Tuesday, June 21, 2011

Rejected...So What?

I received my response back from Dart Container Corporation yesterday..."not interested in pursuing at this time." I gave it a chuckle and then went on to the next step. But why a chuckle?

A "chuckle" because one simple no doesn't wipe out the progress I've made or stop me from progressing further. I didn't get Dart to see things my way. The problem still exist, I still have a solution  and now what's the next step to get my idea to market? About 15 minutes later I had two options for moving forward with my idea to stop the staining of millions of white shirts worn by the clients of Dunkin Donuts. They are losing customers and while that may be acceptable to them it isn't for me. DD has to help their customers and I have the solution.

Two Options: 

  1. Make and distribute the product- This can be costly and require large amounts of time but it just may be the avenue to prove product viability.
  2. Find a Competitor- Find a another company that competes with Dart on supplying DD with cups and discuss the solution with them.
About 15 minutes after my "chuckle" I knew where I was heading. People have always asked me... How do you stay so positive when you get rejected? My view is simple. When I get a "no" before a prospect analyzed and understood the problem, the I may have failed to explain my product but it surely doesn't mean my product is a failure. 

I'll move forward knowing that my product solves a problem and in my small test group... 100% of the people that have had a problem with Dunking Donuts coffee staining their clothes, say it works!

Sunday, May 29, 2011

Justified Optimism- Licensing Presentation

Goal: Create a Licensing Presentation that does justice to the concept.
  • I had a problem.
  • Created a solution.
  • Made a prototype.
  • Filed a patent.
  • Found a company that showed Interest.
  • Signed the non-disclosure agreement.
  • Now... Create the Presentation:
    • Made a "flyer" in Microsoft Publisher.
    • Used Photographs of the problem, the solution (my prototype) and the product in use.
Key Points for Presenting:
  • Identify the problem- and then target to the need of your client. In this case, I presented to the Manufacturer emphasizing the impact to their client who may is suffering lost revenue because of the problem. Additionally,the manufacturers relationship may be in jeopardy because I can see where they are vulnerable to attach from their competition . (If they don't like the concept...I take it to their competitor)
  • Offer the Solution- A prototype that clearly stopped the problem. 
  • The Impact to the Prospect- They get additional revenue stream, happier client (end users buy more) and decrease the probability their customer goes to the competition.
Always focus on the sale from your customers perspective.

Now I wait:

Will they buy?

Is the product viable?

Will my Optimism be Justified?

Do not confuse motion and progress. A rocking horse keeps moving but does not make any progress.-Alfred A. Montapert