Here’s Looking At You, Kid
Mary Lou and Dennis Green are brilliant serial inventors and entrepreneurs whose success rate has been phenomenal! They also love to share their hard-earned knowledge through books, as well as video courses, and private mentoring through their Big Idea School https://bigideaschool.com/
They are working on a new course due out later this summer. That is tentatively titled: The Seven Ways Investors and Licensees Evaluate Your Product Before Investing. When I heard about it I said, “You’ve gotta give my group a preview.” This is information that every inventor needs to hear. Below is the description that they sent me and I couldn’t improve on it at all.
“Let’s say you have a great idea for a product that will benefit millions of people. You consider looking for investors or possibly licensing your idea. You’ve even developed a 60-second elevator pitch and a pretty good sell sheet. But what if the prospective investor or licensee wants to know if you have done any market research or what it costs to manufacture your product? Will you impress them with your business insight, or have to apologize for not being good with numbers?
To prepare for investors’ or licensees’ questions, you need to know how they think. Of course, they want to make money, but exactly what motivates them to invest in some products and reject others? Whether you are an entrepreneur or an inventor, evaluating your big idea from the investor’s point of view will help you provide investors with the information they need. That will increase your odds of landing a deal, help you negotiate a better license agreement and possibly a higher royalty rate.
If you have taken any of their courses at BigIdeaSchool.com, you know Dennis and Mary Lou Green are lifelong inventors, entrepreneurs, and investors. They’ve created and marketed more than 50 simple consumer products over the past 40 years and have earned 17 patents. They have licensed 15 of their inventions. And on the other side, they have also licensed products from inventors and sold them to their retail customers. What they learned over 40 years in business is that investors and licensees have seven fundamental ways of evaluating the products and people they invest in.
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