Wednesday, November 12, 2008

My thought on how to win a Live Product Search

How to win a Live Product Search

One word answer: Quality.

The quality of your invention, the quality of competition and of course the quality of your presentation will determine your chance of winning.

First of all, Let’s talk about the quality of competition. Let’s face it; you can’t control the quality of competition. I think the chance to win a live product search is much lower compare if you pitch it to a company that is willing to review your idea. EN disclosed that at Spenser’s gag search, they received hundreds ideas and sent over 40 ideas (G7) for Spenser’s to review. Needless to say, they are all out standing ideas. At end, Spenser’s picked only 3. That means the other near 40 good ideas was rejected. Among them, probably over half of them would be accepted if they approach to a company alone. So, see what competition can do to you? So if you have an idea that has been rejected at this last stage like I do, don’t give it up, pitch it to other companies and I would say you have a very good chance of winning something.

Now the quality of your idea. I can’t teach anyone on how to produce a high quality invention. Heck, I can’t even tech you how to invent. creativity is a special talent given by God, in my opinion. But once you have an idea, you want to ask yourself if this is high quality invention. Even if it is, while you still have time, keep improve it. Add more innovation on to it. Just think how precious your $25 submission fee is; don’t let it go wasted. No to mention how precious an opportunity that fits your idea is.

The last part is the quality of your presentation. Don’t believe what EN member told you about they are experts of invention business and they can spot good invention at just one glance. The baseline is you still need to present your idea to win. You need to put down description and prepare material to put together an entry. Think about who is going to read your presentation. Think that you are presenting to company executive and marketing people. You are not writing a patent application nor tech spec. Make sure your idea description can hook them up in just first two lines. If you have a presentation material (photo, video). Get them on hook within their first look. No body likes to read boring stuff, even engineers like interesting reading. Just leave enough detail for them to figure out how your stuff works. They will have time to figure it out. But for executives, you only have few seconds before they decide your fate

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