Subscribe to Entrepreneur for $5
Subscribe

You've Got a Great Invention. Now How Do You Get People to Buy It?

It's a good idea to start a business by solving a problem, but make sure to consider who is actually paying for your solution.

By

This week's episode of Elevator Pitch features a founder with 20 years of experience in her industry...and an entrepreneur who's only 12 years old. The businesses on this episode are just as varied, spanning from fast food and mental health to job placement and fitness.

Like most startups, each founder and business have some weaknesses and concerns for our investors: entrepreneur Shaun Neff, angel investor Kim Perell and Netflix co-founder Marc Randolph. For example, how does a brick-and-mortar fitness class intend to deal with the long-reaching effects of Covid? Which business partner in the mom-and-daughter nail-care team holds more weight?

The first entrepreneur in the elevator faces an even simpler question: Who is his customer? While his patented french fry-holder makes it easier for customers at a fast-food restaurant to eat on the go, he's not actually selling to a McDonald's eater. He needs to sell to McDonald's management and other fast-food chains, which have different incentives and emphases than their customers. Will he satisfy the investors' concerns and have them bite on his invention?

Watch the full episode to see which entrepreneurs anticipate and assuage our investors' fears to make a deal. Stream this and all past episodes at Entrepreneur Elevator Pitch.

Related: This Is the No. 1 Mistake You Can Make When Pitching Investors

Season 7 of Entrepreneur Elevator Pitch is brought to you by Amazon Business with support from State Farm* and T-Mobile for Business. New episodes stream Wednesdays on entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and IGTV.

*State Farm Mutual Automobile Insurance Company is not involved with the judging or prize distribution of this contest hosted by Entrepreneur

Latest

3 Ways Your Brain Reacts to Uncertainty

Here's Ben Angel's three-step plan to control your emotions and achieve your goals.

How a Throwaway Joke Became an Award-Winning Ad Campaign

In our 'Creative Conversations in Advertising' series, Creative Director at Goodby Silverstein & Partners Tristan Graham and Entrepreneur magazine Editor in Chief Jason Feifer discuss the birth of a very funny (and impactful) commercial.

How This Amazing Campaign Succeeded in Changing a Brand's Perception and People's Lives at the Same Time

In our series 'Anatomy of an Ad,' Group Creative Director Tony Jones gives the heartwarming story of how Operation Santa finally took off.

How this Tech Entrepreneur, Biohacker, and Author is Helping Women with Their Periods

The founder and CEO of Flo Living on the future of biohacking and hormonal healthcare.

Duce Raymond of Sweet Baby Ray's BBQ on Using Social Media Like a Boss

Interview with Sweet Baby Ray's BBQ Catering Culinary Director Duce Raymond about his fresh approach to social media content marketing and huge results with short video for the already world-famous brand.

The Key to Effectively Communicating Important Messages Is All About Simplicity

In our 'Creative Conversations in Advertising' series, award-winning Group Creative Director Giancarlo Rodas and Entrepreneur magazine Editor in Chief Jason Feifer discuss distilling complex ideas down to a simple message.

How to Deliver a Serious Message Through Humor

In our series 'Anatomy of an Ad,' Creative Director David Stevanov explains how humor can be a storyteller's most effective tool.

This Successful Shark Tank Entrepreneur Shares His Latest Innovation

The Founder of Ooonimals, Club 44, and the OOO Studio Lab talks about his current projects and what you need to know about the risks and rewards that exist in the NFT space.

Brendan Sweeney of Popmenu on How Ego is the Root of All Evil

Interview with Popmenu CEO Brendan Sweeney about building a positive user experience, the state of restaurant technology, and the importance of providing answers.

Recession-Proof Your Mindset with Neuroscience

With top economists fearing a recession, award-winning author Ben Angel teaches how to recession-proof your mindset with neuroscience to manage stress levels.

How to Find Your "Oxygen Points" to Sustain and Grow Your Business, According to an Investment CEO

Entrepreneur Network Partner Ashley Crouch sits down with the CEO of Al Zarooni Emirates Investments, Dr. Adil Alzarooni.

How to Get Investment Funding for Your Business

Entrepreneur magazine's Editor-in-Chief Jason Feifer and Narya Partner Falon Donohue have a lively and informative conversation about securing the funding you need to launch your dream.

Keith Koo Explains How Angel Investors Prioritize Startup Funding Decisions

Entrepreneur Network Partner Ashley Crouch sits down with the Managing Partner of Guardian Insight Group and Angel Investor, Keith Koo.

Why this Popular Web3 Esports Game Was Designed with a Play-to-Earn Model

The Chief Product Officer of MonkeyLeague discusses his company, why monkeys are all the rage for NFTs and gaming, and his advice for developers.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.