When you have an idea or an invention, but lack the capital to see it through to market, you can sell it to a manufacturer to gain a percentage of the profits without the risk. As the inventor, you are uniquely positioned to sell your product. To make your sales pitch stronger, perform background research and an audience analysis that will convince the manufacturer your idea has merit.
Research the possibility of securing a patent. For many manufacturers, a new product idea is useless if a patent is unattainable. Before you start the sales process, look into similar products that have patents, consider how to demonstrate the invention’s effectiveness and gather basic information about the forms and fees necessary to gain a patent.
Find manufacturers with the facilities and financial power to handle a new product line. This will reduce the time you spend selling, because your attempts will be more targeted. Look for companies that make products with similar components or materials, and if possible, ones known for accepting invention submissions. Schedule a meeting with the person in charge of new business or manufacturing.
Make a working prototype of your invention, or if you have an idea for a process, turn it into a print or digital representation. The more detail you can include and the closer you can come to the actual materials for the prototype, the more convincing your product will be. Test your prototype multiple times before a presentation to reduce the chances of unexpected glitches.
Prepare a professional presentation tailored to the needs and business goals of each company. Make a slide show with imagery, three-dimensional animation, data on competitors and potential audience sectors. Design a printed component to accompany the slide presentation that highlights a product description, market information and the most important facts about financials.
Give presentations to each of your target companies. Go through your slide show, making sure to exhibit your enthusiasm and expertise. Explain how your product or idea will have the competitive advantage over similar products already on the market. A manufacturer must have compelling motivation to see the benefits of your invention. Thus, stress how investing in your invention will help the manufacturer’s bottom line.