Being an inventor is one of the most prestigious things in today’s society, and it has always been that way ever since the earliest civilizations were formed. Inventors are people who keep the world turning and without their creative ideas, life wouldn’t be even close to what it is these days.
Inventing in the old times and these modern ones are two completely different things. The main reason being that we already have a lot of things already created by other people, and we need money to bring our ideas to life.
Back in the day, inventing the wheel might’ve been something that seems simple to the average modern human, but every creation has its value and purpose. Without the older ones, we wouldn’t have the newer ones, and so on and so on.
In this article, we are going to talk about some of the best ways to sell your invention ideas to companies, because we all know that the modern investor needs to pitch in front of an investor if they want their creation to see the light of the market. Are you interested in learning some more? If the answer is yes, feel free to stick around with us until the end.
1. Create an accurate description
To be able to present your invention idea to a company, you need to have a very accurate description, one that is not too long or too short. This description will be used to “portray” what you have in mind, and you’ll have to convince the investor to give you a large sum of money with it, so be careful what you’re writing down.
One of the best ways to create this description is to learn something that’s called “pitching”. It’s a method of explaining your idea to a person in less than ten seconds. Talk about what kind of a problem you’re going to solve with it, or what kind of an audience you are trying to target with your creation. Be creative but keep it short and concise.
2. Investors are interested in profit
It’s a very cool thing to design something that will get you a lot of glory and fame, but investors aren’t interested in that. Business is business, and people who lend you money for your ideas are interested in earning a lot more in return, so try to ensure them that whatever it is that you are going to come up with will bring them their money back, at least what they invested, but preferably a lot more.
3. Create a business plan
No matter how creative and artistic you are, you just cannot deny that being an inventor is a part of the business world, meaning that you’ll have to make a business plan for one of your upcoming ideas.
This isn’t as scary as it sounds, although most of the time you will have to spend more than a week making it, or if you are completely unfamiliar with the process, you can work closely together with a professional plan-maker. For more information, you can always visit InventHelp. Remember that a business plan has to include everything in-detail from beginning to end when it comes to your invention, so don’t miss out on any little details, even though you think that some are not so important.
4. Be precise in your request
When you are requesting a sum of money from an investor, the one thing that they will be interested in will be the amount of money you’re asking for from them. This means that you will have to previously determine exactly how much funds you’ll need to finish your project because without an accurate number nobody will even try to continue with the further steps.
5. Try to explain why your product is different
As we mentioned at the beginning of this article, the modern human being already saw a lot of inventions these days, and we have so many things, most of which we don’t even need. Although that’s a very good thing, to have a solution for every small problem in life, it makes it a lot more difficult for your product to start selling, simply because there might be an already-existing competitor that’s successful.
However, if you manage to convince the company that you’re trying to get an investment from, that your product is very different and has the potential to be the number one on the market, you will get your funds sooner or later.
6. Think of a competitive price
Although the pricing of your product is something that you have to do together with the investor, and your marketing agent, it’s still pretty nice to have at least a symbolic price that you’ll pitch in front of the people who are interested in funding your project.
7. Make sure to patent your idea
Before heading to pitch your idea for your upcoming investment, it’s more than recommended to patent it as yours, just in case, somebody else wants to bring it to life before you do. A lot of people lost their world-changing ideas like this, and we do not want this to happen to you, so make sure that you and your idea are both protected before you go out in public with it.
8. Create a prototype design
Last but not least for today, the final method to grab the attention of investing companies is by creating a prototype design of your product, something that can represent a close-enough version of the final product. When it comes to creating a prototype design, according to CurrentComposites, it’s very important to include all of the key features of your invention, but also let the investors know that it has flaws and it’s not yet perfected, meaning that there is still a lot of room for improvement.
By creating a prototype, you are showing others that you are already very deep in the creation process, and your idea is no longer an idea but instead a project that you’re carefully working on and slowly bringing it to life.