So You’ve Got Investors – Now What?
So you’ve finally done it: You’ve created the perfect pitch, taken it to some heavy-hitting potential investors and gotten them to agree to put their money into developing and manufacturing your product.
Congratulations!
Now what?
It’s an important question, and the odds are you were so focused on simply acquiring the funding for your product that you might not have thought about what comes next. But in many ways, this could be the most important phase of selling your product.
The excitement and the funding are there; now how do you translate both of those things into a successful product launch? Here are some tips on how to proceed once you’ve gotten the financial backing for your product.
This Is No Time To Slow Down
The idea that once you’ve been funded, everything’s going to be fine is a dangerous concept. Indeed, this is where the hard work often begins. It’s time to start hiring staff, finding office space and, if need be, starting to redesign your product towards the investors’ taste.
They’ve no doubt given you feedback on what they’d like to see change and what they’d like to stay the same, so the redesign is vital.
Accountability
Now that the money’s there, have you hired an accounting firm to handle it? Have you researched what the best firms are to manage your funds? Remember, this money is the lifeblood of your business; it’s important to spend it correctly and wisely.
Payroll
Part of spending that money wisely is paying the people that you’ve brought on board to develop and manufacture your product. Have you looked for a payroll company? Have you figured out how you’re going to measure hours worked, or whether you’ll be paying monthly or weekly, or whether you’ll be using direct deposit?
Remember, a promptly-paid employee is one of the best assets you can have to make sure your product is made well and sold properly.
Calling The Law
Every new product startup is going to need the right legal representation. You’ll have patents and copyrights to worry about, you’ll have potential liability and contract negotiations to deal with. There are a wide range of issues that only well-trained legal professionals are going to be able to deal with.
And those professionals are probably not going to work cheap.
Benefits & Insurance
When we say “insurance,” we’re not just talking about for your employees. Your startup is going to need business insurance ranging from Directors & Officers Insurance, which protects the supervisors of your company from litigation, to Owners Insurance, which protects the owners’ assets.
But you’ll also need health insurance for your employees, and worker’s compensation insurance, as well.
Office Space
Where are you going to house your company while manufacturing your product? Do you need office space and warehouse space? Are they going to be at the same location, or will they be in separate places?
And what about your sales staff? Are they going to be mobile or will they need offices, as well?
Investor Updates
The people that invested the money in your product are going to want to know what’s going on, and the more professionally you do so, the better. You’ll need to create well-formatted documents showing the details of board meetings, design changes, and other developments in your company.
Whether the investors actually look at these documents or not is irrelevant. You should still send them or have them on hand if an investor asks.
Expenses
This is the least specific form of post-investment expenditures, but it still has to be accounted for. Do you know how much is going out the door to pay for minor items or unexpected surprises? The more you can control this aspect of your spending, the more solid your company will be.
This is the kind of post-investment management of assets, both physical and otherwise, that Pivot International was created to handle. Contact us today to find out the different ways we can help.
The Craziest Inventions of the 21st Century
Every day, people are inventing new and unexpected products that might seem bizarre at first, but they eventually find a way into our homes. Well, some do and some don’t, but in any case, there are devices, gadgets and innovations that, at first glance, don’t seem to make much sense that become part of our daily lives, and they’re being created every day.
What we’ve collected below is a by-no-means comprehensive list of some of the most startling, most unexpected products invented in the 21st century. In some cases, they’ve become so normal that it’s hard to remember how odd they might have seemed at the time. And others are just plain odd, still.
The Virtual Keyboard
The idea of a PC keyboard that doesn’t actually exist is still a bit mind-blowing, but it’s now possible to simply project a keyboard onto a hard surface and tap the keys as if they were a real, functioning keyboard.
It’s not the cheapest technology, and it doesn’t really offer features that a regular keyboard wouldn’t, but it certainly looks pretty cool.
