How to Cold Call Companies About Your Product Idea
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- เผยแพร่เมื่อ 2 ก.ค. 2024
- How do you get in touch with the right people at the right companies to license your product idea? Cold-calling is one of the best ways to get in. Most people hate it. You can still become successful! Follow our strategies. Licensing expert Stephen Key explains how to cold-call companies about your product idea, including who to ask for and what to say.
inventRight is a one-on-one coaching program that has helped people from more than 40 countries license their ideas for new products. It was founded by Andrew Krauss and Stephen Key in 2001. Visit www.inventright.com for more information and to become their student.
Call #1-800-701-7993 to set up an appointment with Andrew or another member of the inventRight team to discuss how we can help you license your ideas.
New to licensing? Read inventRight cofounder Stephen Key’s bestselling book “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: amzn.to/1LGotjB.
Want to learn how to license your product ideas without a patent? Stephen's book “Sell Your Ideas With or Without a Patent” explains exactly how. Find it here: amzn.to/1T1dOU2.
inventRight, LLC. is not a law firm and does not provide legal, patent, trademark, or copyright advice. Please exercise caution when evaluating any information, including but not limited to business opportunities; links to news stories; links to services, products, or other websites. No endorsements are issued by inventRight, LLC., expressed or implied. Depiction of any trademarks/logos does not represent endorsement of inventRight, LLC, its services, or products by the trademark owner. All trademarks are registered trademarks of their respective companies.
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That advice of not selling just build relationships is so priceless. Thank you!
You have given me hope. I’ve been creating only on paper for over 10 yrs. I’m so excited to bring my product to fruition one day....Thank you for the time and effort that you spend trying to help others fulfill their dreams. Your super cool it seems.
Susan, you can do this! If you haven't read Stephen's book "One Simple Idea," it provides an excellent roadmap. It can also be found in many libraries in the US: www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
So have you found sucess?
ill review them for you
Love this guy! Thank you for these awesome videos. You're helping me build my startup everyday.
I love these videos, I am learning so much. Thank you guys for all your hard work. You are truly helping people.
This is a great video. I like that you share your mistakes haha really grateful for that and "Don’t pitch your idea, just tell them the benefits" i will do this from now on.
I just filed my first patent today :)
Justin Fay how and where did you do that?
Thoughts to paper , I used them , your going to pay more , it’s worth it , lot of options and prices before hand,
How to get a patent
Ustpo. United states patent office
Congrats man this is a HUGE life accomplishment!
Hi Steve hope all is well! Thank you for your wisdom and knowledge! I recently called the USPTO office to request a Provisional Patent Application which arrived with in 10 days! filled out the forms including the micro entity form which is only $70.00 dollars Crossed my T"s and dotted my I"s and also took pictures of my innovation idea which I installed at my own home and a brief description of what it was and mailed it off along with The $70.00 check made out to the Commissioner for patents! I received The Granted License From The USPTO office ! Thank you again Steve your awesome God Bless you!
Congratulations!
0:17. I had to check the release date on this video lol. Covid-19
Ha, me too...
2017-2018 flu season did have the highest death count from flu in 40 years. So, he wasn't far off.
Same
I was just gonna make a comment on this. Good eye TanicWhisper06
I'm not the only one XD
Thanks for this entire series, it's been very eye opening. I try to think this way when approaching anyone for any business thing - avoid mentioning myself aside from a very brief sentence introduction, then speak of how I can help them/solve their problem/benefit their project. If those don't come easily it's probably an indication I should leave them alone. If you can make someone money or make their job easier and mean it in an honest way then they will generally want to hear from you. If it's someone with whom you don't have a relationship, then it should be personal and cost you more time to prepare than for them to consume so you have skin in the game.
Thank you for sharing your hard-won insights and perspective with us here!
I thought that I knew "it ALL". Had I only known of a provisional patent, I would have changed all your lives. Not with just one or two, but 18 of my 37 inventions. Each invention I put all of my savings into but now is the time to create, file and sell the products or licencing. Thanks Steve.
Thank Sir,
I have invented something. But before I go to patent office I wanted to check it's ups and down.
While watching your videos I always feel like you are reading my mind, my ideas, my steps. But at the end i get satisfied that yes I was right in my planning.
Now i am feeling that I can read your mind, for example in between when you say easy easy or cool cool, take it easy... means there are of things running in your mind , you have multiple angles to explain that point, but it's difficult to Explain every angle and you want your viewers to to be smart, list everything, make a flow chart of yes or no, don't beleive everyone and don't disbelieve everything.
Thanks for your valuable information.
It is really helpfull.
I come back to this video over and over cause it never hurts to reminds me how to stay on track with the standard methods of approach.
