I’m not going to sugar coat it, so here goes… most inventor product pitches stink, and it has nothing to do with the invention.
The trouble is that many inventors misunderstand what’s important about their ideas to the person they are pitching it to.
Here are 5 mistakes people make when pitching an idea for licensing:
5. Too Long. Many pitches I am sent to review are wayyyy too long and share wayyyy share way too much detail for an invention submission. Imagine walking up to someone you want to date and trying to make a good first impression by handing them your autobiography. OMG TMI… A good product pitch is short, concise and targeted to the person you’re giving it to. Your goal is to engage the interest the other person in your solution so you can open a dialogue. Then you can answer their questions and share all those wonderful details and facts that prove why your product is a perfect fit for them right now.
4. Too Self Centered. Inventors often get so caught up in what their invention means to them, they can’t resist sharing their flash-of-genius stories when pitching their products. You have a limited amount of time in which to get your idea across to that decision maker so don’t spend it fluffing your ego. General rule: only explain how you came up with the idea when someone asks.
3. Not Personalized. You private goal might be to get ANYONE to license your idea, but you certainly don’t want to come across that way. When you present your idea to a company take the time to customize your pitch just for them. This might be as simple as adding their logo, but to have the best shot at landing this deal make sure you do your homework. You want to understand and then share why this company alone is so perfectly situated to take advantage of your opportunity.
2. Not Grounded in Reality. Nothing lets a seasoned product manager know they are dealing with an unrealistic inventor faster than hearing one of these phrases: “Everyone needs this!” or “There’s nothing on the market like it!”. These phrases show that either you haven’t done your research or your idea has no market. Make sure to learn the real size of your market along with who your competitors are so you can position your product accordingly.
1. Missed Mark. Inventors almost always share why the customer needs their invention, but many forget to answer the next biggest “why” question. Why is your product a fit for the company you are pitching it to? Will your idea expand an existing product line, take market share and retail space away from a big competitor, or perhaps allow them to expand in to a complementary category? The better job you do answering these questions the easier it is to get this company to give you that ‘Yes’ you’ve been working for.
Your invention may be just what your target company is looking for. Make sure to spend the time and effort editing your pitch to clearly communicate the opportunity.
To get more information on how to create a perfect pitch for your product, log in and check out the PitchPak module of the Inventors Blueprint training program.