Flower Sound
Invented in 2004, this Japanese technology was debuted by the Let’s Corporation. Using a magnet and coil system on a plant’s vase, you can wire a CD player, TV or other equipment through a flower so that sound emanates through the plant stem out through the petals. Talk about making beautiful music.
The Invisible Skyscraper
Built in South Korea, the Tower Infinity building allows, for a few hours every day, an unobstructed view of the sky behind the building. It was completed in 2016 using materials that allow a view right through the glass and steel.
Google Glass
Admit it, you thought it seemed like a silly idea when it first came out, and yes, they’ve stopped manufacturing it, but people used Google Glass to document their lives in dazzling and commonplace ways, allowing users all over the world to connect with each other in ways they never thought possible.
The Plus Pool
This fascinating technology acts as a layered filtration system in lakes and rivers, purifying the water so people can swim in it. There are no chemicals involved, just pure filtered water. It’s an environmentally sound system that has already been used in New York City rivers.
Hybrid Vehicles
Remember back when non-gasoline powered vehicles were a distant dream, seemingly decades away? That seems like it was just a few years ago. But now, almost every parking garage has a hookup to charge electric cars, and hybrids are almost as common as regular gas-powered cars.
The Kindle
Who would’ve imagined that the book, something that had been around in essentially the same form for centuries, would someday suddenly become obsolete? But with the development of the Kindle, turning a page somehow became even simpler, and a whole new world of literature, from beach reads to revered classics, was available at people’s fingertips.
The Kindle is one of those inventions that you can imagine a time traveler marveling over when they stepped out of their time machine.
Bionic Contact Lenses
In 2013, scientists were able to successfully test a bionic contact lens prototype that used a wireless antenna and a pixel display. After extensive testing, these vision-enhancing lenses are expected to be on the market soon.
The Camera Pill
Rather than using internal cameras the, um, traditional way, this new technology allows a tiny camera to be encased in a dissolving capsule that can be swallowed like a pain reliever. Patients with ulcers and similar illnesses will be able to get analysis and treatment from a miniscule new innovation.
The Regenerative Eye
Similar in theory to the bionic contact lens but far more advanced, these implants are meant to restore sight to those who have partially lost theirs due to degenerative eye conditions. The first implants were approved in the US and Europe a few years ago, and they’ll be in use soon.
Need a helping hand when it comes to designing and producing your crazy – or not-so-crazy – invention? If so, then we’d love to help you bring your idea to life. Contact us today to learn more about how Pivot helps inventors.
6 Mistakes You Might be Making with Your Product-Based Business
Launching a new product is a complicated process. You have to do everything from finding investors, to securing a supply chain, to finding distribution – not to mention, simply designing the product to begin with.
Once those hurdles have been cleared, there are more challenges still awaiting in the legal arena.
There are many potential problems that await entrepreneurs if they haven’t taken the necessary steps to avoid legal problems. In fact, legal concerns can cripple or even permanently stop a budding entrepreneur from creating his or her product.
Here are some common legal mistakes that new product developers make when they bring their new product to the marketplace.
Mistake #1: Moving too fast
In the race to get their product before the consumer, a startup can often rush through the production process, leaving important matters unattended to. Each product category, like industrial products, food products, etc., has its own series of laws and regulations that apply.
Medical products, for example, have dozens, if not hundreds of regulations that cover everything from liability to how the products are marketed.
The faster a product goes through the development process, the more likely an inexperienced entrepreneur is to overlook or miss certain regulations. Yes, it’s important to get a product into the marketplace, but it’s also important to make sure you’ve covered all your legal bases.
Mistake #2: Thinking that keeping a low profile will protect your product from litigation
Don’t assume that because your product launch is a small one, or that because you’re selling from business-to-business without a high public profile, that you can fly under the radar.
There’s a concept called the “perpetual plaintiff,” which means a person who has no problem initiating legal procedures against companies that they feel have done them a disservice, regardless of the size.