Same to me
thank you for these inspiring and educational videos im getting your book before i do the PPA
im am now obsessed with watching these videos and learning as much as i can. these videos make me feel/realize that i can ACTUALLY DO THIS for my airsoft target idea!!!! I made a sell sheet (drawing) of the target and i think it looks pretty good for my first try! thanks again sooooo much guys!!!!
Go for it keep us updated. If you run into a wall we can help you.
@@inventRight thank you!!!
Thank you for your time. Good information
Enjoy your Videos. I have over a 100 ideas since a teen and now looking at getting these out to the next level.
Stephen, thank you for all your videos, that teach us how to become a great inventor. We're learning the process of selling our product. Grateful for your guidance. Many thanks. Maggie Sierra
Thank you for all all these great tips. 🙏
This guy is awesome. I'm taking this knowledge all in. Thank you Sir!
Thank you for watching!
My OCD has me obsessed with going over there and evenly spacing those plastic bottles on the shelf. Lol. Good advice here.
Amen! Great encouragement and Stephen's points are right on! I used to hate this part of the process, but now it's kind of a fun game. I couldn't agree more, its a RELATIONSHIP!
PS-Love the Whiskey Wedge on the shelf
Hello Ryan, absolutely love your Whiskey Wedge product, simple and smart.Congratulations! design! www.inventright.com/new-testimonials
super advise.
So right.
All about the relationships. starting from the "gate keeper" :)
Thank you for sharing your practical wisdom, Stephen!
Eylon,thanks for watching!
I did many cold calls in few industries.
Your observations on the right approach and strategy are just right.
It took me years to learn these skills.
And it is still refreshing to hear it again. (Everyone should :)
so glad I found your channel
Your a super smart guy and I'm getting smarter with every word ....thank you Steven you are truly my key.
Its really great experience in watching you and your past life experience. we all are kids we do mistake and we grow up . And one day we all become great like you. It will be my best dream to meet you once in this life.
Thank you for the kind words Chandra.
This aged well. Especially in the first 20 seconds.
Thanks for watching!
@@inventRight Hey no problem mate! Frankly, I should say thanks for posting this. I'm right in the middle of making an invention to save the people from wave 2 of COVID-19, so this came at the right time.
Ditto
@@Morgothlord47 wave 2??? We are on wave 4 bro.. somehow...
@@SKRIBBLESHEET bro, do you even know how to read how old posts are?
Hi Steve
I had this idea for many years and i keep listening and learning it easy for me to say it hard to put on paper and hard to trust someone .
Tell me something
Love these videos!
Thank you, that was very useful information.
Thank you for watching!
This is been very helpful. Thank you for the video's the books and information you convey. Thank you very much.
You're welcome Steve! If you're looking for more help, check out what we do: www.inventright.com/what-we-offer
I love his energy, very passionate.
Great info! Thanks Steve!
Thank you for watching and commenting. Please subscribe if you haven’t already!
💖😎💖 Great Video, Thanks so much for sharing!
This is a great video. I like that you share your mistakes lol thank you.
Thank you Sean!
Your videos are so helpful thank you
Glad you like them!
I can’t thank you enough for this information
Thank you for watching! If you consider subscribing to our channel or telling a friend, that will really help us grow.
Thank you so much
Great content Steve!
Thanks for your valuable tips! Been following the steps in the book and your videos, and now have a Sell Sheet, promo video, PPA, and a prototype, so currently I'm contacting companies. I would say that your idea of contacting sales/marketing people seems logical, but somehow I keep getting redirected immediately to the product development department, so might be better in some industries to go for that person directly.
Sounds perfect!
Stephen, love your videos. They are now part of my morning breakfast.
What is the industry norm regarding licensing your product to multiple companies?
If I get a license from a customer in one industry should I not pursue others in the same space?
What if they didn't share markets (didn't compete in the same locations)?
Also, 'exclusive' in my opinion should have a definitive time limit or geographical boundary. Is that the wrong way of thinking about licensing a product with multiple companies?
If I had a license with a company what would their view be if I sold the product online (for the same or higher price)-my website or Amazon?
If those questions are answered in your book which one? I'll get it today.
Thanks for sharing your knowledge. Your videos are addictive.
jbc
Thank you!
Hi Stephen, Great advice! What if the VP/General Counsel for the company contacts you? Is this common? Thanks so much!
In my case filed for provisional patent,Called the company, sent them the provisional patent ,Called,and called and called,Never heard from them again for the whole year they were holding out to see if I was going to go for a full patent because They were going to steal the idea ,”some Companies suck” so I went out and open my own company and sell my own product,
I did buy your book I read three pages and just wasn’t into the licensing, good book though.I used thoughts to paper excellent company but you’re going to pay , but it’s worth it....
