How to a Market a Technical Idea

You've figured out a whole new way to do something. It's guaranteed to save consumers time and money and turn your retirement fund into a thing of beauty. Feeling empowered because your innovations have made a mint for former employers, you decide it's time to explore the idea on your own. That's the easy part. Now, it's time to figure out how to get your concept or product into the right hands. You could hire a marketing firm and pay them big bucks to shepherd your brainstorm forward, or you can take a stab at doing it yourself, using this article as your starting point. If you choose the latter, be of good faith. Persistence is the key to success and if you truly believe in your idea and are willing to do what it takes to find a home for it, you're halfway there.

Instructions

Market a Technical Idea that is Classified as a Concept

1. Create a report, white paper or other highly detailed document that specifically outlines your idea, detail by detail. You may already know how to do this because former jobs have required you to write such reports, but if you don't, peruse the "Tips for Writing" website in Resources for help writing a technical paper.

2. Protect your invention by filing for a trademark or a patent. Both are expensive when done through an attorney, but you can handle the job yourself using an Internet-based legal site like the "Do-it-Yourself Patent and Trademark" one in Resources. Be aware that applying for a copyright won't protect you, because ideas can't be copyrighted.

3. Prepare a professional presentation using a features and benefits approach. Features are the properties (e.g., the idea is inexpensive to implement). Benefits cover emotional selling points (this idea saves mom time; it helps you lose weight; protects you from harm).

4. Research companies that would be likely to welcome your idea. Find industry listings on the Internet. Track down corporate development or marketing personnel. Not every company funnels its ideas through a specific department, so you may have to spend some time going from person to person until you find the appropriate person.

5. Make an appointment to discuss your concept with one or more people. Avoid giving away too much detail beforehand. Your letter/fax/e-mail should be succinct and professional: You have come up with a technical idea that will revolutionize the way business is done and you believe they are the perfect company to implement it. Ask to meet in person to discuss the idea. Once the date is booked, send a confirmation note.

6. Bring nondisclosure forms to the meeting to protect your concept from idea theft. See the "Sample Nondisclosure/Confidentiality Agreement" in Resources. Make the presentation, then answer questions. Be prepared to leave without a deal, since meeting attendees must present the concept to their bosses. Thank everyone for their time.

Market a Technical Idea that is Classified as a Product

1. Prepare a workup of your product. Estimate the per-unit manufacturing cost to establish a baseline. List specifications and describe the workings of the item. Cover all bases to be certain your idea cannot be challenged when you pitch it to potential buyers. For help with this, see the "Tips for Writing" website in Resources for help writing a technical paper.

2. Protect your invention by filing for a trademark or patent. Be aware that applying for a copyright won't protect you; ideas can't be copyrighted. For information on this, see "Do-it-Yourself Patent and Trademark" in Resources.

3. Don't spend money on packaging. If the company buys your idea, it will package it. You will only have to deal with packaging issues if you can't find a buyer after pitching the idea to many firms.

4. Prepare a professional presentation using a features and benefits approach. Features are the properties (e.g., the item is inexpensive to implement). Benefits cover emotional selling points (this idea saves mom time; helps you lose weight; protects you from harm).

5. Make appointments with the appropriate companies. Avoid giving away idea details when you make your approach a firm. For example: You have conceived an item that will revolutionize the way people order food on the Internet; you believe they are the perfect company to implement it. Ask to meet in person to discuss the idea. Once the date is booked, send a confirmation note.

6. Bring nondisclosure forms to the meeting to protect your product from idea theft. See the "Sample Nondisclosure/Confidentiality Agreement" in Resources. Make the presentation, then answer questions. Pass around samples of your idea. Plan to leave them behind. Use the features and benefits sheet you compiled to convince attendees why they should consider your idea. At the conclusion of the meeting, advise your corporate contact that you'll come by to pick up your samples at an agreed-upon date.

Market a Technical Idea if you Can't Find a Buyer

1. Protect your invention by filing for a trademark or patent. Be aware of the fact that applying for a copyright won't protect you; ideas can't be copyrighted. For information on this, see "Do-it-Yourself Patent and Trademark" in Resources.

2. Put into place a payment mechanism like PayPal to handle proceeds of sales made. Arrange for a fulfillment system if your idea is a product. If you can't handle the boxing and shipping yourself, turn to a charitable organization that seeks jobs for its clients to box and ship your product.

3. Launch a website using words that will enhance your chances of bringing in consumers through search results. You can also purchase advertising on a search engine to get your site higher up on the Internet food chain.

4. Once your business is up and running, consider incorporation to help you manage your enterprise.

Resources

• Do-it-Yourself Patent and Trademark resource
• Tips for Writing a Presentation-Worthy Proposal
• Sample Nondisclosure/Confidentiality Agreement