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FAQ: How do I get a company interested in an idea/drawing?

Postby bottleslingguy » Sat Sep 29, 2007 4:31 am

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How do I get an outside company to look at my idea if I haven't built it yet?

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Postby Roger Brown » Tue Oct 02, 2007 8:43 pm

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A number of companies will look at outside ideas without a prototype. They do want a detailed drawing and a list of benefits for your idea. I rarely make a prototype unless they request it or I need to prove my concept. Some ideas are simply enough to know they will work just from a drawing.
You have to have a good pitch for your idea to get a company interested to learn more about it. You can't just say I have a better spoon. You have to list why it's a better spoon and what are its benefits. What about it will make a consumer want to buy it?
No matter what you send a company if they like it and want to go forward you can be sure it will get changed in some manner. It is what I call "What started out a Dog ends up a Cat" syndrome. The company may know a better shape or material to use to cut costs that you weren't aware of.
Here is a link to another inventorspot forum where you can see a presenation sheet I sent a company who licensed my Pizza Scissors idea based on that pitch. That is all I sent to get them inetrested and made the sale.

viewtopic.php?t=74
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.

When a company look at your idea

Postby parisgirl » Wed May 14, 2008 7:03 pm

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If a company make some changes to your idea like Roger says, MAKE VERY SURE to write a Clause that any improvements they make to your item will belong to you, I found this the hard way.

Postby snowie » Sat Jul 05, 2008 9:59 pm

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Here is a link to another inventorspot forum where you can see a presenation sheet I sent a company who licensed my Pizza Scissors idea

Hi Roger, I was trying to have a look at your presentation sheet but couldn`t find it, any chance I could see it. Thanks

Postby snowie » Sat Jul 05, 2008 10:00 pm

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"Here is a link to another inventorspot forum where you can see a presenation sheet I sent a company who licensed my Pizza Scissors idea"

Hi Roger, I was trying to have a look at your presentation sheet but couldn`t find it, any chance I could see it. Thanks

Sorry Roger, I found it.

presentation

Postby Roger Brown » Sun Jul 06, 2008 4:50 am

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Hi Snowie, Here is another one for the toy called Knockout Hockey you can see the final product on my website.
Image

Look at how much we improved the toy from the initial submission.

Image
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.

Postby bottleslingguy » Sun Jul 06, 2008 5:47 am

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It looks like the invention is the adjustable "playing field" that can fit on different sized (shaped?) tables and the "punching units". Is that a round "puck"? How durable are the punching units? Where they costly to manufacture? Did you design them? If it's confidential, that's ok. :)

invention

Postby Roger Brown » Sun Jul 06, 2008 6:10 am

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Hi BSG,

The puck is round and hollow plastic. The playing filed is adjustable to fit any small. medium and large table top. The punching units are very durable. They were the hardest to make. It took twenty one parts. I can;t be specific on the costs, but the toy sells for $20 to $29 at various websites, so you know they cost less than that to make and still get a profit.
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.

Direct Submission of an Idea Traps

Postby Mr Invention » Sun Jul 06, 2008 9:16 am

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I wish it were as easy as described to merely submit an idea or drawing to a company to generate their interest. I am assuming that you are sending a drawing to a company so that they will buy your idea. The really big companies won't even consider talking to you unless you first go and get a patent and when you do that an resubmit the idea they will send you a form letter telling you that they do not buy ideas and all of their ideas are in-house. I have seen this soooo many times. Also if in fact you do license an idea that doesn't really mean anything unless you receive substantial ($100,000+) monetary compensation for the same. I have know several people that have licensed an idea and didn't make any money at all. In most cases before any entity will license an idea you usually have to have the idea completed in all stages and if you reach that stage of completion, you might as well go ahead and market the finished product yourself if you have any marketing experience at all. I have seen what you are trying to do 100,000's of time by others to no avail. But as I have told over 500,000 people with ideas, don't give up your day job. Please be advise that having licensed one product does not make one an authority of the idea business. Even after my having got over 125 products to market (28% success rate which means I and/or my clients make over $100,000+ net profit), I continue to learn how to increase the chances of succeeding with my next product. This kind of success rate only comes, in my case, after having been in business for 60 years and using the trial and error method of succeeding to help to increase ones success on the next idea thus not repeating pass mistakes which can become very expensive (I like to mention or suggest that in fact there will be money involved in the idea business or any other business venture one gets involved in)

patent

Postby Roger Brown » Sun Jul 06, 2008 9:41 am

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I agree it isn't easy, but I have been successful 7 times in the last 5 years doing exactly that. I find companies that will look at outside ideas from Inventors, submit a drawing, and if they are interested license the product to them. I do this at less than $100 per item and in some cases as little as $10. You can see them at my website below.
I don't spend all that money making prototypes or paying for patents. I use an NDA and presentation sheet. There are plenty of major companies like Black and Decker, Kimberly Clark, etc that will review ideas in this state.
You mention having 125 items licensed. I would love to see some of them. Do you have a website I can see?
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.
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