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Preparing To Present Your Idea

Postby Andrew Krauss » Mon Jan 24, 2011 9:19 am

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Andrew Krauss
White Belt
Posts: 20
Joined: Mon Nov 24, 2008 10:41 am
I gave a talk this weekend at my Inventors Association where i went over the many parts of the licensing process and illustrated how a rookie Inventor would think vs. a pro Inventor.

Here's my slide on "Preparing To Present Your Idea"

Rookie – I understand my idea and think that this idea is great. Everyone else will understand it also and want it.

Pro – I’m going to run this idea by a few people to see if they get it. If they don’t, I’m going to make adjustments.

Take Away – Always seek feedback before presenting. You will almost always be off on something. You are to close to the project.
Keep Inventing,
Andrew Krauss

http://www.inventRight.com Co-Founder
10 Years and Counting

http://www.InventorsAlliance.org President
13 Years and Counting

Re: Preparing To Present Your Idea

Postby Roger Brown » Mon Jan 24, 2011 9:43 am

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Roger Brown
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Joined: Mon Oct 30, 2006 2:53 pm
Location: USA
Andrew, you are correct. Here are some posts I wrote that illustrate the need for Inventors to be prepared before they Pitch that idea.

Do You Know Your Product Before You Pitch It?

Do You Know Your Product Before You Pitch It? I have to say that from the emails I get asking for help 85% of you don’t. I am not saying this to be mean. I am saying it to get you to look before you make a huge mistake that costs you money, loses you family and friends, and lessens your chance to succeed.
I get emails daily asking for advice, help, company contacts, please review my idea, sell this for me,etc. The main issue I see with a majority of these requests is the lack of research they have done. They all are confident their product is the next million dollar idea and unique. What is strange to me is the shock these people have when I tell them their idea is not unique and is on the market right now. More than 70% of the time I find their product while I am still on the phone with them or within 15 minutes of receiving their email. My searching is not rocket science. I use the patent office website, Google’s version and basic word and image searching on my browser. One thing that might help some of you is searching using a narrower band. For example if you where to search the term Edison Nation in the Google.com search engine you get 2,670,000 results. If you put “Edison Nation” in quotes you get 6,670 results. This is definitely better to go through and your top results are normally closer to what you want. You can also search using the “images” feature and see what other products in your market look like.
Do your research before you throw money at your idea. If you don’t you are taking a high risk of wasting your money.

Please Practice your Pitch

Inventors put a lot of thought into their idea, prototype and sell sheet. They seem to forget at some point you will have to talk to someone about your idea. Being able to convey your products benefits to a potential buyer/licensee is a major part. Most Inventors skip this important point “What seems simple and clear to you may be gibberish to someone else.”
I have had numerous Inventors explain their invention to me over the phone and in person and after 5 minutes I am still not sure where they are going with it. They jump around telling you one point, then go in a completely different direction expecting you the listener to know that they changed gears.
It is like listening to someone giving you driving directions and then they are telling you how they used to live in that area and you should see their old house on this street, if you take a left instead of a right. And don’t forget to stop at X, which is on the other side of town, but they tell you how to get there too. Now, you don’t know where or what you need and what is extra stops and starts.
Practice your pitch so that you can tell it to anyone without stammering, stopping to think, or needing to look something up. You need to keep it at 30 seconds or less. You can have a longer version once you have them hooked and interested in learning more.
Get your facts straight and concise, KNOW your product. Sometimes too much info can be a bad thing.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.