ENTREPRENEURSHIP / NOV. 30, 2014
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How to Pitch Your Idea to an Entrepreneur

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istock

You are an entrepreneur that wants to get your idea off the ground. Have you ever thought, “I have an idea,” what do I do now. Whether it’s new inventions, business model, business idea or just a new idea that you want to make yours, there are a few steps to getting your idea rolling. Do you want to pitch your idea or model to an expert or entrepreneur in the field of the industry and receive a professional prototype, protection and marketing help? Check out these few tips for pitching your latest idea or invention to an expert in the field.

Write Everything Out

The first part of any idea or invention process is documenting your idea. This is essential to avoid invention idea theft, as you will have proof of your work as well as exact dates of when you began, etc. Make sure you know exactly what you want to say in your pitch before getting started--after all, you do not want to rush things and create a sub-par pitch! Write out your pitch, leave it for a night or two, then review and edit as needed.

Get a Lawyer

If you think your idea is the newest and greatest thing you should get a lawyer involved. There are many different types of lawyers for the next step in your business. There are lawyers for new inventions and lawyers for business. You need to be sure to select the right lawyer for your needs. Do an Internet search for lawyers in your area. Most lawyers are willing to answer questions before you sit down with them. Remember, most lawyers will charge if you visit them.

A lawyer will insure your business idea or invention is protected. They will take you step by step to protect your investment and protect you from theft. A lawyer will also insure that your idea gets patented or your business gets copy written.

Meeting your Expert

Your next step in the pitching process is meeting with an expert. Once you have your idea or business model you need to make a meeting with an expert to discuss what the next step would be. Most of the time if you are talking with a reputable person in the industry, your idea and models should be confidential. This expert might recommend getting a lawyer to patent your idea, business model, or invention, if you haven’t already. The expert might also recommend you to an outside company to get the ball rolling on your idea. The more people that hear your idea, the more ideas that might come out of everything. But the more people that hear about your idea the more that your idea might be copied. Be sure that you document everything that you do--emails, conversations.  You might need to refer to these notes in the future. The more you document the more you protect your idea.

Pitch Your Idea

After you receive information from your expert, it’s time to pitch your idea! Ensure that your pitch details are what your idea or business model does exactly--the more information you provide, the better. Be sure before you fully pitch your idea that all parties have signed a confidentiality guarantee. A confidentiality agreement binds all parties to the agreement. This keeps other experts or entrepreneurs from taking your idea. Most lawyers and industry experts take this agreement very, very seriously.

During the pitch the more information you provide, the more feedback you’ll receive. Models, graphs, any visual help is always good. What you don’t want is questions about what your idea or business model does or how it will help consumers. So make certain your explanation is clear and you discuss why your idea benefits your target audience.

The Next Steps

Once you have support or an expert or a lawyer and they let you know they’re interested in working with you, it’s time to develop your prototype with your experts or your experienced team of designers. If your expert allows it, you might be able to gain access to their resources. These resources might include features such as 3D designs, logo and branding information, technical drawings, sell sheets, and much more.

Following the above steps will significantly increase the likelihood of you getting your creative idea to the mass marketplace!

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