Any company – even if that company consists only of you – has the potential to be sued, and it’s important to make sure you’ve hired a legal team that can defend your product no matter what.
Mistake #3: Not taking your business’s individual circumstances into consideration
Don’t fall victim to the “everyone else is doing it” mentality. Even if you’re taking operational ideas from a highly successful company, it’s important to take care of your own legal needs when developing and manufacturing your product.
Creating your own business plan, your own succession plan and your own business entity agreement are crucial for the success of your product. Don’t bother with what you think other companies are doing; do what you need to do to protect your own business.
Mistake #4: Not knowing intellectual property laws
The concept of intellectual property grows increasingly broad seemingly by the minute, and different laws apply to different concepts. You’ll need to figure out early on how intellectual property laws apply to your product, and keep track through your legal team of how they might be changing.
This policy applies to trademarks, patents and trade secret laws. These are all very different concepts, and they all have to be adhered to stringently.
Mistake #5: Not filing a patent in time
Always remember that if you want to patent your invention, you have to file the application for a patent within one year after the idea is used in public, published, or offered for sale.
Mistake #6: Not getting legal help
This would seem to be an obvious way that new product startups can get into trouble, because how else can you avoid legal problems if you haven’t hired a legal team? But since many startups begin their corporate lives strapped for ready cash, there are things that can fall by the wayside.
It might not seem like a big deal as you design and develop your product, but you will need almost certainly need skilled legal help to guide you through the processes of patenting, trademarking or copyrighting your idea. Skimping on the lawyers now can mean big problems later.
Want to learn more about legal issues and setting up a product-based company? Read our post “Legal Issues to Consider When Setting Up Your Company.“
Top Tips from Some of the Country’s Most Successful Entrepreneurs
Very few people make it to the top of the mountain when it comes to business. It’s a competition-filled path with many opportunities to fall to the wayside or fall behind. So as you begin on your own path as a product entrepreneur, it’s important to learn lessons from the successful businesspeople who came before you.
Certainly, their own respective paths might not be the same as yours, but experience is a great teacher, and people who have made it to the top of the business ladder usually have some salient tips to pass along.
Even if it seems like they made it quickly, there was often a hidden struggle. So let’s take a look at some tips from successful entrepreneurs and see if they can help you along your way with your new product, whatever it might be.
Tip #1: Make your passion your job.
Chase Jarvis, CEO of CreativeLive, the largest educational live-streaming service in the country, says that if you’re going to create a business or a product, make sure it’s something you’re passionate about.
That way, you have something you’re excited about when times get tough, or when the process of manufacturing your product seems difficult. Jarvis says that you’re more likely to fail if you’re working on a moneymaking idea rather than something you care deeply about.
Tip #2: Your prototype is the key to your success.
Former Apple executive Guy Kawasaki says that the prototype of your new product is the key to your success. Stay focused on developing and constructing it as perfectly as possible. That prototype is what will ultimately encourage others to invest in your product.
Kawasaki says simply that the right prototype IS your business plan.
Tip #3: Hustle counts.
Jon Acuff, author of five best-selling books and a brand consultant, worked in different jobs for more than fifteen years while still following his dream. He says that no matter the distractions or detours, stay focused on your goal at all costs, and make sure every step you take leads you closer to achieving it.
Tip #4: Have a vision.
What kind of future do you see, and how does your product fit into it? Have you considered the role your product will play not just in today’s marketplace, but in the marketplace years down the road?
The clearer your vision, the more likely you are to achieve it. If you can’t imagine a world without your new product, you’re more apt to have the determination required to follow through on your vision.
Tip #5: Don’t take “no” personally. Sophia Amoruso, vintage-style clothing designer, founder of Nasty Gal, and author of #Girlboss, says that a true businessperson knows not to take things personally and not to give up. Inevitably, every new entrepreneur is going to hear “No” a lot, and it’s vital to move past those negative responses and keep working until you get a different one.
