Have you ever pitched your promising invention to a company for potential licensing – only to come away frustrated?

Have you then wondered, “Why don't they get it?” … or …. “Can't they see my invention can sell millions?”

If you have, this blog post is for you!

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The Art of War by Chinese general Sun Tzu is good for business strategy as well as war tactics.

Want to know how your ‘opponent' – or your prospect thinks? Grab your FREE copy of – Know Your Opponent and Yourself – cheat sheet now. Just click on the blue button below to get your copy now.

Would you like to learn how to make money from your invention? Tired of just spending money?

Attend the next FREE live webinar – How to License Your Invention for Royalties.

All you need is your cell phone, laptop or desktop computer to attend this LIVE webinar. Get all your questions answered.

Just click on the orange button below to sign up for the next FREE live webinar – License Your Invention for Royalties.

To Win the Game: Study Your Opponent

One characteristic that chess grandmasters, professional poker players, and top athletes in sports from baseball to basketball all have in common is they study their opponents. It's much too late once the game has started, the work has to be done long before you enter the game.

Professional poker players watch many hours of video of their key competitors in tournaments, looking for “tells” – small signs such as stroking of the brow or sitting back in the chair – that might indicate a strong or weak hand. A baseball pitcher may know that strong batter Lefty Louie has a weakness for fast curve balls.

As an inventor, you can't study game film, but you can understand and study strategy used by companies with new product introductions. You absolutely understand the ‘game' from your side of the table. Now it's time for you to understand the view from their side of the table!

The view from their side of the table

As an inventor, your focus is on the positive upside: your product solves a key consumer problem in an elegant way – your buyers love it!

From that perspective, it appears your invention should gross millions in the marketplace (and it may). Surely they'll see it that way as well – so your strategy is to tell them and show them just how fantastic your product is right?

How's that working out for you?

That's what I thought – not so well. Here's why.

Reason #1: You're focused on reward – they're focused on risk

Face it, you'd have given up long ago as an inventor if you couldn't shine the clarion light of believing your product could sell millions in the marketplace – that potential reward keeps you going, it's your focus. That's good.

But the folks sitting across the table from you when you are pitching to license have a very different view and focus. They're focused on risk, rather than reward. In fact, they are more focused upon minimizing risk than they are on maximizing reward.

Why?

Over 80% of all new product introductions fail within the first year. Is it really that bad?

It's worse: for a new inventive product, the failure rate is closer to 95%.

Help them by showing them for your product the risk is low.

On the upside, your buyers (if you have them) love your product – give your audience a couple examples of what customers say about your product.

On the cost side: tell them that your product should not require additional tooling to make (added expense) compared to their current product lines. If your product is manufactured from similar materials and has similar parts, this should absolutely be true. Also, show them there is solid profit margin potential – you need at least a 5X markup from manufacturing cost to retail. This will be music to their ears – but it must be true!

Reason #2: You're the ‘humble inventor' – they're the experts

From the moment you walk in the meeting room to start your pitch, everyone in the room is wondering, “What is he/she doing here? We've been doing this for 30 years.”

If you immediately start gushing about how your ‘revolutionary' invention is the solution they've ween ‘waiting' for – the meeting will be over before it has even started.

Why?

From their side of the table, such bold, pronouncements seem both naïve and arrogant. It is like telling chess grandmaster Garry Kasparov, “Hey, I've got a cool new chess move to share with you.”

So, what's the solution? Get them on your side right away. Show them you know they are the experts and you're the ‘humble inventor'. – though you must call yourself a “product developer,” never an “inventor.”

In so many words, let them know you are honored to be meeting with them and appreciate them carving some time from their busy schedules. For me, I opened with a statement something like, “So how is it an engineer, like me, happened to come up with a new wallet design?” Now, they are on my side – and they appreciate that I recognize their expertise.

Now, they are ready and receptive to hear your brief story as to how you came up with your invention.

Trust me, taking this simple approach will improve your chances of success dramatically. Try it and see.

Stay tuned.

_______________________________________________________________________________________

The Art of War by Chinese general Sun Tzu is good for business strategy as well as war tactics.

Want to know how your ‘opponent' – or your prospect thinks? Grab your FREE copy of – Know Your Opponent and Yourself – cheat sheet now. Just click on the blue button below to get your copy now.

Would you like to learn how to make money from your invention? Tired of just spending money?

Attend the next FREE live webinar – How to License Your Invention for Royalties.

All you need is your cell phone, laptop or desktop computer to attend this LIVE webinar. Get all your questions answered.

Just click on the orange button below to sign up for the next FREE live webinar – License Your Invention for Royalties.