You?ve got a viable product, you know that this large company would be very interested in it ? you are now entering a high risk area ? pitching your product to a much larger company.
A couple of things to think about before you start. The large company has more resources, more money and more lawyers at their disposal so you need to protect yourself as much as possible first of all.
Secondly, are you sure that your idea is not one that the large company is presently developing? They won?t tell you of course, but if your product is an enhancement of one of the large company?s existing products, then don?t be surprised if you are turned down and ?your? idea comes to the market shortly afterwards.
Now you need to prepare:
* Make sure you have a patent for your product. This is so important and provides you some protection if your concept is stolen.
* Investigate your target company and fully understand what they sell and to whom.
* Understand how your product will fit into their product range.
* Define what benefits the target company will obtain from your new product.
* Produce an overview of likely costs and benefits to your target company. Companies will only be interested in a new product that makes them a healthy product.
* Make good working prototypes of your product, with packaging, if you have got this, as well.
* Prepare a good presentation ? lasting about 10 minutes that will hopefully spark interest in your new product.
* Have a good understanding of what you hope to achieve from the pitch ? sale of the idea/consultancy/licensing, partnership etc.
Lastly, be confident, clear AND listen to what the large company are saying ? they have been in the business for longer and are more successful than you are ? they must be doing something right.
So if you plan to present an idea to a large company, be prepared to do so completely at your own risk. Look up the story of Dyson to learn some valuable lessons.
? Copyright 2006 Biz Guru LLC
Lee Lister, writes as The Biz Guru, for a number of web sites including her own sites http://www.BizGuru.us and http://www.clikks.com for all our informational products.
With over 20 year?s management and business consultancy experience with businesses large and small as well as being a serial entrepreneur, she now helps others set up, develop and market their businesses.
This article may be freely distributed if this resource box stays attached.
