HOW TO GET YOUR INVENTION IDEA IN THE RIGHT HANDS
If your goal is to get a license agreement with a major manufacturer, sell your product to Walmart or find an investor with great resources to finance your project, you must create a proposal to convince someone to do something.
Your proposal must convince your target audience that they will benefit from your product. Entrepreneurs lose sight of this when they try to sell or license their products. Nobody wants to know how good or better your idea is, they want to know that people will buy it.
STEP 1: CONDUCT A RESEARCH
You must first determine what the needs of your target audience are by studying and conducting a thorough market research. In general, you can find a summary of a company’s history in the library in journals or online section. You can search Google, Yahoo or go to Hoovers.com. You can also locate the company’s website and search its “About Us” page. Watch your press releases, especially the most recent ones.
Using these sources, you can determine the direction a company will take and determine if your product fits your current or future product line.
STEP 2: LOCATE THE PERSON RESPONSIBLE FOR MAKING THE DECISION
Find out who the key decision makers are. This is usually the product manager, the vice president, the president or the owner. The best way to find out who is responsible for licensing or adding new products to a company’s product line is to call and ask. Many companies have departments for this now.
Whether it’s a service or someone, someone is waiting for your call. Most companies are looking for new products, and even if your target company is not actively looking for new product ideas, no one will reject a money maker. Good ideas never have a problem finding a home, especially if they are professionally presented.
STEP 3: HOW TO CONTACT YOUR TARGET
After studying some of the companies in it’s preferred and determined market for which to submit proposals, start contacting them. Phone calls are more efficient and faster than e-mails. Call and ask for the name of the person responsible for adding new products to the product line. Ask for the name of each person you are talking to, starting with the receptionist.
STEP 4: MAKE YOUR INITIAL VERSION
Once you reach the right person, introduce yourself and say, “My company has developed a product that we believe fits your current product line, what is your protocol for reviewing new products? Then, listen and write all the key information and follow it to the letter.
To prevent bullying, if you have never done this before, keep in mind that you are waiting to receive a phone call from someone who really has a monetary income creator will grow your business.
So tell them that “I think this product will significantly increase your company’s revenue.” Every company likes to hear that phrase and get their interest right away. Now you can say in which category product is correct, but no need to describe his invention.
STEP 5: CONFIDENTIALITY AGREEMENT
Ask him to sign a confidentiality agreement or ask him to sign you. In any case, enter an agreement indicating that you will show them confidential information to consider for your company’s product line.
WARNING: IF THEY WON’T SIGN A CONFIDENTIALITY AGREEMENT
DO NOT SEND YOUR PROPOSAL. You need to then first file a Patent Application to preserve your rights. Get with us a Bold Patents Attorney to take care of this. Visit www.boldpatents.com or call 800-849-1913.
STEP 6: SEND YOUR PROPOSAL
You can now send your proposal with peace of mind:
1) they are waiting for you,
2) they want to see it and
3) They will not steal your idea.
Always remember to be professional, knowledgeable and flexible to negotiate. Send your package with a cover letter that repeats what has been discussed. Seal or print the “REQUIRED MATERIAL” on the package, then call to inform them that you are on the road. Contact the company about two or three weeks later, with enough time to review, assimilate, judge and reach conclusions.
Bold Patents is a leading profession legal firm with a focus on helping inventors and business owners secure top-quality patents on their inventions. The process of getting a patent from the United States Patent and Trademark Office (USPTO) is called ‘patent prosecution’, and that is our primary focus. We specialize in aerospace, healthcare, and software innovations – and stand ready to help in almost any other area of patent law including utility, design, or plant patent applications. For many inventors and emerging businesses, protecting inventions (as well as other areas of intellectual property) is a big deal and often causes a lot of stress and anxiety. Our goal at Bold Patents is to take the stress and worry off your shoulders and put it squarely on ours.
Founder, Bold Patents Law Firm | www.boldpatents.com | 800-849-1913