Several weeks ago I wrote about the fourth annual DRTV Summit sponsored by InventionHome. Initially the deadline for inventors to submit their inventions for consideration was September 30, 2014, but InventionHome has extended the deadline for inventors to submit until the end of this week. Submissions are now due by the close of business on Friday, October 3, 2014.
The DRTV Product Summit is a one-day event that will be held on Wednesday, October 22, 2014 at Robert Morris University in Pittsburgh, Pennsylvania. Inventors will be given the opportunity to pitch their products to representatives of the six (6) DRTV companies on one day in one location.
The event is not open to all inventors. Over the past few years the event has grown and there has been significant interest in the inventor community. In order to be considered inventors must submit their inventions to be reviewed by a panel of referees. Thanks to an extended deadline, submissions are now due no later than Friday, October 3, 2014. This submission and selection process insures that only the highest quality inventions are presented to the representatives of the DRTV companies that will be present. This maximizes the value for those DRTV companies, which means they keep coming back year after year. It also reserves pitch time for inventors with the most commercially ready products that have the greatest immediate chance for a deal.
Twenty-four (24) inventors will be selected from all of the submissions received and invited to attend the event and give a 10-minute pitch to each of the six different “As Seen On TV” companies present. Submissions will be reviewed to determine whether the product submitted solves a real problem, is a product that would appeal to a mass-market audience, and has a finished sample or prototype ready for display and demonstration. For those who do not yet have a prototype it is suggests that you still submit your product to be considered because if you have a strong product concept they would still move forward with an invitation despite the lack of a prototype, at least under some circumstances.
For more information please visit DRTV Product Summit. You can also watch the two YouTube videos for additional information as well. The first one is from a CBS News segment that discusses the Summit. The second video is put together by InventionHome and explains more about the Summit, as well as providing commentary from inventors who have previously participated.
From what I have seen this seems like an excellent opportunity for all inventors. Of course, as with any other deal or opportunity, it is imperative that inventors completely read the agreement they will be asked to sign and make sure they understand the terms and are comfortable with the terms of the deal. Any successful deal, whether between you and a broker or you and a company, is a relationship and you need to be comfortable with the deal.