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Sales advice

jaymac's Avatar

Hi guys, very new hear and I haven't had much of a chance to browse previous topics in relation to this but I was hoping you could offer some advice. 

I have recently developed and brought to prototype stage some electrical industry specific items that have been getting attention from a large electrical accessories manufacturer here in Melbourne. They seem extremely interested and have asked us to present out items in person. 

Having never done this before I wouldnt know where to even begin to evaluate something like this. 

I also have no idea what terms should be negotiated into a contract  if it does sell. Do I ask for an outright payment or incremental payments or royalties or both or what? 

Is there a professional service that typically deals with contracts terms and valuation like a lawyer or anything 

Any help would be greatly appreciated

Thanks 

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magurn's Avataren_staff_badge

Hi Jarrod and welcome to Edison Nation!

From our perspective, if you are interested in submitting your ideas to us for evaluation, you are welcome to do so by clicking on "Submit an Idea" on the toolbar above. To learn more about our process, if you haven't already done so, check out the Edison Nation Help Page.

Best of luck to you!

James Chapman
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awildx's Avatar

Frank's got a lot of great advice there.  Many variables and the learning curve can come at you like a fastball whether you're ready for it or not.  

Now if you decided to send it in to EN this may slow down where you are with the process.  So if you decide not to go that route, or even if you do...I'd do two things that would get you up to speed and will answer all of your questions going into this. 

1. Read Roger Brown's Common Sense Inventing

2. Watch InventRight's YouTube Videos - You could also read the co-founder, Stephen Key's book One Simple Idea, but I think watching the relevant videos to your situation would benefit you more as you're this late in the game.

And congrats at having a company interested in your concept!  Good luck!  Keep us updated. 

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chappy75's Avatar

I have to agree with all above. You don't want to go into a negotiation on your own on this, I promise.

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awildx's Avatar

I should also mention that Roger and Stephen both offer one-on-one consulting / coaching opportunites for inventors.  

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