Inventions And Patents by Steve S. Barbarich

Author:Steve S. Barbarich
Language: eng
Format: epub
Tags: ebook, book
Publisher: Adams Media
Published: 2000-07-15T00:00:00+00:00

Company Presentations

A company presentation should arise out of an initial meeting with key representatives through either trade shows or phone calls. Visiting a company should always be your last step—and sometimes it’s the only way—to close the sale and convince a company to handle your invention.

Again, a company that has already expressed interest in your invention may be willing to cover your travel costs.

Once you have your foot in the door, be ready for key company players to make on-the-spot decisions about whether they want your invention. And be prepared to give the demonstration of your life! Combine all the materials and techniques you would use in a trade show or phone conversation into a single powerful presentation. And don’t forget to invite company reps to handle your prototype for as long as they like, and if they insist on keeping it after you leave, give them a limited time in which they must return it, one or two weeks, and get the promise in writing.

Even the most dynamic presentation, however, gets you only half way to doing the job right, because you still haven’t closed the sale. After your presentation, sit down with your original company contact and any other key players and thoroughly address any major concerns about your invention that have come up in your presentation or in earlier discussions. For instance, business executives are inclined to express the following concerns:

1. Flaws in your prototype. This should not really become an issue until the company builds the final version. Let the manufacturer know that this is an in-progess model, and describe to them the differences that you would make in the final model.

2. Necessary modifications of your product that are needed to fit their company personality. Assure them that you will address these issues if the company doesn’t.

3. Petty disapproval of your product. This is usually a figment of their imaginations due to the fact that your invention was not invented at that company. Let them know their competitors are interested in your invention, so they should take you seriously, or else they may have to compete with it.

4. Anxiety over the market potential for your product. Offer to review your customer feedback and/or test-marketing results with them; this should help allay these concerns.

Overall, your goal is to sidestep all these barriers by reassuring company members that such issues are minor concerns that can be overcome. Promise to get back to them in a week or two with solutions in hand to any problems you can’t solve on the spot.

Remember also to keep in regular contact with a company rep, so you can resolve any outstanding issues. If you satisfy all the company’s needs and convince it that your product has a sizable market, your next task may be to accept a royalty agreement offer!

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