Forums: Discussions for entrepreneurs and small business.

I have recently filed for a patent.
I`m not sure which direction to go from here. If I think it will sell 1,000,000 copies, (who doesn`t right?) what route should I take?
 
Let a company like Guthy - Renker have it and settle for a couple of percent.
Raise my own VC and market it myself.
Take to Oprah/QVCs new product search.
After all who`s going to mess with Oprah?
If it is that successful it will be copied in a very short period of time.
Thankx




-------------------------

You may be wise beyond your years but still your years are few..................................... Consider all you`ve learned by now then multiply by two.................................................. You can`t replace experience life`s lessons just take time ................................................... Time is you see what separates mere grape juice and fine wine

I`m at the same stage as you though I don`t know what your product is.
Mine certainly isn`t anything that would concern Oprah. Anyway, I have
filed a patent on my invention and have also struggled with which
direction to market I think is best. In reading several business books,
browsing the web, listening to podcasts and talking with people, I`ve
finally decided I need to manufacture it myself. And holy cow, it`s a big
ticket item in the 4 to 6 thousand dollar price point! This ain`t no easy
manufacturing. But I know it is the right decision.

My point is that it took me an exhaustive amount of research to come to
this conclusion, nearly a year and a half worth. What I learned is that
there is no easy answer to your question. It depends on the product, the
market, how it is going to be made and distributed, etc. The variables are
great. One of the biggest determining factors is what you want out of it.
Is it an idea you just want to make money from? Is part of your vision
bringing it to market with your ideas? Do you want control in the
process?

Do some research in your field and understand the competition. How are
similar products brought to market and why? Do some general research
on bringing a product to market. Learn about theories of innovation.
You will find the answer to not only this question, but so much more.

You might want to be a little more specific about your product or at least
its market segment or something to get better advice from the
community. You may just come across someone with specific knowledge
that can help you.

Steve made excellent points.

 

I’ve worked consulting an inventors group in my home town and this is a very common dilemma.

 

I always point out that this is not just a decision about selling through the channels you’ve mentioned vs. manufacturing it yourself. If you go on your own you’re really starting a business and you must think of all of the business issues, not just manufacturing.

 

Another issue – selling thru Oprah, QVC, etc. is not generally a sustainable model. It’s more a 15 seconds of fame kind of thing.

 

If wealth creation is important to you, building a business around your idea is really the only sustainable path.

-------------------------

The Virtual Company Blog ●●●●● 2002 Ernst & Young Entrepreneur of the Year ●●●●● 2004 Inc. 500 ●●●●● Spare Bedroom to NASDAQ in Five Years ●●●●●

Mark P,

I agree. Many inventors usually can support themselves financially starting off. It is easier to do video presentation on a website, and do some viral marketing. After selling a large amount of the product, they could do local commercials. If someone sees it as a great investment, they will take it nationwide, and give you a larger piece of the pie.

Most of us here are more likely to think in terms of starting a business
around an idea rather than just selling it off. That`s the core of what SuN
is about. So keep that in mind as you get advice.

Certain inventions lend themselves to selling off a patent. I once read an
article about the guy who invented those hippie flower decals that one
sticks to your car`s window, especially VWs. He came up with the product
idea in the 1960`s and sold the idea off for royalties. They became a
craze and part of the peace movement. He literally made millions! The
concept lent itself to that kind of business model. Some patents do,
some don`t.

But like I said and already is reflective in the comments, most of us will
probably tell you to make your own business out of it. I think you should.

Everybody has got some great suggestions. I`d think about the market that you want to target too. That might give you some idea as to where you need to start--not just about distribution channels but packaging, marketing, etc. If your product/idea is targeted towards high-end consumers the approach can be very different from something that is aimed towards the masses. You might also want to talk to an attorney before approaching possible partners just to be sure that you have done everything you can to protect yourself.

Good luck.
Ron

Congratulations on getting your patent application filed. Hopefully, funding the whole patent process is within your budget.

Along with the fine observations that others have added, I would also suggest that you should consider your strategy for any related inventions that you might make.

Sometimes, the first invention gets your foot in the door, but the second invention is even more valuable. That can often have something to do with the fact that you have become smarter, and more sensitive to the marketplace`s needs. As you investigate your current invention`s marketability, you need to think about whether you will want some financial backing from technology buyers to fund your next invention`s development. As you know, everything is negotiable.

Some technology buyers, after having seen your first invention, may desire to collaborate with you on related projects that could lead to new related inventions. For that reason, you should seek advice from a competent patent lawyer regarding the best means to ensure that the technology buyer does not undermine your future invention rights.

Finally, be aware of so-called patent trolls, companies who have become famous for buying invention rights just for purposes of suing others. If you have a passion to see your invention on the market, then you may need to carefully choose your technology buyer according to its reputation for product development and actual sales.


-------------------------

Independent Distributor of Nutronix International and The Berry Tree

http://income.wellnessguy.info
http://products.wellnessguy.info
http://bbb.wellnessguy.info