How To Pitch Your Idea to CompaniesJune 30th, 2011 by InventionHome | 2 Comments
In light of our upcoming DRTV Product Summit (September 28, 2011), we thought a few words here on what makes a great product “pitch” would be beneficial to our readers.
In preparation for the Summit, we put together some guidelines specific to the Direct Response (infomercial) industry, but in reality many of these tips can apply across all categories. Bottom line is… if you are meeting with a company in order to pitch your invention, whether it be a household gadget or a medical whatzit, proper preparation will increase your chances of success.
Tip #1: Educate Yourself
This means know the category/market into which your invention falls. Clearly understand the “problem solved” and consider objectively just how big that problem is. Research other products that solve the same problem and know their shortcomings.
Tip #2: Know Your Product
Know the patent status of your invention (and for that matter, of any competitive products/prior art, too). Clearly define the benefits and features of your product and compare/contrast with your competition. If you have sales history, be prepared to share. If you have (or can obtain) manufacturing costs, be prepared to share.
Tip #3: Pitch Like a Pro
Be enthusiastic, but remain factual…to say that “my invention is the only one of its kind”, or “this is a million dollar idea” don’t really help your credibility. Tell your story… define the problem… but keep it brief (not boring!). If your invention is conducive to an on-site demo, practice it at home and have all the props organized for a smooth presentation. If you can’t demo on-site (maybe your invention requires a hot oven as a prop), can you provide a video?
Should you find yourself face-to-face with a company evaluating your invention, we hope these tips come in handy and wish you much success!