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    1 Reply Latest reply on Sep 21, 2010 3:46 PM by TheSoloGuide

    Idea to Improve exsiting product

    teajohn Newbie
      Hello All

      I currently have a idea to improve an exsiting product. The idea is pretty simple, and after doing a bit a
      of research I know it has not been done. Does anyone have any idea how to go about selling the
      idea or getting the ball rolling in that direction?

      All input is welcome!!
      Thanks
      Teajohn
        • Re: Idea to Improve exsiting product
          Tracker

          Teajohn:

          When you mention selling an idea, are you talking about selling the idea to investors, buyers, the owner of the original product or to customers?

           


          Selling a business idea to a buyer can be a tricky proposition. While the original product has some history of proving it is a sellable item, your idea does not. This doesn't mean that it can't be sold, but it is tougher to sell an idea than a product, service or business that has a proven track record.

           


          How do you establish a fair market price?

           


          Are there any patent or copyright infringements?

           


          Does your idea create any barriers to entry?

           


          Will you work with the product after a sale to make it a reality? If so, do you have any special skills or knowledge that a potential buyer would be interested in investing in?

           


          What would the sale include?

           


          Without knowing more details about your plans, it is hard to give you specific ideas beyond some of the basics:

           


          Develop a business plan.

           


          Identify opportunities for creating barriers to entry so the idea isn't easily stolen / replicated.

           


          Identify businesses / investors that would benefit most from the development of your product and then contact them directly or work through an attorney and / or business broker.

           


          Have any potential buyers sign a Confidentiality Agreement.

           


          I hope this helps.

           


          Doug Dolan

           

          Small Biz Break (http://smallbizbreak.com)

           

          The Solopreneur's Guide (http://thesologuide.com)