Rejection has to be the number one killer of most Inventors drive to see their product become realality. There are plenty of people with fantastic ideas that throw in the towel the first time they are told “No Thanks” by a company. The Inventor takes that “NO” as a direct personal assault.
Granted no one likes getting rejected, me included, but I realize it is a part of the process and one that you can not avoid. You need to learn from the No’s and see what you can do to lessen the chance of getting your next No. If you were lucky enough to get some feedback from the company wait one day and review their comments. The one day will hopefully give you time to calm down from your disappointment and look at the comments clearly and objectively.
If you really consider the reasons you get rejected it isn’t always your idea. Yes, you need to understand that if you have a bad idea that is not marketable no amount of tweeking will change that outcome.
Here is a list of reasons your idea can be rejected even if it is a marketable idea.
1. Sometimes the company you have approached has a full line and is not open to adding more products.
2. You didn’t do your research and your product is outside their target market. You don’t send a pet toy to a tool company. This happens more often than you think.
3. You sent your submission to the wrong person within the company. You can’t assume the wrong person will forward your idea to the right person for you.
4. You sent the idea unsolicited and the company rejected it solely on that basis. You did not contact them first and see if they had any documentation that needed to be signed by both parties first, such as a nondisclosure agreement.
5. You did not have proper contact information on your submission.
6. They already have similar products and don’t want to add another that would be in direct competition with their current product.
7. Your idea is only good for a very small niche market.
8. The cost versus the return on investment is to high.
9. Your sell sheet did not WOW them or lacked concise information to get the point across.
10. Your product has already been patented.
These are just a few reasons.
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