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I`ve got an idea for a product. A "I don`t want to reinvent the wheel, just improve upon it", sort of thing. The problem is that I don`t think I can make this in my garage on my own. Maybe an engineer would come in handy here, or a machinist, or maybe I need both.
Can I just sell an idea? Can I, with the help of some pro, build a prototype and sell it? Should I patent the product and license it to be built? Should I try to manufacture it myself?
Where do I go from here?
Capital & Time will be the two most critical variables
in your decision. If you are low on capital the best way to get a return
on your idea is patent it and license it to be produced and sold.
If you have plenty of time and you want to be more apart of the products future
then you should probably hire an engineer and build a prototype.
How do you plan to distribute this product and what are your logistics like?
I`ve got an idea for a product. A "I don`t want to reinvent the wheel, just improve upon it", sort of thing. The problem is that I don`t think I can make this in my garage on my own. Maybe an engineer would come in handy here, or a machinist, or maybe I need both.
Can I just sell an idea? Can I, with the help of some pro, build a prototype and sell it? Should I patent the product and license it to be built? Should I try to manufacture it myself?
Where do I go from here?
Greg,
as a test market, I would like to ask a question.
If there was a corporation that was in business to take your idea, help develop it, get it manufactured, bring to market and would give you say... 50% of the profits without any upfront costs to you would that be something you would consider?
Yes this is one of the Legs of the master plan in which I am trying to develop.
On the surface it my sounds like , yea if it creates a profit. But what if I added that the program was networked with its own various distribution channels and several marketing porograms to ensure it success. would you be interested then?
Yes I`m looking for partners for the development of this program.
Mike
Mike,
I know several people who have tried to do this, the problem they have always come across is cutting up the equity and profits, two, control over the company and three never getting enough venture capital.
I wish you the best of luck, what kind of partners are you looking for?
Mike,
I know several people who have tried to do this, the problem they have always come across is cutting up the equity and profits, two, control over the company and three never getting enough venture capital.
I wish you the best of luck, what kind of partners are you looking for?
1. cutting up the profits? I`m not sure what the problem is here. The corporation has "X" amount in expenses (IE COGS) and "Y" sales the difference would be the profits, which would be split btween the two parties, the idea generator would do with his/her half as pleases the corporation would keep the profits and use it for the development of additional products,
2. It is a corporation, the people submitting their ideas would have no control over the corporation. Just like the people who go to McDonalds for lunch have no say in the way the rest. is being managed ( with the exception of their ability not to patronize the business)
3. you are right venture capital could be a tough one, But if i can create enough vested interest and benefits for the organizations success, Any and all financing needs will be eliminated.
Am I missing something???
Mike
Ken,
I have , and if im not mistaken it is one of those organizations that will let you submitt your idea, say yea great idea, please give me "x" thousands of dollars and we will get you going. They want money, this is where their profits come from. We wont. ours profits come from the success of the Idea... and
secondly they do not have a market for the products , I have several different marketing and distribution programs which will ensure the success of most every product developed, the level of success will vary.
There is much more that I hevent yet touched but the test marketing of the program, that I have surveyed, has resulted in no noticable flaws within the organizational structure or plan. But these have only been consumers surveyed.
mike
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