Thank you for sharing about your experience. Only three pages?
inventRightTV I’m getting there , I’m getting there , I hope to finish book in 2019 , life is crazy, always something to do .......
How’d you go about starting your store and selling? Did you go thru a company like amazon or did you fulfill all orders on your own?
I so love your videos!
Thanks for watching!
Thank you sir!
Thank you!
I appreciate that you guys reply quickly and honestly. My question: if you cold call and speak about your product, are you at risk if you don't have (at least) a provisional patent?
The only honest answer to that is "You could be." It depends on what you say, when, and how. That's the art of licensing. Benefits open doors. When it comes to protecting your ownership, there are no black or white answers. Think through your strategy and how it all fits together. The short answer: Don't give away too much on the phone.
Thank you
Which tips do you have for social program with big companies? This would involve all community, marketing, and profit. Should I open a NGO or try to contact some companies? Thanks anyway.
Thank-you!
Great idea's this goes for anything.
All depends on the company and the product.
Thanks for watching!
Thanks for sharing this techniques
You’re very welcome!
Great stuff.
Great Video... Advice from the Guru @Inventitious #NeverStopInventing #LicensingMadeSimple lol @ 10:58 Mark
do I have to wait for my physical provisional patent… or can I start calling and emailing prospects right after I pay and have a receipt from my patent agency?
yeah! Great stuffs out there!
Thank you.
great information.. thank you
Thanks for watching!
Cheers Stephen I “needed” to hear this 🤓 can you recommend me a couple of books to get on audible that focuses on cold calling techniques. One of yours and one from
Someone else 🙏🏽
We'll do you one better! Here's our free ebook on getting in: www.inventright.com/getting-in
If you haven't read it, Stephen's book "One Simple Idea" is a must-read for inventors: amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
Great video. This is the biggest hurdle for me. I find that cold emails tend not to work.
It is for most people. Stephen just published an article with some tips on befriending gatekeepers: www.inc.com/stephen-key/how-to-make-gatekeepers-your-friend.html
Great video.
I love love your advice... can't wait to talk to you
Good stuff. You're awesome.
We appreciate that! Thanks for watching.
Some great advice, thanks! For those companies that have a Product Submission Page (usually, a fillable pdf), do you recommend calling before/after/not?
Thanks for watching! Check out Stephen's article "How to Get the Most Out of Submitting a Product Idea Online": www.inc.com/stephen-key/how-to-get-the-most-out-of-submitting-a-product-idea-online.html
This is so helpful. Thankyou! Product developer sounds so much better than an inventor, alot less cringy and more professional.
You’ve honestly given me so much motivation to get my ideas off the ground. I’m a “product developer” at heart and your words of wisdom will bring me to where I wanna be. Thank you!!
No, thank YOU! What an amazing comment. You can do this, if you put in the work and refuse to give up!
Ty sir💪
So do you submit one idea to several companies? Or do you wait for a response from one before you submit to another? I really love your videos. Thank you for all the information.
I'm in the middle of trying to license a product now, and I would definitely recommend to submit to many companies at once, as it takes them forever to get back to you sometimes.
Do you send the sell sheet without an NDA?
Would you suggest I use John rizvi
favorite video
What if the company you want to license to is international? Do you need to file a PCT? Or do you only deal with US-based companies?
What percent do companies pay you and how often do they pay you
So what happens when you give out your sales sheet and three months later they haven't responded? Do you follow up or move on?
Great vid, 'geeft de burger moed' as we say in the Netherlands, 1 question though, I came to actually like cold calling, but isn't it better to get introduced through your network?
Hi Laurens. Good question. On a practical level, that doesn't make sense. You can't possibly get introduced to all of the companies you may want to license an idea to. But you can certainly contact them like a professional. If you have a connection, that may help you get through the door more quickly. But most companies these days have embraced open innovation and are actively looking for new ideas, so it isn't difficult to get in touch with the right person. Good luck!
How do you know which companies to talk to.
Once a company is interested in my idea what is the best deal to get ?
Does this mean we send companies the sell sheets without an NDA?
Selling his book. I have literally zero income.
I'm attempting to sell a license for a formula. Is a formula something that can't be patented? Perhaps not patenting would keep the formula a trade secret so long as the non-disclosure agreement was adhered to.
Really enjoying your videos. But for this current topic, do you recommend calling companies that already have online submission processes? Is it annoying to call them if they have such a process set up?
Hi Misfit Pets. If they have an online submission process that they want you to use, yes you should use that. But you shouldn't just submit your idea into a black hole either. This article Stephen wrote "How to Get the Most Out of Submitting a Product Idea Online" describes how you can use even an online form to begin developing your relationship with the company. Thanks for watching!
www.inc.com/stephen-key/how-to-get-the-most-out-of-submitting-a-product-idea-online.html
Hi Steven, you're the best!! should I tell them about my idea when they have signed no NDA, how do I protect myself??
