Forums: Discussions for entrepreneurs and small business.

I have been working on developing a new product to market for some time now. I am in the process of manufacturing the first few prototypes. I may have my lucky break into a large venue which could result in media coverage and great exposure to the public. I would like to know how some of you would handle such a situation and what kinds of things would you prepare yourself for? Thanks for any input on this.

Allan 

 

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Allan Thorne President Rock Solid Innovations LLC RockSolidInnov@sbcglobal.net www.RockSolidInnovations.com 408-786-6958

Don`t know what stage your prototype is at, but good product photography is a huge issue. Show the product alone, and in use. High resolution images burned to a disc, or by internet should be available to the `media`.

Press releases are always good, and if it has to do with tech, `leaks` to the tech magazines are also great. Once it is leaked, send them a sample to review, and just pray that you get positive reviews. Although they do say that there is no such thing as bad publicity... As for sales down the road, you can look for promotion items, rebates, vouchers, business affiliations, and endorsements. We have a few promotional items available in my promotions company, and you are free to contact my consulting branch, RIC Services.


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Do you think it is important to have a web site up and running at this stage in development and product exposure? Like I said I am just at the prototyping stage. What about a product image at this point? By that I mean a name and logo to set ones product apart from others in the marketplace. I would like to gain recognition and have a good contact and product name to be remembered by. Any thoughts?

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Allan Thorne President Rock Solid Innovations LLC RockSolidInnov@sbcglobal.net www.RockSolidInnovations.com 408-786-6958

I`m not sure.... there are pluses and minuses about promoting your product before you`re ready.

Take this product for example.
Spacelift6000

I wanted to buy this, but it won`t be shipping until this fall. This site has been running since spring.   The up side, is that he/ she might be looking for dealers and feedback. The down side is that he is giving a huge lead time to his competition to copy the idea. Sure there might be patent pending, but this general concept can easily be taken. I`m not saying he`s wrong ... just that it`s a balancing act.

I think you should pause, and ask yourself "What do I want people to do once they learn about this product".   Hope this isn`t too philosophical.

Degrees,

I hear what you are saying. Good advice. I do not think I would advertise my product until I was ready to deliver. That is if I decide to try marketing myself. I haven`t decided the options for licensing yet and may be a possibility in the future. Another idea I had was to get my product exposure and then immediately go for a licensing deal with a company. If anyone has had this happen it would be great to hear from you.

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Allan Thorne President Rock Solid Innovations LLC RockSolidInnov@sbcglobal.net www.RockSolidInnovations.com 408-786-6958

One of the first things I would do is review how protected you are (utility patent? design patent?) and how easy or difficult it would be for anyone (particularly larger organizations with deep pockets) to copy your idea and run with it, before you have all your ducks in a row. You may want to review this with a patent lawyer.

If there`s a risk that you strike the motherlode with you invention and you`re not protected, there`s a very high risk that someone will try to beat you to it. In that case I would play it very close to my chest and avoid publicity by all means, until you`re ready to hit the market.

If no one can touch you, then the more free publicity you can get early on, the better.

Marketuing yourself vs licensing agreements: I guess that will depend what your ultimate goals are and what you financing options look like.

Best of luck & success,

Ralf

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Ralf Bieler
Principal & Chief Executive Officer
Multiple Funding Solutions, Inc.
Office:(561) 746-1954
www.MultipleFundingSolutions.com
The Smarter Way To Better Business Financing

Ralf

I guess this should be expected when developing a new product. Getting it to market as fast as possible. I do have protection and a patent lawyer at this time. Thanks for your input.

 

Allan

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Allan Thorne President Rock Solid Innovations LLC RockSolidInnov@sbcglobal.net www.RockSolidInnovations.com 408-786-6958