You’re in a pickle if you’re in the business of coming up with a new product or service concept. How can you pitch your idea to investors and clients without giving out too much information and risking it being stolen? Here are some pointers on how to cope with this issue.
One of the primary reasons why outstanding ideas seldom see the light of day is because idea writers find it difficult to propose a good concept.
Top Five Challenges in Pitching a New Idea
Here I am going to discuss the top five challenges to overcome when proposing a fresh idea:
1. Defining Worth
Someone once told me that an innovator is anyone who says to themselves, “This sucks,” widening the concept of those I think of as innovators. However, the concept is straightforward: innovation is recognizing that things may be done better in different ways. People who thrive in pitching are experts at explaining how they do it. Whether it’s a problem with the customer experience or a workplace enhancement, explain the issue and how the additional value supplied may be evaluated or quantified.
Every concept needs to be practical, practicable and desired, but it also needs to be “vettable”. Every brilliant concept might be stifled by a decision-maker or gatekeeper who doesn’t see its worth, so tailor your pitch. Know what they’re interested in, what they’re willing to invest in, what criteria they’d want to learn about, and what questions they could have. Not all portions of your pitch will be relevant to various audiences, so if compliance is important to them, emphasize it; if prototyping is important to them, discuss your progress so far. If you know your idea through and out, it’ll be easier to pare it down to only the most important elements for your audience and then respond to many unanswered questions.
3. Why not to invest?
Adam Grant tells a story in his book Originals about two successful entrepreneurs who began their presentation by listing the top five reasons not to invest in their company. This strategy was extremely effective since it exhibited self-awareness and disarmed critics. If you can point out areas where you still have room to improve or challenges to address, your audience will be able to assist you in solving them.
4. Practice makes a pitch perfect
Grammatical errors, uncomfortable pauses, and technological difficulties may all ruin an otherwise excellent pitch. The easiest method to overcome this stumbling block is to practice and include others in your endeavor. Another pair of eyes may make all the difference, and the more at ease you are with the material, the more at ease your audience will be with you.
5. Storytelling is lacking
A growing collection of evidence implies that humans are a species that is particularly inclined to stories. Most people aren’t convinced by data alone. Try to connect the audience to the problem’s lived experience as well as the relief of the solution. It’s one of the reasons why design thinking is so effective: it relies on developing empathy with the customer or end-user, and storytelling is a quick way to do so. I also remember tales more easily than numbers, so it’s more probable that someone will remember your concept long after your presentation is over.
Whether you’re proposing an invention rather than a concept, it’s a good idea to see if it’s patentable before exposing anything to anyone. This is because if you expose information about your innovation to the public before filing for a patent, it will no longer be patentable. Learn about the benefits and drawbacks of obtaining a patent and safeguarding intellectual property.
Finally, if you are concerned about releasing information about your concept or product during a pitch, get professional or legal counsel ahead of time.