Amoruso even adds that through perseverance, she was often able to turn an initial “No” into a confident “Yes” further down the line. Note: Nasty Gal filed for Chapter 11 bankruptcy in November of 2016, but Amoruso’s meteoric rise from eBay seller to one of the richest self-made women in the world is still worthy of notice.
Tip #6: Be flexible.
Having a dream for a product or a business doesn’t mean it’s THE dream that’s going to get you where you want to go. Lewis Howes, author of the best-selling book The School Of Greatness, teacher and entrepreneur, was following his dream of being a professional athlete before injury cut his career short.
It was what he did afterwards that truly became his dream. Moving on from his crushing setback, Howes developed a new vision for himself as someone who could help others follow their own dreams.
That new vision led him to an incredibly successful career helping other budding businesspeople make their own ideas come true.
There’s no one way to become a successful product entrepreneur, and the advice from these successful business people may not fit your needs exactly. Whatever path you’re on, Pivot can help you design, manufacture and sell your new product in the modern marketplace.
Here’s How to Market Your Product to Gen Z
The next wave of consumers is here, and we’re not talking about Millennials. In fact, Millennials at the very outside of the accepted birth-range, the early 1980’s, are already over 30, believe it or not.
No, the next wave of consumers is called Generation Z, and many of them are just now graduating college.
With job markets that are much better than the ones that Generation X and the Millennials faced, it stands to reason that these twentysomethings are working their way into some serious buying power.
So how do you market your product towards this group? What are the differences between the typical Millennial buyer and a Generation Z shopper? Here are some tips on marketing to this 77-million-strong demographic.
Keep it real
A marketing study conducted last year discovered that over 70 percent of Gen Zers liked their ads as “real” as possible. Celebrity spokespeople and overly polished narratives with unlikely endings raised suspicion and distrust rather than made them want to buy.
They preferred ads with real people speaking realistically, with as little artifice as possible. This was particularly true in social media advertising, where attempts by a business to seem “cool” immediately raised red flags amongst this savvy demographic.
Facebook is still king
Somehow, despite a wave of new social media platforms like Instagram and Snapchat, members of Gen Z still prefer Facebook as their top social media outlet. A smart marketer will take Facebook into account when creating a new campaign that’s aimed at people just now hitting their early 20s.
The continued popularity of Facebook might also serve as notice to a manufacturer with a new product: The site is constantly innovating and changing their presentation and content to better serve and anticipate the users’ needs. Take note of that when you look at your product – is it time to add something new or refine it?
An active customer base
Rather than the more, dare we say, “slacker-ish” tendencies of a group like Generation X, members of Gen Z like to be active participants with a brand they respect. In other words, if they like something, they become advocates for it.
Think about products like Vine, Snapchat, and Instagram that allowed people to post videos of themselves or manipulate pictures of themselves with new apps. This is a consumer group that likes to be part of the message rather than simply receiving it.
Time is short
In this era of split-second advances in technology and media saturation, you have less time than ever before to grab a Gen Zer’s attention.
In fact, studies show that you typically have about eight seconds to engage them. That doesn’t mean that they won’t give you their full attention for longer periods of time once you DO have their attention. After all, this is a generation that can watch hours of YouTube clips and play video games late into the night.
But it’s a good idea to front-load your best, most attention-getting marketing ideas rather than saving them for the end of your pitch. There’s simply too much other media competing for this generation’s attention.
Tech savvy
Don’t expect to do as much explaining to Gen Z about how your product works, as you might have had to do in the past. This is a demographic that’s never known a time without smartphones, tablets, or e-readers.
The basic technical knowledge of the average person in their early 20s is greater than ever before. So rather than concentrating on the high-tech aspects of your product in order to dazzle them, it might be a better idea to talk more about what it does and how it can enhance their lives, or make their days easier.
And you’d better use a real person instead of a celebrity to do it.
