Don’t Call Yourself an Inventor
Our company has been cutting licensing deals for inventors and small companies for nearly a decade. I recently came across a curious e-mail from one aspiring inventor to thank us for considering his new product idea, adding:
“P.S. I wish that I could add ‘Inventor’ to my signature, but I’m not sure that I’m worthy of such a prestigious title.”
I found the humble comment endearing and a stark contrast to some inventors who can come across as arrogant. I wondered if product developers typically sought to attain “inventor” status. More to the point, is it even a good idea to say you’re an inventor when pitching your products to companies?
The short answer: No.
Learning From a Failed Pitch
So there I was, at my first tradeshow in Chicago. We were representing several new hardware products. Industry events are where you find and nurture dialogue with the decision makers at companies best positioned to license your product.
I’ll never forget the first person I spoke with at the show. He was the vice president of marketing for a well-known company. At the time we were representing several independent product developers and I referred to one of them as an “inventor.”
The VP instantly went from being excited about the opportunity to totally disinterested. I had immediately lost credibility. He quickly made an excuse why he needed to end the meeting. We exchanged business cards, but following up with him after the show was nearly impossible. E-mails and phone calls were not returned.
I learned that in business circles, the term “inventor” is not prestigious. In the eyes of potential licensees, rather than evoking images of Thomas Edison, “inventor” is almost a derogatory term that insinuates a lack of professionalism. Unfair? Perhaps. Nevertheless, the stereotype exists.
Although a company’s reaction to the term won’t always be negative, it’s important to avoid pigeonholing yourself. Speak the same language as the people you will be pitching to. They do not use “inventor” or “invention.” Neither should you.
In business circles they describe inventions as “products,” “intellectual property,” or “technologies.” The people who develop these products are called “engineers,” “industrial designers,” “technology owners” or “product developers,” Learn the business speak that best describes you and your product.
A Broader Problem
This isn’t just an issue of semantics. I believe it’s symptomatic of a broader problem in the invention industry. There is a lack of professionalism that stems from the misconception that you can conceive a product idea, draw it on a napkin and simply find a company eager to offer you a big royalty deal. It does not work that way.
In the end, for your product to become a license success, the “inventor” must become an “entrepreneur.” Many people have ideas for products. However, to be successful with a licensing pitch, you have to view your product as a business.
Aside from actually developing your product sufficiently, a critical component to being an entrepreneur with your product is learning how to communicate effectively. Since every industry has its own lingo and each company has its own culture and initiatives, it is imperative you learn this on the front end before approaching companies for licensing.
Read trade magazines and perform market research. If the potential licensee is publicly traded, read its annual reports, otherwise research articles online where some of the executives are quoted.
When you communicate professionally, you ultimately become an expert in the market segment of your product. This way you will boost your credibility (and ultimately your likelihood of success) since you will be speaking like an industry insider… not just some “inventor.”
I have been trying to interest manufacturers about my Kari-Aid idea.
It’s small, light, can be sold in just about any store worldwide.
Available for Exclusive License to manufacture and/or Distribute.
Can you help?
Edison thanks for enlightening me on the term inventor.I am new to this,but never the less my products speak for themselves.I am a intuitive product developer. What I am seeking is an invester for my product RAINBOW tires,which is the first NO-FLAT multi-colored car tire. That doesn’t require a machine to remove the tire from the rim.
My name is Neil Poullos and over the last 20 months I have developed a unique piece of home fitness equipment called “The Absolute Body Strut” (concept title only). I have combined my years in the mechanical industry with my knowledge as a Personal Trainer to create a variable pneumatic device that works all muscle groups from the neck, shoulders, chest, back, abdominals, hips and thighs. The Strut can be used by adults, children, the elderly and also for rehabilitation of injuries or post operative recovery. It boasts many varying exercises. Most other home training devices target one area only eg. abs or hips and thighs, but as most people now know spot reduction is impossible to achieve. There has not been a complete workout device for the home in 30 years since the old fashioned bullworker was introduced and it sold an incredible 40 million units!
In my years as a Personal Trainer, I have seen and tried many forms of diverse training methods, none that have the results, versatility and simplicity of the strut. I feel that in comparison to other pieces of fitness equipment on the market, it is much more advanced in 2 major areas:
1. It gives a far greater range of motion (for full extension of the muscles)
2. The variable resistance valve that allows it to be adjusted depending on the muscle group and / or the strength of the person using it.
I have tested this on many of my own clients with stunning results, demonstrated it for Doctor’s, Physiotherapists, Pain Management Specialists, Trainers and Fitness Professionals, who have all provided me with testimonials saying how much they love it.
The unit is comprised of a pneumatic strut with a variable metering valve, a base plate for abdominal training and several detachable fittings for all other muscle groups. The metering valve on the Strut allows each exercise to be performed with the optimal resistance for that specific person or muscle group required. Our studies have shown deep neck flexors are able to be targeted aiding in the relieif of migraines and abductors to help after hip replacement surgery.
We have a working prototype and concept drawings for a finished product complete with a formal presentation that we would be glad to show your company. We have the relevant patent protection in place and have entered into a PCT treaty agreement.
We feel due to our increasing obesity problem, the world’s economical situation and rising gym fees, that the timiing is perfect for a piece of equipment that works all muscle groups and helps in losing weight and decreasing body fat. We are hoping that we could work in conjunction with your company to enable us to complete the final development, design and marketing stages of the Absolute Body Strut. I thank you for your time and eagerly await your reply. I can be reached by email on perfectouch@gmail.com or on my mobile 0417 492 810.
Kind Regards,
Neil Poullos
i can relate to some of the facts in this page. Also can you fix the pics because they seem to be broken!