Has someone already implemented my idea? If they weren’t successful, is my version better? What are top industry competitors concerned about? How large are the profits and markets of this industry? How fast does this industry make decisions and change? What other industries or products are related to this industry? Do I like this industry? Is it worth my time?
The problem you’re solving: What problem does your idea solve? How many people could benefit from your idea? What other solutions currently exist? The strengths and weaknesses of your idea: Why is your idea better? What do you need for your idea to be successful? Why might it fail? The opportunities and threats to your idea: How large is the market for your idea? How profitable is your idea? Who are your competitors?
a nondisclosure agreement, which disallows individuals from sharing information you told them “patent pending” status, which allows you to retain your idea for a shorter period while you try to sell it.
Create a timeline for yourself. Do you want to accomplish these test runs in a few days? A few years? Use mistakes as opportunities to improve your idea. Does anything need to be fixed? If so, fix it now, or understand why you cannot fix it, before selling it. Record your mistakes and how you learned from them: an inventor’s logbook proves the idea and each iteration are legally your own, as well as gives a history and context to your idea. [2] X Research source Even if you think you have a good idea, try to see if you can make a better one. If not, then you can explain to others that you have the best idea possible.
what problem you want to solve how your idea solves that problem how to implement your idea what you expect the payoff of this implementation to be
A timeline: how much time are you willing to dedicate to this idea? Industries: are there any companies or industries you are not willing to work with? Finances: how little money will you be happy with, and how much money are you willing to take? Values: what of your idea and beliefs are you willing to change to sell? Do you care most about the impact, profit, or relevance of your idea?
Keep the longer list of potential buyers in case you have to go back and adjust your strategy Keep an open mind. Look at companies who are growing or failing. Use personal connections to open conversations with buyers. Know whether you plan to sell your idea once to one buyer or multiple times to competing buyers.
Schedule a meeting in a neutral and appropriate zone. This could be anywhere, from the conference room in a company’s building to a coffee shop. Schedule a time so that you can arrive on time and prepared.
What is this buyer’s market and price point? Who are this buyer’s competitors? What does this buyer want in the next 5-10 years? What are this buyer’s strengths, weaknesses, opportunities, and threats?
A nondisclosure agreement or similar legal paperwork Your inventor’s logbook or other proof of concept Business and operations documents that show projected profitability, market size, cost of implementation, and other benefits for the buyer
Practice out loud and with a friend. Practice with appropriate material. If you need documents detailing market value, expected growth, sample advertisements, images of a full-fledged product, or legal paperwork, then use them during practice. Practice until you are confident that you know your material and can manipulate it comfortably in a dynamic conversation. A speech is not engaging; a question and answer session is. Practice negotiations skills in particular.
Look online. Is the CEO of this company wearing jeans in his picture on the homepage? If so, you can probably also wear jeans. Check out the meeting venue before going there, if applicable. Is everyone else dressed in business casual? Consider dressing in business casual. Think about the impact of your idea and product. Are you pitching your product as a cutthroat tool for the most professional industry experts in traditionally operated firms? If so, consider wearing business formal.
If you need to use the restroom, do so before the meeting. If you need to give yourself a confidence pep talk, do so well before the meeting.
Keep your pitch simple and straightforward. Avoid overly-technical jargon, especially when your audience will not understand it. Tell a story by incorporating numbers. For example, you can tell a story about a potential consumer needing your product in his or her everyday life, then add in statistics to show how many consumers in Europe would find that story, and your product, applicable.
Consider and communicate with other buyers Read the fine legal print and have a lawyer look over it Communicate with the buyer about changes. This can take multiple meetings.
Keep your line of communication open with the buyer in case a future opportunity opens If the deal or sale is successful, document it with signatures and official papers. Have proof of the sale and its terms for both yourself and the buyer.
