I've invented something powerful. It's software related, but nothing like what the patent trolls bandy about. I filed the provisional some months ago, but I'm having trouble making any progress with the business side of things.
I've noticed a common pattern:
1. I'll get someone I know and trust (like an investor, or business guy with a history of helping people sell companies) to agree not to share the idea
2. I'll explain how it works
3. They'll get really excited, some have even given me small amounts of cash to stop me from seeing anyone else "while we hammer out the agreement"
4. They'll _completely_ flake out. Their main business might have a couple fires, or they'll have a first day as a CEO of a company they took over, or they're just busy flying around the world giving speeches, whatever.
Frustrated with the lack of progress, I decided to try just warm / cold emailing a couple dozen VCs / angels and this is the pattern that emerges:
1. I contact them.
2. Nothing happens.
What am I doing wrong here? I'm 100% certain that Google or Facebook wants this and I'm 100% certain that they don't have it. In my head the only question is what price they'll pay and who I should get introduced to. I was hoping a connected angel or VC would help with introductions and negotiations for a cut of the sale but I can't seem to get past people's spam filters.
Has anyone here done something similar before? If so could you please tell me what I'm doing wrong?
Your idea is good. Let's just say that.
What you have to do next is to differentiate yourself from the crazies. That means some of the following:
* Tech demo you can show someone in 30 seconds * A "shiny" frontend that the layperson can understand * A concrete value proposition, other than that it can be acquired
You don't want to be stuck in the following pattern, which makes you no different from the rest:
* Secrecy * Promises * Vagueness
Keep calm. At some point, if you want to get introduced to Google / Facebook executives and get them to buy your technology.
You will have to convince them it is a real game-changer. People are not willing to toss everything just because you're "100% sure" of something.
Write a plan, if you want to show how interesting is your technology, I think that you have to write some proof of concepts and MVPs to show off.
Maybe, it'll take a whole complete product for Google and Facebook to notice how interesting this technology of yours is.
Anyway, what you are doing wrong is that you are assuming that you can convince someone just by telling him how it works. I think it is reasonable to ignore someone who wants you to believe in something based on how it works.
As a software developer, when we have to scale, we don't do guesses or explain how it would work. We measure everything. So measure your powerful invention and check / validate with the reality.
2. You might be better off turning this into a startup first, and then getting sold/acqui-hired. Does that apply to your idea?
He approached many companies - most gave him a cold shoulder. So he found a patent lawyer/engineer who once worked for Sharp after meticulous search (he was interested in selling to electronics company). So after getting hold of patent person - he got an appointment with Sharp director of research. Demoed it. Nailed it. Rest is raise of Masa. Good luck.
The most valuable IP is a patent which has been successfully defended. Less valuable is an issued patent that has been licensed. Less valuable than that is an issued patent. Less valuable than that is a patent application. The quality of the patent is also major factor of the patent's value. Having a realized implementation is also a major factor in the patent's value.
A provisional patent (N.B., this is not an issued patent nor a patent pending) establishes a priority date, but there's a very long and treacherous road ahead. It's not fait accompli that your patent will be issued, nor that your preferred claims will survive prosecution.
Your messaging might be subpar. These guys get approached everyday with 'powerful' opportunities.
Turns out there is a sequence to pitch a Big Idea to Croc Brains. On this subject, Oren Klaff is masterful > https://www.youtube.com/watch?v=US0kkw6v5Zo