Remember, one of Pivot’s functions is to help you design and develop a product for the modern marketplace, which means taking Generation Z into account. To find out more about what we do, check out our Services page.
Trends That Will Affect Product-Based Businesses in 2017
Predicting business trends can be a frustrating experience, particularly in product-based industries. Unlike relatively stable fields like customer service, where there will always be a need, it’s sometimes tough to tell what consumers might want.
But trying to foresee future opportunities is a crucial part of making a successful product. No matter how challenging or intimidating the idea might be, it’s important for any business planner to look ahead. With the world changing so quickly, it’s simply a must.
To help guide you on that potentially rocky road, we’ve laid out some potential trends in product-based business for 2017.
Innovative marketing
Obviously, creating a new and exciting product is a form of innovation. But what we’re referring to here isn’t being innovative in terms of the product. It’s in how you attract your customers.
In an increasingly fast-paced world with all sorts of media competing for people’s attention, it’s crucial to find new, unique ways to bring a customer’s attention to your product.
It’s a cliché, but thinking outside the box when it comes to marketing and advertising could be the only thing that gets your product noticed. Getting people’s attention is becoming increasingly challenging, and that’s where much of the focus of 2017 might lie.
Continuous improvement
Once the consumer is aware of your product, and even after they’ve purchased it, there’s still a need to keep developing it. Standing still in the marketplace is a mistake.
What can you do to add new features to your product? How can you build on the foundation you’ve created? In a sense, you’re never really finished with what you’ve created. There’s always room for further development.
Crowdfunding
Last December, Forbes magazine business writer Ian Altman wrote that crowdfunding is slowly gaining on venture capital as a way for business to raise money to develop and manufacture products.
That might seem surprising, but Altman says that businesses like the GE affiliate First Build are using crowdfunding not just to raise money, but to gauge consumer interest in their new products.
After all, there’s no better way to measure the potential market for a product than by keeping track of what ideas people put their money into.
Keep a narrow focus
How many times have you clicked “Delete” on that email from a business informing you of a new product or sale? Did it seem like a message tailored to you, or to a mass consumer base?
Focusing products and marketing on an ever-narrower customer base might be a key trend in 2017. By making something that appeals to a smaller group in a more essential way, a product-based business can better ensure an attentive, receptive audience for what they’re selling.
It might seem counterintuitive to aim for a smaller group of consumers, but remember: The larger the customer base, the more generic you might have to make your message.
And those are the messages that most often get ignored.
Sales and support
As old-fashioned as it might seem in an age of email blasts and viral marketing, an experienced, well-run sales team is still one of the best ways to market a new product. This is especially true when it comes to businesses selling products to other businesses.
And if you’re going to have a sales team, the support staff that gives them the information they need is going to be essential. Don’t underestimate how important these employees can be.
As attractive as the world of online advertising or less personal contact can be, your real ace-in-the-hole might be one salesperson looking someone in the eye and making that connection.
Remember, regardless of current or future trends, your product needs the right development and manufacturing to make its mark. Pivot has decades of experience ushering new ideas, innovations and inventions into the marketplace. Learn more about us here.
6 Incredible Sustainable Products Moving Us Toward a Greener Future
Sustainable products are the ultimate goal, even if that goal may seem far, far away. Ideally, wouldn’t every company like to create products that are environmentally sound while still making a profit?
Before we go any further, let’s determine exactly what “sustainable product” means.. A sustainable product is defined as one that provides environmental, social and economic benefits while protecting the environment and public health over their whole life cycle. This includes everything from extraction of the raw materials to disposal.
But how do you determine what sustainable products will work best in the marketplace? How do you track which new and exciting items are around the corner, or on the market right now, that are designed for success while still remaining kind to the environment?
Here are a few products and companies working hard to make sustainable products available to the rest of us.
Single-use food packaging
Eco-Products is a brand creating an innovative line of single-use food service packaging that’s made from renewable resources and post-recycled content.