TybuszynskiMusic Read his book! And watch more videos, he talks about it all. Don’t do anything till you hear from him !
How to register this is my idea in without a patent.
Remember receptionist name. Or write it down
Hello Steven, thanks for your recommendations, I have seen many of your videos, I would like to ask you: where can I register a provisional patent? In some of your videos you talk about provisional patents, but I have not heard the place or the agency where I could register a provisional patent. Thank you
Good question. That would be with the United States Patent and Trademark Office: uspto.gov/
@@inventRight how about on Canada do they have provisional patents?
Do you have examples of what to say or write in an email as far as, how to ask if they would consider licensing my idea?
Or do I just say something like, ‘Please review my product (patent pending) for licensing consideration”? Or “licensing potential”?
Thanks so much for your videos!
Great question. Here's an article I wrote for entrepreneur.com www.entrepreneur.com/article/283810 You can sign up for our newsletter at inventright.com, there's a free e-book. It's call" Getting In". It's a wonderful resource. Thanks for watching!
Stephen Key
Great article! I immediately went onto linkedin and found the contact info for the Sr. Director of merchandising for the company I wish to have my product licensed to. Its great to see that his background is perfect understanding my product.
Excellent advice. Thank you!
I'm glad we could help!
Thank you, Stephen, this is valuable information! I filed for a PPA electronically. Can I start to pitch the idea or shall I wait for a mail filing receipt from USPTO?
Would love to know...
How do i find contacts for decision makers?Thank you for all the information
We have a database of thousands of companies looking for ideas.
Is it better to call companies or would it be better to do it through email?
Have a great idea. Let's connect
Quick question! Lol. What do you do if you get multiple yes’s ? Implying that 2 or more different companies love your product.
Check out this video from inventRight coach Amy Jo Brogan "When Multiple Companies Want to License Your Product Idea": th-cam.com/video/6JC8t3hISyQ/w-d-xo.html
Could maybe approach with what does your need? .. I've something mothers want and babies/kids need .. 😂
Can you please correct me. Is it "SELL SHEET" or "SALES SHEET"? I've seen it written as SALES SHEET on a few submission websites but I'm following your every step. (blushing with embarrassment)
We call it a sell sheet. We're guessing they're referring to the same thing! Never hurts to confirm with a potential license though. Thank you for watching Charlotte.
I have a Couple Ideas Who do I Talk With!!!!
My product involves a high fashion design. My attempts when calling stop with customer care who can only refer me to a shot in the dark email address.
I have an idea bit don't know how to make a prototype or even draw on. What do I need to do?
Watch coach David's video about how to invent when you can't draw: th-cam.com/video/8R4pc_qVdZA/w-d-xo.html
You don't need a prototype right away. You can use a 3D computer generated image on your sell sheet: www.inc.com/stephen-key/what-you-need-to-license-an-idea.html
To learn about our 10-step process for licensing ideas, give us a call and/or read Stephen's bestselling book "One Simple Idea": www.inventright.com/contact
www.amazon.com/One-Simple-Idea-Revised-Expanded/dp/1259589676
I'm at my best at 3:00 a.m., but I don't think anyone will want calls then.
Now that you can submit your idea online to companies, is it better to just summit to just one company or should you submit your idea to a few companies at one time to kind of see who you get the best reaction from?
Thank you..
Strategically, it makes more sense to approach more than one company at a time. (If you were to wait for every company to get back to you with a yes or a no before contacting another, you'd be wasting a lot of precious time on your provisional patent application.) If your product is for the "As Seen On TV" industry, which is small, there are reasons to approach just one company at a time. We have more videos on ASOT/also known as DRTV.
Andrew, great video, thank you very much! Gotta be honest, as an audio guy, the super loud SWALLOW is absolutely killing me. Try moving the lav, using a super/hyper cardioid or shotgun mic, backing off on the compression, or editing them out, or using an expander before audio hits the compressor. Otherwise excellent video as always! Aloha!
Iv been told I need a patten to sell my idea .. I don’t know who to trust ... who just want my money and willing to want to help ..me...with the direction I want to go ...
Hi Danny. You do not need a patent to sell your idea. Our cofounder Stephen Key wrote a book specifically on this topic: www.amazon.com/Sell-Your-Ideas-Without-Patent/dp/1507885733/. There are different strategies for getting to market. We recommend doing a lot of research to get to speed first as you determine which route is best for you and your goals. Here's a little reading on the importance of good insight: www.inc.com/stephen-key/why-knowledge-and-not-money-is-what-you-really-need-to-bring-an-idea-to-market.html
So what are some good companies to call? Thank you .
Just do your homework.