Thursday, July 29, 2021

Work on Your Elevator Pitch and Continually Test Your Product

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Even before you have a finished product to sell, you’ll need to talk it up to your friends and professional contacts. Lininger emphasized the importance of developing a great elevator pitch: a short, concise sales pitch that includes a hook, a value statement, statistics and other data, your product’s uniqueness, and a call to action. Learn more about perfecting your elevator pitch here.

Helgeson reminded entrepreneurs that their products are not going to be perfect in their first iterations. You’ll have to tweak the product along the way, and the best way to figure out those changes is by testing your invention with real consumers. Get honest feedback from test groups to validate your idea, he said.

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“The validation process needs to happen on a regular basis,” said Helgeson. “If you’re trying to do something and the market tells you [they want] something else, you might be going down the wrong path. Be out there in the field … talking to people, being part of industry conversations. You can’t sit in a room and try to dream something up.”

Once you’ve found your market and ensured that your legal path is clear, it’s time to create a prototype. At this point, you’ll need to decide if you’re going to have your product manufactured or licensed.

The former means you’ll create and sell your product yourself (this includes paying a third party to manufacture your product); the latter means you’ll sell another company the rights to make, use and sell your products, granting that right in exchange for a license fee and royalty payments. More information about the pros and cons of each method can be found in these articles on FindLaw and IP Watchdog.

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