While pitching technology-based ideas or products is easier now than ever, you still might run into problems when it comes to creating a pitch that resonates with investors. When you want to encourage them to look at your business plans, you need to have some solid strategies in place and safe places to store your documentation.
You might also want to consider whether or not you will be dealing with any major privacy issues and how you can lessen potential investors’ concerns when it comes to users’ privacy and what they can expect from your technology.
Start with a Complete Set of Documentations
The first thing you want to do before you start marketing your ideas to potential customers is to document everything. You want to have a complete set of documents supporting not only the product idea but the implementation possibilities of that idea specifically.
A diagram, supporting specifications, or even a detailed product sheet is what you want to be investing in at this point. The more comprehensive your documents are, the easier it will be to protect your interests further down the line. It’s a good idea to provide some sort of proof that shows what you have been working on and why you believe it can benefit investors.
Consider Your Stance
Some technology-based projects are very difficult to patent. In fact, the decision to patent your new product concept depends highly on how you want to move forward with marketing the idea. Instead of patenting a product that specifically uses Arduino, it is often much easier to consider licensing.
To be able to license the product idea, you have to have a proprietary component. That component can be a sensor, a specific workflow, or a piece of code that runs the unique functions that your concept offers.Licensing is a lot easier to manage in the long run.
Cover the Basics
Then comes the actual business of pitching your idea to potential clients. There is no easy way to protect your interest in a competitive market like today, which is why the previous two steps are crucially important.
You also want to be meticulous with how documents are exchanged, especially in the early stages. This is where using a virtual deal room comes in handy since it allows you to keep information safe and you can see how it has been accessed and by whom.
If you have created a prototype for the product, the next thing you want to do is demonstrate how the product can be very valuable to potential clients. For example, displaying how an Arduino-based automation kit can help minimize manual input will make potential clients more interested in the idea.
The goal is not to win buyers immediately, but rather to show just how valuable your product idea is. You will receive feedback from the potential clients, giving you a wealth of opportunity to improve the product and impress more.
The rest is easy from there. With a few potential clients lined up, you can convert your simple product idea into a commercial success without hassle.