how to present your idea to a company so
I've got a great question for my youtube
viewers love you guys who's an inventor
and wrote in the say this is H J invent
hi Evan I'm an inventor I have a great
idea that I've created I would like to
present it to a company that can use the
product I have drawings even a prototype
I personally made I do not have startup
capital to get a prototype this is a
great product and I know that we do
great in the market can you give me some
advice on different approaches things to
do thanks HJ invent this is a great
question and for a lot of inventors you
love to invent you love to create but
you don't love to go out and sell and
marketing and an ideal scenario for a
lot of inventors is to sell the company
or sell the the license or sell the
patent to a larger corporation so you
can go back doing what you're great at
which is inventing here's the challenge
and here is my advice for what to do
when you present something to a company
okay you prevent your invention you give
them your idea you have to understand
the companies they're in the business to
make money - right they don't want to
pay you a lot of money unless they have
to and so the first thing that a company
is going to look at if you're talking to
the CEO he's going to turn to his tech
guy is his genius on the technology side
and say you know how long is this going
to take us to do and they're going to
try to reverse engineer and the only
reason why they would do a deal with you
is one because you have a patent so you
have something about your product that
is unique that they can't do because its
patented or because it's really going to
cut down their time to market so if they
love this thing so much they're going to
want to do it themselves unless it's
going to take them a year to do it right
if it takes them a year to do it then
they can figure out okay well if this
cuts our development time by one year
then it's worth X amount of dollars to
us and that's why the volume if you have
a company which you don't have it for
those inventors who've built a business
and have customers
there's an acquisition cost to those
customers too right there's you know how
long would it take us do you have a
thousand customers using this so they're
buying your customer base so the more
momentum you have with your company the
easier it is to get a better price
tacking it's somebody interested so
again you've got this great product
right you go you talk to a company
they're going to see - we love this idea
this is fantastic you leave the door
they're talking to each other how do we
do this ourselves do we have to pay this
guy so where you are right now one make
sure you get the patent because you
don't have a customer base to sell so
get the patent to protect yourself so
they can't do anything themselves and -
you want to make it as hard as possible
for them to create this thing so the
more technical it is the longer time to
market it's going to be for them if it's
if it saves them that one year of
development because they can just buy
from you and they see this as something
critical to get to market then that
increases your price time so make sure
you protect yourself because I don't
want you walking into that meeting and
then saying wow that went really well
and then behind your back these guys are
out creating their own product then you
never hear from them again that happens
a lot with entrepreneurs I don't want it
to be you in terms of how to get in if
you're going to the patent one great way
to get in to see these companies is to
speak with your patent lawyer get a
patent lawyer who's from a bigger
company who has connections into these
companies that you're trying to connect
with because part of how lawyers keep
their business around what's it say
between one lawyer and another lawyer
one law firm in another law firm it's
the relationships they create so by
introducing you to a potential company
they're actually helping that company
out - right they have to believe that
making an introduction is going to be
beneficial for everybody and if it is
then that company's gonna say well this
law firm really cares about us that's
how low your stand down so if you're
going for a patent don't get the Joe
Schmo patent lawyer who has no
connections who can help you but give
you a patent because then you're still
on your own to try to
this thing which isn't your expertise
find the lawyer who does have
connections or at least their law firm
has connections into the companies that
you want to sell to and hopefully they
can facilitate that introduction but
make sure to protect yourself believe
for those of you inventors out there I
love to hear about how you've gone
through this process how you've sold
your technology or how you're trying to
do it right now how the patent process
was for you leave a comment underneath
let me know what you think and also it
helps other inventors who are going
through this process your feedback will
really help them so please leave a
comment below you like this video give
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subscribe to the channel thank you so
much I'll see you soon