PRESENTING YOUR PRODUCT
With the Product Development Work Behind You, It's Now Time to Begin Presenting Your Product to Interested Companies. Here's How.
By James F. Riordan
Making a product presentation can be a daunting prospect, especially for first-time inventors who have little experience with presentations. Fortunately, you can still make a professional pitch for your product by focusing on its strengths and spending ample time on preparation before the big day arrives.
Your first presentation should be to the best prospect on your list. First call the main telephone number of the company and ask for the number of the company president or for the vice president in charge of the the division you're interested in approaching (you may get these names from the firm's annual report or a Standard and Poors listing). The next step is to call their office and introduce yourself to their executive assistant. Tell that person you have a great idea for a product or technology which fits their line perfectly and that you would like to submit the idea to the company. But DON'T TELL THEM WHAT THE PRODUCT IS YET.
Ask them to please send you their standard "product submission" forms. When you receive the forms, you must have your patent attorney review them to be sure you'll not lose any patent rights by disclosing your idea to them. If your patent is already on file, it is generally okay to disclose the product to the company. However if you disclose it to them before your patent is on file, you can lose your foreign patent rights. After you have completed the submission forms, you should always try to set up an appointment to present the product IN-PERSON, to the president or vice president. If you can't afford to go in person, ask for their promise that they will return all information, literature and prototypes to you within 30 to 60 days.
If you are given the opportunity to present the product in person, show up in your best suit or shirt and tie. Get a haircut. Be sure to ask how many people will be attending your presentation and what their names are, so that you can prepare a presentation booklet for each of them. Be sure to bring or send extra copies so extra attendees will be able to join in at the last minute.
If you are given the opportunity for an in-person presentation, always be sure the key players will be in attendance. You do not want to waste your time with people who can't make the decisions. Be prepared to explain:
* How the product fits in with their present product line* Why it does not compete with their existing products
* Why it will be easy for them to manufacture
* What materials the product will use
* What the cost of goods sold will be
* Why it will be easy for them to distribute
* Why there is a need for the product
* Who will need it and buy it
* How many buyers there will be
* How you plan to educate the buyers about the product
* How profitable the product will be for the company
* How many different applications there are for the product
* How many additional products and accessories can be developed for the line
* The protection opportunities for the product, including patents, trademarks, etc.
* Any safety or liability issues and any applicable test results
* The amount and intensity of present competition and projected future competition
* Your background, education and ability to support further product development
You should refine your presentation to the point where you can present it within about 15 to 20 minutes, including slides, videos, etc. You can then open the meeting to questions from the attendees. The more time they spend with you after your main presentation, the more they like the idea. It's okay to inject some humor, but don't be a joker.
NEXT ISSUE: More on Presentations
The above article was taken from James F. Riordan's classic book, HOW TO EVALUATE THE POTENTIAL FOR SUCCESS OF A NEW PRODUCT OR TECHNOLOGY. Riordan's highly-acclaimed, 36-point system is a valuable tool for inventors, product evaluators or anyone interested in the invention process. Each section is followed by a comprehensive questionnaire that can be used to evaluate your product.
The highly-recommended book can be ordered by contacting the James F. Riordan Company, 3110 Camerosa Circle, Cameron Park, CA 95682. The company can be reached by phone at (916) 676-4729. The book may also be ordered through Dream Merchant™, 2309 Torrance Blvd., Suite 104, Torrance, CA 90501. The phone number is (310) 328-1925.
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