Whether you’re trying to raise money or secure a licensing deal, taking away perceived risk is essential to bringing a concept for a new product to market. You’re always going to have to convince someone of something — namely that your idea and by extension you, are worth investing in. Ultimately, if you want to get paid for your ingenuity, you need to get figure out how to get people behind you.
Be a storyteller.
Do you know what your story is? Your story is your reason for being, your purpose. And when it comes to pitching, when you need to really connect with your audience — Appeal directly to your audience. Remember, we’re all consumers. We share the same experiences, the same pain points and frustrations.
We relate to stories best. Not facts. Not figures. So focus in on your story and practice your delivery. Of course, every audience is different — the best approaches are tailored, not rote.
Know how to protect your intellectual property.
We all want to keep others out of our business. One sure way of mitigating risk is by familiarizing yourself with the intellectual property related to your innovation and your industry. What have others done? How have similar products evolved? What does the market look like today in comparison? What can you deduce about what’s worked and what hasn’t?
Understanding Intellectual Property will become less and less indecipherable. In time, they’ll actually paint a picture. Studying the prior art is so valuable because doing so will help you hone in on the uniqueness of your idea and will help you map out your own way forward.