Finding a partner for your great idea: how do your get their attention?
16 June 2010
When you’ve got a great idea which you’re convinced will make you money, you have to sell it. Identification of the right partner, and finding enough common ground to do the deal, is far from easy. There are so many doors to knock on; lots of companies, each with an array of decision-makers. So where do you start?
In my experience, finding doors to knock on is the easy bit. The tricky part is making sure it’s the right door for you if they open it. Then, if you’re invited in, it’s knowing what to say, and what you are looking for.
I’ve stood on both sides of this particular fence. Before I joined Syntopix in 2006, I was for 7 years Vice-President of R&D at GlaxoSmithKline Consumer Healthcare, responsible for all the R&D projects to support Aquafresh, an oral healthcare brand with global sales approaching $1 billion. A constant stream of small companies (like Syntopix) from all over the world would contact us with (in their eyes) the most fantastic ideas and superb technology. It wasn’t easy to spot the winners and all too easy to be misled by the cowboys. One of the most successful innovations in my time at GSK was a collaboration with an external company which resulted in a product called “Aquafresh White Trays” for whitening teeth. Right from the very first meeting they were very clear about what they wanted and they showed that they were obviously experts in their field.
At Syntopix we are developing compounds to incorporate into products for treating acne and body odour, and improving oral healthcare. Now we have promising candidates, we are looking for commercial partners who will licence our technology. Knowing what a good pitch looks like from a large company’s perspective has been enormously helpful in shaping our business development approach.
I’ve always found that being very clear about your expectations and what you have to offer right at the outset is the route most likely to lead to success. When you make a presentation, it always helps to start by telling your audience (most of whom you will never have met before) what you want from the meeting and why you are there. Don’t make it complicated – the simpler the better. If you want to get them on your side, the easier you make it for them to understand what you want, the more likely you are to succeed.
Similar rules apply to the technology or science that you are presenting to them. The objective of the meeting is not for you to look good or clever, but to be believable. You have to succinctly convince them that you have a unique offering which can enhance their business, and you know what you are talking about. Credibility is absolutely key, which is why it is such an advantage to Syntopix to have co-founders who are world experts in their field (Anne Eady and Jon Cove).
If you can demonstrate the use of your technology in the business setting of the audience, so much the better – it’s hard work to get it right, but your vision and empathy with their world is normally very much appreciated. Showing you can listen to what they need and you think in the same way as them usually helps to make you stand out.
I know from hard experience that your audience will have to spend time and energy understanding your presentation if they are to seek approval from within their own company to take things forward, so make sure you give them what they need, and don’t over-burden them with superfluous facts that aren’t central to your objectives.
Finally, it’s easy to commit two more sins that can be deal breakers because they irritate people and lose their attention. Don’t take any more time than you are allotted (finishing early is always appreciated), and don’t try to cram 60 slides into a 30 minute presentation. The more senior the audience, the more important it is to follow these last two bits of advice.
We’ve been knocking on lots of doors recently and presentations have become a way of life for Syntopix. Pitching your big idea can’t be left to luck. Practice makes perfect, and as Arnold Palmer once said, the more you practice, the luckier you get.
In my experience, finding doors to knock on is the easy bit. The tricky part is making sure it’s the right door for you if they open it. Then, if you’re invited in, it’s knowing what to say, and what you are looking for.
I’ve stood on both sides of this particular fence. Before I joined Syntopix in 2006, I was for 7 years Vice-President of R&D at GlaxoSmithKline Consumer Healthcare, responsible for all the R&D projects to support Aquafresh, an oral healthcare brand with global sales approaching $1 billion. A constant stream of small companies (like Syntopix) from all over the world would contact us with (in their eyes) the most fantastic ideas and superb technology. It wasn’t easy to spot the winners and all too easy to be misled by the cowboys. One of the most successful innovations in my time at GSK was a collaboration with an external company which resulted in a product called “Aquafresh White Trays” for whitening teeth. Right from the very first meeting they were very clear about what they wanted and they showed that they were obviously experts in their field.
At Syntopix we are developing compounds to incorporate into products for treating acne and body odour, and improving oral healthcare. Now we have promising candidates, we are looking for commercial partners who will licence our technology. Knowing what a good pitch looks like from a large company’s perspective has been enormously helpful in shaping our business development approach.
I’ve always found that being very clear about your expectations and what you have to offer right at the outset is the route most likely to lead to success. When you make a presentation, it always helps to start by telling your audience (most of whom you will never have met before) what you want from the meeting and why you are there. Don’t make it complicated – the simpler the better. If you want to get them on your side, the easier you make it for them to understand what you want, the more likely you are to succeed.
Similar rules apply to the technology or science that you are presenting to them. The objective of the meeting is not for you to look good or clever, but to be believable. You have to succinctly convince them that you have a unique offering which can enhance their business, and you know what you are talking about. Credibility is absolutely key, which is why it is such an advantage to Syntopix to have co-founders who are world experts in their field (Anne Eady and Jon Cove).
If you can demonstrate the use of your technology in the business setting of the audience, so much the better – it’s hard work to get it right, but your vision and empathy with their world is normally very much appreciated. Showing you can listen to what they need and you think in the same way as them usually helps to make you stand out.
I know from hard experience that your audience will have to spend time and energy understanding your presentation if they are to seek approval from within their own company to take things forward, so make sure you give them what they need, and don’t over-burden them with superfluous facts that aren’t central to your objectives.
Finally, it’s easy to commit two more sins that can be deal breakers because they irritate people and lose their attention. Don’t take any more time than you are allotted (finishing early is always appreciated), and don’t try to cram 60 slides into a 30 minute presentation. The more senior the audience, the more important it is to follow these last two bits of advice.
We’ve been knocking on lots of doors recently and presentations have become a way of life for Syntopix. Pitching your big idea can’t be left to luck. Practice makes perfect, and as Arnold Palmer once said, the more you practice, the luckier you get.
