How to sell an idea
Inventors and creative business people are always coming up with new business ideas or developing products that make life easier. It is important to know how to protect and sell your idea in order to bring it to life. Do not approach this issue from the point of view of a merchant, because it is much more important to create value that no one can reproduce.
How to improve an idea
Research the industry. The possibility of implementing an idea depends on its uniqueness, novelty, and relevance. Connect with industry experts you know personally or through other colleagues, read professional magazines, and follow the latest industry news. You need to know the answers to the following questions:
Has this idea already been implemented? If the attempt failed, then why is my idea better?
Who will be my main industry competitors to worry about?
What are the scale of profits and markets in this industry?
How quickly are decisions made and changes occur in the industry?
What industries or products are associated with this industry?
Am I interested in this industry? Is she worth my time?
Examine your idea inside and out. Be as specific as possible to create a more permanent and realistic product to sell. Prepare a bulleted list of answers to the following questions. Use the answers as the foundation for selling your idea.
Problem you solve: What problem does your idea solve? How many people can benefit from your idea? What other solutions exist at the moment?
Advantages and disadvantages of the idea: Why is your idea better? What does she need to be successful? What might not work?
Opportunities and threats for your idea: What is the size of the market for your idea? How profitable is it? Who are your competitors?
Learn the laws. Your idea must be legal for other people to sell and buy. You need to consult an intellectual property and patent lawyer to understand how to protect and sell your idea in accordance with the law. A lawyer can help you get:
a non-disclosure agreement that prohibits individuals from sharing the information you have given them;
a “patent pending” status that allows you to keep your idea for a short period of time while you try to sell it.
Test the idea. This stage will show the feasibility and value of your idea. Also, the tests will tell you how to improve the idea into a profitable product. Depending on the idea, trial runs can mean anything from iterating a functional prototype to starting a small hometown business.
Set deadlines. Do you want to complete the challenges in a few days? Or several years?
Use mistakes as opportunities for improvement. Something needs to be fixed? If so, then fix it right now or understand before selling why it can’t be fixed.
Write down your mistakes and lessons learned: An Inventor’s Journal proves that an idea and every iteration is legally yours, and creates story and context.
Even if you think the idea is good, you should consider how you can make it better. If this is not possible, then you can explain why your idea is the best possible.
How to create a prototype? Startup founder Helena Ronis argues that everything depends on the idea: “In the case of a mobile application, create a prototype of a mobile application, in the case of a web page, a prototype of a web page, in the case of a gadget, assemble a prototype as close as possible to the idea. You need to determine what is the closest prototype you can build to mimic the problem and solution of your idea. Then keep testing.”
How to find clients
Write a draft copy of a sales pitch. A sales pitch is the story behind your idea and its importance. Any speech you make should be a natural part of a conversation with a client, but now you need to create a story in order to have working material. You can write down a text, discuss it with someone you trust, give a presentation, or create an abstract storyboard. The speech should explain:
what problem do you want to solve;
how does your idea solve such a problem;
how to realize your idea;
what reward for the implementation you expect.
Write down your hard boundaries. These are the limits you are not willing to cross to sell the idea, including the starting price, which is the lowest amount of profit you want. Your rigid boundaries may include