Here at InventionHome our goal is to get your product in front of companies and ultimately negotiate and land a lucrative license agreement for you. However, there may be times when some inventors find themselves with an opportunity to pitch their products directly to a company.
If faced with this opportunity, there is no need to be intimidated. We have pulled together some guidelines on what makes a great product pitch. The following tips can apply across all categories of products. If you are meeting with a company in order to pitch your invention, whether it is a household gadget or a medical device or a hardware tool, the bottom line is that 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 it. If you have (or can obtain) manufacturing costs or estimates, be prepared to share those as well.
Tip #3: Pitch Like a Pro
Be enthusiastic, but remain factual. If you say that “my invention is the only one of its kind” or “this is a million dollar idea”, it doesn’t really help your credibility. Tell your story. Define the problem. Keep it brief but not boring! If your invention is conducive to an on-site demo, then practice it at home and have all the props organized for a smooth presentation. If you cannot demo on-site (maybe your invention requires a hot oven as a prop), then try to provide a video demonstration to show as part of your presentation.
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!