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    6 Replies Latest reply on Sep 23, 2011 11:56 AM by BMSB

    From Invention to Prototypes. . . now what?!?!

    IvanBliminse Wayfarer

      Hello everyone,

       

      My name is Allan and I am 22 years old.

       

      I invented a new product and have already designed 3 working prototypes.  The final product should not be that different then what I have already made. I have done a rough draft bench mark analysis and have come up with that in 4-7 years, my product should have anywhere from 50-300 million dollars in sales.  Its a really good invention, which costs me around 4 dollars to make (buying everything from the stores) so I speculate that with a manufacturer, the price should be from $1.50-3 per product which will then be sold at either $9.99 or $14.99. I have been told by the lawyer, many industrial engineers, professors, etc. that this product WILL make money, its just how to get it to the market.

       

      Heres the problem:

       

      I am not working and have no means of income ( due to a severe accident i was a part off), luckily, my father is putting up the money for me to get the innovation Patented and Trademarked, which I am currently in the process of doing.

       

      He said he would only pay for the patent and trademark and I would have to venture out and find my own Angel Investor.

       

       

      What do I do?

       

       

      Do I construct a precise vivid business plan to get other investors interested so that I can start manufacturing and going to trade shows to sale my product?

      If so,

      Do i offer them 15% of the company along with 3-10% Royalty of sales in exchange for a minimium of $40,000? or

       

      I need yall help, I am inexperienced in this.

       

      Tell me what yall think I should do?

        • Re: From Invention to Prototypes. . . now what?!?!
          howdoyou Wayfarer

          Build hype about the product online, get lots of people interested.

          How long does it take you to manufactor one yourself?

          • Re: From Invention to Prototypes. . . now what?!?!
            Tracker

            Hello Allan,

             

            It could be worth looking into websites like this one.  That particular has requirements as would other sites, but I have seen new inventions get on the site before.   You could also just make a few, sell them, reinvest the profit, and continue the cycle.  It would be a much slower start but you wouldn't have to give a percentage of your company to anyone.

             

            Whatever you choose to do, you absolutely need a business plan.  The US government has a website to help you with that found here.  

             

            Lastly, building hype for a product I believe is always a good idea, so that would definitely be worth looking into.  Good luck with your new product!

             

            ~Paul

              • Re: From Invention to Prototypes. . . now what?!?!
                IvanBliminse Wayfarer

                Thank you so much!

                 

                How did you find this type of website, as in, what are these types of website called.  'These' referring to this one.


                I just purchased the "Business Plan Pro Premium" to help me write my business plan, as this will be my first time creating one.

                What are your thoughts, if any experience, with Business Plan Pro for a beginner in the field as myself.

                 

                I am currently building hype for the product and have several sharks interested in seeing it, but I have yet to disclose to them the prototypes.

                 

                Do you think I should show them the prototypes?

                 

                or

                 

                Wait till the business plan is done then proceed to show the prototype?

                 

                or

                 

                Show the prototype to see if they are interested, to bait them on, so that I can later show the business plan once there expectations about the product are in?

                 

                or

                 

                Your opinion on what I should do?

                 

                 

                 

                 

                 

                Also, if I sign up for such a program but find a suitable investor, does the website offer get terminated?

                 

                 

                 

                Any and All advice, past experience, knowledge with anything with any part of my endeavor would be greatly appreciated!!!

                  • Re: From Invention to Prototypes. . . now what?!?!
                    Tracker

                    Hello again.  I'm trying to remember how I first found kickstarter, I think an online comic mentioned it.  As to if it gets terminated if you find an investor, you would have to ask the website, I never looked into it from the getting funding side of things.

                     

                    As for showing your product, I would definitely wait to finish the business plan first.  I would say it makes you look more professional to have that done then to go around with just the prototype.

                     

                    ~Paul

                • Re: From Invention to Prototypes. . . now what?!?!
                  BMSB Newbie

                  The further you can bring this along the more value you are adding, and therefore the large the piece of the pie becomes when you get a partner involved.

                   

                  Can you make a  production version in small quantities, sell those to test the market?

                   

                  There are many disqualifying reasons when other people start looking at your product / venture.

                  You have never sold anything!

                  Your projections are overly optimistic!

                  They have other more promising products to work on.

                  It is too small;

                  It is too complicated;

                  It is a consumer product;

                  There are alternatives...

                  etc

                   

                  I think you should work through all possible scenarios, all at the same time, while making progress with your product.

                   

                  Make manufacturing drawings and get vendor quotes;

                  Build a production version in small quantities;

                  Talk with retail stores whom would carry your product and get feedback;

                  Sell some on the web;

                  Keep family and friends up to date, they may turn into angels later on;

                  Approach as seen on TV folks

                  Apply for SBA loan

                  Ask around for people that are independently wealthy and are willing to take a risk

                  Consider licensing

                  etc etc etc