Maybe you’ve come up with the next big thing to revolutionize your industry or perhaps you’ve designed a product that you think could be worth millions of dollars. Before you can cash in on your brilliance, there’s a few things you need to know. One of which, is how to pitch your idea to investors.

Do Your Research

Just because you’re confident that your idea will be a success, that doesn’t mean similar products or inventions don’t already exist. Now is the time to thoroughly research what products exist in your industry and make a note of similar inventions that are already available in your area. Although this might seem like a time consuming process, it is important that you take into account what products can be purchased by consumers. Do not make the mistake of thinking your idea is one-of-a-kind.

Know Your Audience

After you’ve done some research and figured out how to distinguish your product from the competition, you’ll need to identify the audience you will be pitching to. Are you pitching to a potential co-founder, investor, journalist, or to stakeholder’s at a company?

Knowing who your audience is will allow you to be better prepare for time constraints during your pitch. Use this time to figure out what information is appropriate to present to potential stakeholders that will help persuade them to see your vision and invest in your company.

Also, knowing the difference between how to pitch to members of the press and media outlets will allow you to stand out among other entrepreneurs and improve the chances of your business receiving news coverage.

Know your Strengths

When you’re preparing to give your pitch to potential investors don’t focus too much on using marketing terms and guess-estimation. Instead, this is where your hard work and data will come into to play. If you’re a technical person then use data and results to prove why your invention is better than the current competition.

Now is the time to rely upon the strengths you’ve acquired since you started your business, as well as, the information you discovered while doing research. Don’t claim you have technical prowess when your background is business-focused instead play to your strengths.

Interested in showcasing your invention or learning more about how to pitch your ideas? Check out the Chicago Inventors Organization at: http://chicago-inventors.org/.