Great Company Name.. how to market it for JV?

February 2, 2006 5:22 AM

CEO-Filter: Advertising Question: How to I reach my intended audence?

I have come up with a phenominal Idea for a company (think mortgagges, title insurnce, that sort of thing.)

I need to find an existing firm that has the infrastructure set up, to take the company name, and domain name (which are trademarked & registered) and use it to set up a new "virtual store" using the current setup and the new brand to increase their market share.

I'm looking for ideas on how to reach those people? (Would it be 'Director of Business Development"?) or do I put an ad in the Wall Street journal (or somewhere else?where?)

I basically have an Idea, trademarked name, logo, and idea.. now I need to find the people that have the dough to make it happen....

sort of like how GMAC Mortgage has Ditech.com, I want a major player to pick me up and see the amazing potential, bank roll it and eventually give me a piece of the pie...

posted by Izzmeister to work & money (8 comments total)

I think companies prefer to buy out people who have more than an idea. An established business, with market share, and name recognition is far more likely to get looked at. If the idea is good, but not implemented, then the trademarked name and logo are meaningless, no matter how cool they are.
posted by jacquilynne at 5:44 AM on February 2, 2006

Are you wanting to sell your idea, or your personal execution of your idea? You're going to have problems with the former I'm afraid.

If the latter, then you'll need to pull together a business plan - possibly involving some friends / contacts with existing capital experience, and network to find contacts. Forget about advertising, or hiring someone to cold-call specific individuals for you: these never work. Just find someone reasonably senior in the company, tell them as non-specifically as you can about your idea, and try to get them to introduce you to the right people in the company and call them directly.

It would probably help you to make a mini-prospectus for your idea - just a one or two page clearly expressed pitch of roughly what the idea involves (keep fundamental success factors secret though), and what you expect it to achieve. Doing this before you start pitching will probably also help you to clearly express your idea.

Make sure you get people to sign NDAs before you give your idea away, although you'll obviously have to tell them something to get them interested in talking to you in the first place.
posted by bifter at 5:53 AM on February 2, 2006

Sorry, specific hints on networking: try to go to conferences or events where executives in the companies you want to hit go as speakers or delegates, and talk to them there. See if friends or relatives work in such companies, and ask them for names and / or introductions. If you can't get in any other way, cold call, describe your reason for making contact to the administration staff, and ask who would be the relevant person to talk to. I usually like to introduce myself first by letter or email, before following up with a call to talk to them.
posted by bifter at 5:58 AM on February 2, 2006

Everybody thinks their own ideas are fantastic.
posted by unSane at 6:01 AM on February 2, 2006

1) Im not loking to "sell" the idea. I want someone else to partner with me to develop the idea, which other then adverising this new brand they have all the rest set up already. and with the housing boom slowing, I think that Companies in the industry would love the ability to "snag" additional market share under a seperate brand.

2) I don't have a unique idea for a new product.. I have concieved a brand name which I feel is "brilliant" for this market and although I'm sure everyone feels that their ideas are great, this one in particular seems to have alot of promise.

thanks for all the help!
posted by Izzmeister at 6:13 AM on February 2, 2006

I was going to offer to sign an NDA and pass some stuff on, but... all you have is a name?

I can't fathom what sort of name would garner sufficient additional market share that it'd be worth giving up profits. Your example (ditech.com) shows clearly that the name isn't very important as long as it's well-marketed.

Am I missing something?
posted by I Love Tacos at 6:56 AM on February 2, 2006

Most companies are not willing to pay much for a trademark or service mark unless it is already associated with an established business and they can then assume that business. If your idea is patentable then perhaps you could protect it that way and those are rights which are marketable. If you are to approach these people you definitely want an NDA (use a lawyer, and preferably one familiar with this area) and the person to talk to would be the VP or director or whatever of New Business Development if they have one or failing that the VP or a director of Marketing. Think long and hard about what you can do that they can't, not just why your idea is so brilliant. They will be thinking that they have experience and can execute it better than you can. Convince them otherwise if you want to participate.
posted by caddis at 7:24 AM on February 2, 2006

Since you mentioned it...GMAC does wholesale lending to mortgage brokers/correspondents. But they won't finance you as a pure start-up.

I have no idea what your business plan is, but the mortgage and title insurance industries make extensive use of brokerage/correspondent systems. I imagine the capital required to set up office and market to customers is relatively low and the product you market is sold directly to someone like Saxon Mortgage, so you don't actually need the money to fund the mortgage.
posted by mullacc at 7:46 AM on February 2, 2006