Eco-Products isn’t just aiming to be sustainable; they ultimately want their products to be environmentally regenerative, an impressive and ambitious goal.
Recycled waste products
Last year, Adidas debuted the first shoe with an upper section entirely made of plastic waste from the ocean.
And startups like Terracycle and Looptworks are at the forefront of a process called “upcycling,” converting various types of waste into furniture, apparel, decor, and more.
Supercharged coffee
One of the most potentially lucrative and exciting products on the sustainable product horizon is being created by a company called bio-bean.
Bio-bean has industrialized a recycling process that converts used coffee grounds into advanced biofuels. The concept alone is staggering, and revolutionary: Turning something that most of the world uses into a product that most of the world needs.
Energy-producing flooring
The push towards sustainable products in industry has dovetailed nicely with a push for more sustainable cities.
The search for sources of renewable energy to power a city has driven a company called Pavegen to develop a flooring tile that converts people’s footsteps into a kind of clean, renewable energy.
Ideally, this is a product for densely populated areas or large-scale events. The concept of hundreds of thousands of people feeding renewable energy back into a city is an exciting one, and the implications for our future energy consumption are massive.
These tiles are a vital first step in creating smart cities further down the road.
Apparel recycling
Here’s an intriguing idea: What if you rented the clothes you wore, then passed them on to be used again and again? A company called Mud Jeans does just that, allowing people to lease the jeans they’re wearing. Encouraging their clients to return the jeans to either swap or simply return the jeans for re-use.
It’s also perhaps the most difficult concept on this list in terms of the marketplace’s mindset. To most people, clothing is purchased and worn until thrown away or given to charity. The idea of having to fill out a lease agreement for the clothes you’re wearing isn’t one that would seem to have a lot of traction on the surface.
But if it does work, the potential elimination of waste in the apparel industry, both from the manufacturer and the end user, could be a serious step towards a healthier world.
And speaking of clothes….
Companies like Patagonia and Nudie Jeans are taking steps within the manufacturing process to extend the life of their products. They’ve both worked diligently on facilities and infrastructure that moves them towards that goal.
Power moves
The concept of sustainability is a big one, and companies are realizing that they can’t always reach that goal alone. There’s a growing trend toward collaboration that allows multiple organizations to work together to create sustainable products. Take Collectively, for example, an online platform to promote and encourage sustainability. It was created through a collaboration between major global corporations Coca Cola, Marks & Spencer, BT Group, Carlsberg, and Unilever.
If you’ve got a sustainable product you’re working on, remember Pivot can help you reach your goals with our product development and manufacturing services. For more on creating sustainable products, read our post “The Benefits of Sustainable Manufacturing.”
What’s on the Horizon for Touch Screen Technology?
Touch screen technology is one of the most dramatic technological developments of the past few decades. Once the stuff of sci-fi movies and TV shows, it’s now commonplace for people to zip from one app or website to another, make a purchase, or even vote, with the touch of a finger or thumb on a screen. It’s such a huge innovation that it still feels new in some ways, but the technology has been around for decades. In fact, the first finger-driven touch screen was invented in 1965 by E.A. Johnson. Given that surprisingly lengthy history, it makes sense that the technology is changing every day, and that there are some real innovations on the horizon. Here are just a few areas that touch screen technology is about to expand into. Greater control and reliability A company called James Heal announced in mid-2016 that they were working on a rigorously tested touch screen system for textile laboratories that featured simple and clear navigation, and a homescreen that displays all the key information a user would need. The software is housed inside a damage-resistant and water-resistant cover glass display, and can be set to nine different languages including English, Chinese, Spanish, French, German, Italian, Hindi and Bengali
In its beta testing phase, the touch screen interface was used at five of the highest-profile and most demanding UK textile laboratories and, according to James Heal’s Design & Innovation team, performed “flawlessly.” Tabletop touch screens Last year, Sony’s R&D group, called FutureLab, created a projection-based technology that would allow any flat surface to become a touch screen. The concept is called “Interactive Tabletop,” and uses depth sensors and motion tracking to know when objects are placed on the table. The tabletop can respond to any finger press by tracking the direction of the user’s hand. Part of Sony’s intention for this technology is educational. It’s easy to imagine history books or novel pages being moved, animated or dragged to the side with the flick of a finger. Tactile sensation One interesting idea that’s sprung up in the wake of the smartphone is the idea of reproducing the feeling a user gets when typing on a keyboard within touch screen technology. Researchers are developing a system where physical keys can rise out of a phone’s touch screen and be “pressed” just like a real keyboard.
