution, but leave the door open for the experts to tell you what they think. Your partners, whether they are investors, manufacturers or distributors may know your target customers a lot better than you do. You can kill the deal by not being open to their input. Every successful new invention is the result of teamwork. Your new invention is no exception.
Finally, be reasonable with your expectations. Investors, manufacturers and distributors all have to get their cut. We will never know how many inventions never made it to market because the inventor wanted all the money for their ideas.
Greed has killed more opportunities than it has created. It has caused more pain and suffering than it has relieved. Greed can leave your invention on the shelf in your garage and keep you from selling invention ideas. Share the wealth, have reasonable royalty or revenue sharing expectations and you can expect to have some success. Being greedy will kill the goose that could lay the golden eggs.
Follow these guidelines to turn your idea into revenue. Of course there are thousands of minute details that you must take care of but these are the key concepts to selling invention ideas.
Art Espey offers inventor education and invention assistance. Art can be reached at www.4steps2.com.
Source:www.isnare.com | |
|
|
|
| |
|
| Related articles... | |
|
|
|
|
Set this page as your
home page
Add this page to your favorites:
|
|
|
