Our Discovery team spends many hours per week looking at potential Grommets. In fact, we get more than 100 product submissions per week! It's then our job to test the products, ask questions and ultimately decide if they are "Grommet-worthy". We have high standards, as we only choose and sell the best. Yet there are many products out there that could be FANTASTIC future Grommets, if only they had a little help with how to pitch our team. We've decided to divulge some (not-so-secretive) information that anyone should have in their front pocket when they're getting ready to launch their product to the world. Another quick-tip: Watch the show on ABC called Shark Tank. While our team isn't exactly like the mean sharks on the show, we have had several products that have been on the show as well. They know a thing or two about pitching their company!
1. Make your product not only presentable, make it SHINE: Be able to define its value - quickly! When you're pitching your product, make sure you've got your elevator pitch, or 30-1 minute spiel down pat. Talk about the problem/solution. Show it in action if you need to. What makes this product different from competitors? How is it innovative? You're looking for the light bulb look - "oh I get it now" should be written across the person's face. Put your best sample forward or make sure that prototype shines!
2. Be able to articulate your growth strategy: Help us help you. Taking an honest look at your strengths and weaknesses and how you plan on maneuvering those areas will communicate to investors (or Grommet!) that your company can thrive. We're here to advise you on your growth, but need to understand your overall goals for your company.
3. Know your numbers. Be ready to discuss your pricing and distribution goals and know what will work for you. How fast can you move inventory? How quickly can your team make more? Knowing where you stand in relation to your goals will inform your conversations with potential partners.
4. Know your audience, and do a little research to understand theirs. For example, the Grommet has an audience of early adopters, ready to provide product feedback and purchase your product. What will they value about your product and your story? Know who will be purchasing your your product and adjust accordingly.
5. Be yourself. Who you are is important to your company. Don't change who you are because you think that's what a company wants to see. Good people doing interesting work really does make a difference for us!