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Entrepreneurs: When to Pitch Your Idea to Investors

What's the Latest Development?

When postal worker, musician and inventor Chris Badynee pitched his idea for a new product prematurely, it cost him at least two important investors. Badynee's idea was for an inexpensive alternative to the stand-up bass instrument and, initially, it seemed a good invention. Before approaching investors on the TV program Invention USA, he had already sold 2,000 units and professional musicians confirmed the quality of sound to be good. But the prototype was hastily built and when it malfunctioned, the investors walked away.  

What's the Big Idea?

Jumping at opportunity, though it might be extremely tempting, may cost you more in the long run if your idea for a product isn't fully developed. As an entrepreneur, it is important to make your own opportunities and let your idea do the talking for you. "When you've got a business idea, it's easy to get excited and start talking it up to possible investors. Often, this happens before the concept is fully baked. And that can mean missed opportunities." After all, it's your idea, so take your time with it.

Photo credit: shutterstock.com


 

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