New areas of integration As touch screen technology becomes more and more commonplace, you can expect to start seeing in fully integrated into new areas like ATMs, point-of-sale terminals and the bar/restaurant industry. To some degree, especially with ATMs, touch screens are already in use, but over the coming years, you can expect to see keyboards disappear entirely from most of these terminals in favor of screen-only technology. Wearable technology With innovations such as the Apple Watch and Google Glass appearing at an ever-faster pace, the Teknowledge Software company predicts a continued growth in touch screen-friendly devices like the Fitbit and Microsoft Bend. In fact, they estimate that by 2020, wearable touch screens will be a $35 million a year market. Longevity It might not be an immediate development, but last summer, Dr. Andrew Morrison of touch-technology manufacturer Zytronic, wrote about a new touch screen material called graphene. Graphene, though still in the early stages of testing, consists of bonded carbon atoms in sheet form one atom thick and has extremely promising levels of strength, transparency and conductivity. There’s a potential delay in its use for touch screens, however, because it can also be used for water purification, batteries and solar cells, and these applications will probably take precedence. It’s not hard to imagine touch screens becoming even more a part of our everyday lives by the end of this decade, with the technology reaching beyond the smartphone-and-tablet worlds into businesses and services all over the world. It’s also not hard to imagine the next great touch screen innovator needing help to develop and produce their idea. Pivot International can help you create and manufacture your product for this rapidly-growing market.
5 Pointers to Help You Improve Your Product Demonstrations
The research is done, the design is complete, the prototype is in your hands, and now it’s time to demonstrate your product to your investors. But what does that entail? How can you make sure your one-of-a-kind idea makes it out of the conference room and into the marketplace? Here are some tips on how to tailor your product demo to the investors in front of you. Pre-Game Research It never hurts to check up on your investors. What do they tend to sell the most of? What ideas have appealed to them in the past, and how can you talk about your product in those terms? It’s also a good idea to figure out who in the group you need to focus on the most. It’s not always true that there’s one specific person who’ll make the final decision, but there’s nothing wrong with directing your demo to the top dog or dogs. Develop a narrative Rather than simply talking about what your product is or showing people what it can do, you might have a more appealing presentation if you can tell a story. It might be about how a person uses your product in their everyday life, or the vision you had in creating it. Your background research could come in handy here, too. What do your investors like to hear about when they see a product demo? What are the key facts about the product that you can use for your story?
The Q&A
Once the demo is done, staying on your toes for any potential questions an investor might have is crucial. If there’s someone on the fence about whether or not to invest, how you handle their questions could be what pushes them over the top. And don’t be afraid to ask for clarification if it’s needed. Remember, this presentation needs to leave a little doubt as possible in your audience’s mind, so there’s nothing wrong with choosing to seek more information before answering. In fact, it might be helpful not just to have a comprehensive knowledge of your product, but to try to think about what questions you might be asked afterwards. There’s nothing wrong with practicing the answers either. Details, details As fascinated with all of the technical aspects of your product as you might be, there’s usually no need to go into too much detail in your demo. Once you’ve shown what the product can do, the “how” of it can wait until the Q&A. Any extensive explanation of how your product was made or how the more intricate aspects of it work could potentially bore your audience. Keep this in mind for any visual aids you’re using, as well. It’s easy to overwhelm investors with too many bells and whistles in your PowerPoint or laptop visuals. Keep it lean and concentrate on what your product does.
