I have two business idea which i want to tell some telecom companies ? but i dont know how?
i have two idea which i want to suggest telecom or mobile manufacture actuly i want to sell my idea to them but i dotn know how this will be done i mean what is the right process for this. thanks in advance.
Hi there,
My first words of warning are – be VERY careful. Do not tell a soul, have a meeting or do anything without a SIGNED confidentiality agreement or NDA – Non disclosure Agreement. This basically means that they sign the document which binds them to not tell anyone else or reproduce anything without your consent.
No the fun part of business – they have cash and lawyers and experience and you do not! If they did break the agreement they could tie you up in court for years or bankrupt you if the idea is really worth it.
So the process I follow is this:
Document your ideas as detailed as possible – date everything, even sketches so you prove validity if required later on.
Produce financials and spreadsheet showing why it will work
Produce a business plan
Do market research and get your figures
Seek legal advice on the best appraoch in your area
ALWAYS ALWAYS take a third party to ANY meetings with you to act as a witness, even better if they are not related or friends with you so they can be truely independant if the need arises
Then research the companies you want to appraoch and make sure you find the right person to talk to and organise a meeting to run the idea WITHOUT giving them everything but just enough to whet their appetite and tell you if it’s worth it or not.
From there who knows?
Good Luck!
March 2nd, 2010 at 2:02 pm
First of all, put yourself in the shoes of the telco:
* What advantages would your idea have for their product line?
* Would your idea seriously affect any of the items in their current product line?
* Can you prove that there is a target market for your idea?
* Would the potential size of your idea justify the investment of this larger business in your concept?
* Why wouldn’t this larger company have your idea in their product line already? Is there a reason, or is your idea so unique that the larger firm just hasn’t thought about it yet?
* Do you have figures (even rough numbers) about your idea that would speak to the profitability?
If the answers to the above questions are positive, then you must identify the company’s decision-maker and come up with a creative way to reach him in order to get an appointment. How about a unique direct mailing that will get your correspondence noticed — maybe even something that has to do with this idea of yours — so that when you call to follow-up, that decision-maker will say, "Oh, yeah, that’s right, you’re the person who sent me that? ." Your goal is to get that appointment with a direct mail piece and a follow-up phone call, nothing else. And that means NOT giving into the temptation of trying to sell that concept over the phone. You want to sell it in person.
I would also recommend you contact a business attorney to get some legal advice to draft a "non-disclosure statement" (an NDA) to protect your concept so no one can take your idea and develop it on their own. This NDA is important. You and the company MUST sign this document BEFORE you spill your guts and tell them everything. Without this document, they can (and most likely will) take your idea and run with it … without you. Can they do that? It may not be perfectly honest, but sure they can. Change the idea a wee bit and they could call it their own, or simply say that they thought of it in some way long before you ever met. Protect yourself.
References :
March 2nd, 2010 at 2:41 pm
Hi there,
My first words of warning are – be VERY careful. Do not tell a soul, have a meeting or do anything without a SIGNED confidentiality agreement or NDA – Non disclosure Agreement. This basically means that they sign the document which binds them to not tell anyone else or reproduce anything without your consent.
No the fun part of business – they have cash and lawyers and experience and you do not! If they did break the agreement they could tie you up in court for years or bankrupt you if the idea is really worth it.
So the process I follow is this:
Document your ideas as detailed as possible – date everything, even sketches so you prove validity if required later on.
Produce financials and spreadsheet showing why it will work
Produce a business plan
Do market research and get your figures
Seek legal advice on the best appraoch in your area
ALWAYS ALWAYS take a third party to ANY meetings with you to act as a witness, even better if they are not related or friends with you so they can be truely independant if the need arises
Then research the companies you want to appraoch and make sure you find the right person to talk to and organise a meeting to run the idea WITHOUT giving them everything but just enough to whet their appetite and tell you if it’s worth it or not.
From there who knows?
Good Luck!
References :