Step-by-step Procedure in Selling a Product Idea
Promoting and selling a product idea to potential business partners may not be easy especially in times of recession when development companies and venture capitalists are cautious in making investment.
However, there is a step-by-step procedure in selling a product idea that will allow inventors and innovators to have a greater chance to get funding and sell their products.
While not all people who have a creative mind have enough funds to start-up their business, they can at least sell their product idea to other companies or deal with venture capitalists to get funding.
However, selling a product idea may not be easy especially in times of recession when venture capitalists and development companies are cautious in making investments. Inventors and innovators should also consider they are competing with other people who are also trying to sell their ideas.
To have a greater chance to sell a product idea, this is the step-by-step procedure people should do:
Make sure the product idea is novel
To avoid patent lawsuits, entrepreneur must ensure that their product idea has never been introduced in the market before. (They can check patent database from the US Patent Office.)
Determine if a product idea is profitable and marketable
No matter how great a product idea is, if there is no way to market and profit from this, then no company and venture capitalist is going to invest his money from any fruitless pursuit.
By determining how to profit from a certain product idea, people should also consider their potential target-market.
File a patent right to prevent others from using the same product idea
Doing this will also make it attractive to development companies and venture capitalists who always want to make sure that their investment has a legal protection from infringers.
Search the market to look for entities willing to make investment
Doing this is one of the most challenging aspects for people especially when there are other product ideas competing against them. However, they should try looking for potential buyers and venture capitalists in trade shows and industry associations.
Remember, finding the right buyers and venture capitalists is the first step in starting up a business which has the potential to prosper.
Tap the power of online media
Product sellers can create their own website to sell their ideas. However, they should avoid giving too much information to the extent that other business entities may steal their ideas.
Meanwhile, make sure the contact information is included in the website to allow interested parties to send their inquiries.
Make a background check for prospective buyers
To avoid scams, product sellers should know the background and viability of every prospective buyer. They should also refrain from giving to much information on their products to prevent others from stealing these.
Use the convincing power of words
People should present all the manufacturing cost and the profitability of a new product.
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