Three years ago, I decided to go forward with a twenty year old idea that I had and hired a company to develop it. (Am I allowed to mention the company name?). Anyway, about a year ago, with what they called a "Virtual Reality Prototype," it was presented to at least two companies that I know off. This was verified because I had to fax signed permission letters to them prior to the presentations.
After that, I received three updates within several months of each other and then, no updates until I called them about a month ago. I do know that it sometimes takes many presentations before any manufacturer will pick up on a product regardless of how "dynamite" of an idea the originator might think it is. After a lengthy conversation with the director of licensing, I decided to leave it with them.
I have invested over $12,000 into the project. It would have been more except that at the end of the prototype development, the company offered me a deal whereby they retained 20% of the product rights for me not having to invest any more into it.
I have an urge to go back and see about buying them out of the 20% share and going forward with my own efforts to manufacture and sell the item. With what is being sold over the internet (primarily ebay) there is a possibility I could do very well with it. Without getting into details of the product, I liken it to the "Pet Rock" or the "Inflation Hedge" - a gag gift, conversation piece for the "person who has everything." I think it`s a dynamite idea.
I welcome anyone`s input on my thoughts about going it alone. As is the case with many others, funding is a major source of my hesitation.
(BTW, I have another idea that is now over 25 years old and no one has brought that product to the market, either. (This product would be best marketed to major sports teams - NFL, NHL, NBA, etc.)