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GreatFX Business Cards Small Business Buzz Getting Your Invention on the Market
Small Business Buzz
Getting Your Invention on the MarketA doubleshot of business news espresso with extra froth You’ve brainstormed for uncountable hours. You’ve killed a dozen trees working through designs and specs. And you’re in the process of registering patent. Now you need to sell this new invention of yours, but how? The Patent Instead of getting a patent right off, and spending quite a bit of money to do it, take the safe route and get a provisional application patent (which is approximately $100). This protects your invention from being swiped by someone else with a “patent pending” status (ever heard that phrase on a commercial?) for a period of one year. Before that 12 month period is expended, however, you must file for a full patent of your product. Know Your Market An effective way to find this out is to produce a survey, whether it be simply asking those passing on the street if they would like a product like yours on the market, or producing a survey on a website. Though it’s easy to ask friends and family members, it’s better to get the opinion of strangers. Potential investors won’t trust those close to you as well as they would trust someone you don’t know to provide an honest opinion of your idea. Pitching Your Idea It is best to target companies that are in the mid-sized range and experiencing some growth. Big corporations, unless actually in the business of purchasing new inventions, typically are not interested in such investments. And small startup companies typically don’t have the funds to purchase your idea. Additionally, don’t go straight to the CEO of the company. Executives at the top don’t have time to spend on looking into the potential of the product your offer. Your letter or sale sheet will probably end up straight in the trash. Instead, reach out to the company’s marketing or sales team. They’re the ones who are actually on the look out for new products. And, be aware that some companies actually hire firms to look for products that fit the company’s needs, so pitching your idea to these firms is also a good course of action. Once you’ve sent out your sales-sheets, wait a couple of weeks and, if you haven’t heard anything, call the companies you sent them to and ask for a meeting with a product manager to pitch your invention in person. Bring any and all specs, drawing and write ups you have for the idea. Be organized for your meeting and have a sales pitch somewhat prepared. Be ready for any and all questions about your product, including the hard and negatively geared ones. The more prepared you are, the better chance you have. What to Expect As I’ve said before, everything worth while takes time to achieve success. Source: Should You File a Patent on that Great Idea? Revisions to the U.S. Patent Law Under Consideration Expanding Your Business Overseas: Protecting Your Product Getting Your Product to the National Market By Michelle Cramer Monday, July 26th, 2010 @ 7:00 PM CDT Startup, Technology, Ventures | |
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