Going off script
So now that you’ve researched your investors, honed your message, focused your visual aids and anticipated the questions, it’s time to work on your flexibility, so you’re ready for anything. Your ability to improvise, and to roll with where the presentation is taking you, could create some serious appeal with your investors. There’s nothing wrong with following an idea or question off on a tangent that might create another use for your product. You might know every possible aspect of what you’re demonstrating, but at the same time, someone else with a fresh point of view could have a different idea. And a new way to use your product might be exactly what encourages investment. Remember, a demo can both dazzle and educate, but the oldest idea in show business is to leave them wanting more. Keeping things tight, but flexible, while demonstrating a working knowledge of your product and audience will all move you closer toward getting that positive response. Pivot can help you get that product just right before you demonstrate it. Learn more about our product design services here.
How the Clean and Alternative Energy Industries are Developing in 2017
They’re phrases we hear all the time: “Clean energy” and “alternative energy.” But what do they really mean, and how are they being created? As we inevitably move from a fossil-fuel based energy system to a renewable energy one, whether that takes a decade or a century, it’s important to look at the definable forms and how they’re developing. Here’s a small sampling of what might lie in the future for alternative energy.
Aviation
Last year, a group of major airlines including jetBlue and United agreed to integrate renewable jet fuel into their operations. At around the same time, governments around the world agreed on designing and developing a global, market-based measurement system for international aviation. This step was part of a larger plan to ramp up development of aviation technology designed to reduce carbon emissions in the airline industry.
Wind
One of the biggest developments in wind technology within the last year has been the opening of the Block Island Wind Farm. Located about four miles off the coast of Block Island, RI, the five-turbine structure is the first commercial wind farm in the United States. Having officially powered up last December, Block Island is expected to produce 250,000 megawatts of energy annually. It has replaced the diesel generators that once provided power to a large grid along the Eastern seaboard. Expect more large investments in commercial wind energy to follow in 2017 as a result of this impressive project, which was created by the Deepwater Wind, LLC. offshore energy development group.
Shift in corporate culture
In the last year, hugely successful corporations like Apple, Google and Microsoft came together in an alliance designed to find ways to convert to alternative energy sources. These companies were already some of the most creative around, so expect for them to find new and exciting ways to invest in sourcing and developing clean energy. And as they do so, it stands to reason that other large corporations will join their alliance.
Solar power
Perhaps the most promising area of alternative energy development, solar energy got a huge boost in 2016 from SolarCity , the largest producer of solar panels in the United States.SolarCity began construction on a new factory (funded entirely by the state of New York) that will allow them to become an entirely integrated solar service provider. This means that they’ll handle everything from construction to installation of the panels, eventually becoming able to produce 10,000 panels a day when the factory is completed in late 2017. SolarCity’s panel construction-to-installation model has become so efficient that the company estimates their panels will produce the same amount of energy with 1/3 of the panels another company might use.
Foreign solar
In addition to American production of solar energy, there’s a rising solar industry in India, as well. India’s prime minister, Narendra Modi, has announced plans to boost the country’s solar energy production to 100 gigawatts by 2022, and that announcement triggered a rapid increase in industry and infrastructure. The Indian government is funding a $3 billion development project for solar panel manufacturing, and investors from around the world have contributed another $100 billion to the industry. This development is not just about environmental concerns. It’s clear that India’s government anticipates a huge market for solar energy not just in their own country but around the world. It’s a bold declaration that they want to be a major source for alternative energy in the years to come.
Innovation, however, isn’t the only development in the world of clean or alternative energy. At some point in the future, existing companies may have to invest in adapting their own practices and production methods to meet new manufacturing regulations on energy use. Pivot can help – contact us for a free consultation .
