Question

Topic: Other

Selling Ideas Outright

Posted by Anonymous on 9/3/2004 at 4:21 AM ET 250 Points


I have a few innovative ideas, pertaining to,
- Smartcard Industry, it could have an Industrial Impact boosting the entire Industry sales and Changing the Industy pattern.
- Event Management Company about the most unique event on earth, setting a trend. I can foresee huge profit margins if profit is the Criteria.
- a few other ideas for Media Industry

I need info on how can I sell my ideas outright? If that's a possibility, then what tune can I expect my returns.
Where can I find potential buyers for this? I want to sell them outright. I need assistance.
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RESPONSES

  • Posted by Blaine Wilkerson on 9/3/2004 at 3:07 PM Member
    I suggest you talk to a professional marketing firm to discuss either helping you market your ideas, or license the ideas for future implementation.

    All of this should be discussed under NDA of course.

    Feel free to contact me if you wish to talk abou it (just click on my name).

    Thank you and Good Luck!

  • Posted by SteveByrneMarketing on 9/3/2004 at 3:24 PM Accepted
    Congratulations Chandola. Sounds like you’re on to something. Sell verses start up is primary decision. I spent a few years in the legal/venture capital world and as you probably already know it’s tough to get funding for a start up. Friends& family or angels investments are probably the best places to look for your funding. You will need a good business plan, patents if possible, with a good business model, and elevator pitch and a management team (even if it’s only one or two executives to start). Investors’ need more than an idea, they need to have confidence the idea can be converted into a business.

    Or you could try to sell your idea to an existing business that is already providing products to the customers who would be targeted for your products. It’s a tough road though, they tend to think they can develop anything themselves. Don’t try to initiate a dialogue without legal representation.

    Quotes from an idea master -- Thomas Edison:
    "Most of my ideas belonged to other people who never bothered to develop them."
    "I start where the last man left off."

    Edison was a practical idea man. I have thought about ways that the KHE forum might serve as a forum to bounce around ideas, providing inventor/innovators a reality check from the experts more objective perceptions. It seems there is a need for idea exchange and feedback, but with many barriers to a practical model. I haven’t hit on a practical model, but it doesn’t stop my thinking about it.

    Best of luck with finding the right home for your idea,

    - Steve

    P.S. -- here are a few links that might be helpful:
    https://www.morebusiness.com/running_your_business/financing/vent-cap.brc

    https://www.pwcglobal.com/Extweb/industry.nsf/docid/CF30E217F86F676D85256AB...

    https://www.ventureplan.com/venture.capital.process.html
  • Posted by SteveByrneMarketing on 9/3/2004 at 3:33 PM Member
    this link:
    https://www.morebusiness.com/running_your_business/financing/vent-cap.brc
  • Posted by SteveByrneMarketing on 9/3/2004 at 4:04 PM Member
    A few more useful sites:

    https://www.entrepreneur.com/article/0,4621,284389,00.html

    https://www.inventorshq.com/milliondollaridea.htm

    https://www.newideatrade.com/buyer.htm

    https://www.entrepreneur.com/article/0,4621,285786,00.html

    good luck

    - Steve
  • Posted by Deremiah *CPE on 9/3/2004 at 8:08 PM Member
    chandola_cv,

    Everyone has given great advice. SteveB gives you one of my classic favorites. Take everyones advice and if you still think you're ready to do this "GO FOR IT". Whatever you do just remember your idea does not have to be light years ahead just something practical enough for people to use with the most down to earth passionate customer service available to man.

    Oh another thing about Edison he said something like success is "99% perspiration and 1% inspiration" so you're going to need a lot of deodorant because most people are going to think your idea stinks. But don't focus on what they think just keep on working and using deodorant, working and using deodorant...eventually somebody's got to recognize your Greatness or your great smelling deodorant...they did mine...I mean recognize my greatness. Is there anything else I can do for you?

    Your Servant, Deremiah, *CPE (cUStomer Passion Evangelist)
  • Posted by tjh on 9/7/2004 at 1:23 PM Member
    If you have truly unique ideas it seems to me one of the first steps is to find out how, or whether, you can legally protect them. So, a good first advice is find an active, experienced intellectual property firm and pay the money to sit and talk with them.

    Even if they say you can't protect a particular idea, don't let that stop you, but they can also coach you and help you on How you talk to prospects so mimiize your risks.

    After this step, you'll probably have created some form of presentation, white papers, patents, copyrights, or whatever. At that point, you'll be more prepared to speak with prospects.

    Shopping your ideas may not be a quick, or easy, task. But if you're convinced they're valid, don't stop trying.

    And do your homework about the markets you're going to present to. Your prospects are likely to stop listening within seconds if they think you're not well versed in their problems or issues, or if you can't present any evidence about the realities and possibilities of your idea.
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