How do I submit an idea to Bestway?

If you’re interested in submitting an idea for Bestway consideration as a potential new product, please complete and sign the Mutual Non-Disclosure Agreement (MNDA) form on our website. 

 

What’s a Mutual Non-Disclosure Agreement (MNDA)?

A Mutual Non-Disclosure Agreement (MNDA) is a legal contract that requires all parties to maintain confidentiality on proprietary and confidential information mutually disclosed. A MNDA is a common document that allows individuals and businesses to discuss confidential projects with a mutual commitment on non-disclosure to third parties.

 

Why do I need to provide a general description of the concept?

A general description of the concept enables Bestway to get a better understanding of the potential product and determine if your concept will be a good fit for Bestway.

Please DO NOT submit any confidential information through this form.

 
Why do you need to know if the concept is provisionally patented, patented or patent pending?

Having a concept that is provisionally patented, patented or patent pending is advantageous since Bestway is looking for concepts that are innovative, unique and protectable.

 

Will my concept still be considered if it’s not patented?

Yes, your non-patented concept will still be considered after everyone involved has signed the MNDA. While we are open to reviewing concepts that are not patented, the concept must be:

 

•    New or novel (Something that has not been done before. Please do your research prior to submission.) 
•    Not obvious (As if it is related to a change to a product that already exists) and must be able to be used. (The invention/concept must work and cannot just be a theory that it “could work.”)
 

How long is the concept presentation meeting?

After signature of the MNDA, Bestway will schedule a 30-minute meeting to discuss your concept(s).

 

What can I expect after the meeting?

Bestway will provide feedback on your concept during the meeting or in a follow-up email shortly after the meeting.

 

•    Good Fit: If your concept is a good fit and aligns with Bestway’s business objectives, Bestway will schedule another meeting so you can discuss your concept in more detail. Bestway will also request your sizzle reel, pitch deck and sell sheet. If these assets are unavailable, we’ll reach out to discuss the next steps.
•    Not the Right Fit: If your concept isn’t the right fit and doesn’t align with Bestway’s business objectives, Bestway will let you know by email. Just because your concept doesn’t currently align with Bestway's business objectives, doesn’t mean it never will. Bestway may reach out if your concept fits into a product category in the future.

 

What should I have prepared for the presentation?

Please come prepared with the following:
 
•    Concept Drawing
 A concept drawing that clearly communicates the unique features of the product and how it performs.
•    Pitch Deck
A pitch deck that clearly communicates the uniqueness of the concept and the thought process behind it. This will help Bestway to clearly understand why we should license your concept.
•    Working Prototype
A working prototype - that you can demonstrate either live on the call or by playing a pre-recorded sizzle reel - that will demonstrate your concept.

 
What’s a sizzle reel and how long should it be?

Think of your sizzle reel as the TV commercial for your concept. This reel (video) should sell your idea, demonstrating all the unique features and play patterns of your concept, including how it’s used by its target customer. Ideally, sizzle reels are 30 seconds to 2 minutes max in length.

 

Your sizzle reel should include:

•    The name of your concept
•    The target market/audience (age, education level, income, nationality, gender, ethnicity, marital status, race, etc.) 
•    How it works (Please show it in use)
•    Your contact information at the very end

What is a pitch deck?

A pitch deck clearly communicates the uniqueness of the concept and the reason behind it. It should explain why you did what you did and some background information on the concept. 

 

Your pitch deck should include:

•    Why does this concept matter? 
•    Have you captured a certain trend in your concept? 
•    What universal life experience does this product connect with? 
•    What makes this concept valuable and unique? (So it will be a hit with retailers)

What is a sell sheet?

A sell sheet (also known as a one-pager) is a printed version of your elevator pitch that includes the product name, strong sales-oriented images, tells who it is for, the age grading, and some compelling copy that acts as a short elevator pitch for your concept. Please also include your contact information at the bottom of the sell sheet.

Do I need a prototype?

A prototype is preferred, not required. 

If you do have a prototype, please demonstrate the product’s use in a pre-recorded video or live during the meeting. 

If you don’t have a prototype, and Bestway thinks your concept is a good fit for Bestway’s business objectives, one will be necessary for us to move forward to the next steps after the meeting. 

 

What’s the difference between a works-like prototype and a looks-like prototype?

A works-like prototype, as the name implies, performs the same intended function or “works like” what the final product should work like.

A looks-like prototype might not actually work, but looks like, or looks very close to, what the final product/product form will be.
 
If you’re really on your A game, your works-like and looks-like prototype might be the same physical prototype; but please note, this is not required.

 

Do you have an Inventor Wish List?

Yes, once we have met with you and have your email address and signed MNDA on file, we may put you on the distribution list to receive the Bestway Product Wish List.

 

How often do you send out your Inventor Wish List?

The Bestway Product Wish List is normally sent out bi-annually – every January and June. We also usually send out a wish list prior to any shows we’re attending.

 

What could I do to improve my chances of getting a license?

If you want to really improve your chances of success, you will have a working prototype, a 30-second to 2-minute sizzle reel and a pitch deck that clearly communicates the uniqueness of the concept and the reason we should license it.

 
Still interested in submitting an idea for a potential product? Please complete and sign the Mutual Non-Disclosure Agreement (MNDA) form on our website.