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The best approach to finding buyers for your idea.
Not everyone has the courage to take their idea to market all by
themselves. The reason could be lack of capital, timing, deficiency
in a needed skill, or simply not having the kind of personality to
take on such a challenge. Whatever the reason, there is still a way
to realize the fruits of your great idea: Sell it to someone who
can make it a reality.
There are pros and cons to selling your idea. On the pro side,
selling your idea means someone else will be using his or her
resources to make your idea a success. An experienced licensee can
see the strengths and weaknesses of your idea that you may not be
aware of, such as a market or distribution issue you may not have
considered. You might also see faster monetary rewards--the right
purchaser can get your idea to market more quickly than you
can.
On the con side, your control over your idea is reduced, if not
eliminated altogether. You will need to work harder to protect your
interests (by hiring attorneys and consultants, for instance). You
may become frustrated if qualified buyers turn you down for what
seems like no good reason. This rejection can be paralyzing. And
finally, you may sell your idea only to find the buyer does not
effectively develop or market it.
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An important point to remember is that the value you place on
your great idea (even after taking into consideration all the
things you learned in last month's column about building an
idea's value) will probably be higher than the value any third
party puts on it. The reason is clear: A buyer wants to get your
idea at the least possible cost. Hence, he or she will look more
skeptically at the sales prospects, the profit potential and the
benefits associated with your idea.
Your best offense is to be prepared. Know the facts, and have
backup materials, such as research, surveys and consultants'
reports, to support your position.
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