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    2 Replies Latest reply on Feb 8, 2015 6:49 PM by Moderator Cath

    Sell my patent or try to get manufacturing and sell it myself?

    linda deeren Wayfarer

      I am very close to being patent pending for an infant's pajama. I have asked several people about our product and what they thought of the idea and it is favorable. All said they would buy it. I am just wondering should I sell the patent outright or try to get manufacturing and sell it? I am also a full time college student with Business Management as my major.

        • Re: Sell my patent or try to get manufacturing and sell it myself?
          Scott Navigator

          There are a lot of unknown variables to answer you, but I don't think you're asking the right question.

           

          The BEST advice I can give you is to test the market before you decide what your next steps will be.

           

          MANY people have thought they invented the next great thing, and many times their idea sounds plausible, but more often than not, they waste a lot of time and money to find out that the market isn't there or that there's a fatal flaw.

           

          Testing the market for you product is MUCH easier than it's ever been before by using Facebook and their targeting system. Google Adwords can work well too.

           

          This is going to sound odd to you and go against the grain, but I'd create a website landing page to sell the product. Set up a Facebook business page for the product and then promote it using their targeting and ad system BEFORE you ever even have the product ready for sale.

           

          We used to do this by refunding the purchasers money immediately, telling them that we were sorry but we are sold out and will notify them when more is available.

           

          The way I usually do it these days is to set up a landing page telling them about the product & what the price is going to be to get people to optin with their email or by text to be notified about our upcoming sale. That way you get a good gauge of interest, you reduce your risk dramatically and you don't have to process refunds.


          If you do your Facebook ad targeting correctly, (mothers expecting and mothers with newborns etc.) you’d probably have a very good idea about what the market is interested in while spending only a few hundred bucks. I’d also split-test your landing page with different price points to see which one sells best. The lowest price isn't always best.

           

          There’s quite a bit to it, but that's it in a nutshell. I hope I didn't muck things up worse for you. Ask if you have more questions and I'll try to help.

           

          Also, if you decide to speak with anyone about this, be sure to have them sign a Confidentiality and Nondisclosure Agreement. They're not fail-safe, but it's worth taking that step.

           

          I wish you the best in any case!

           

          Scott

           

            • Re: Sell my patent or try to get manufacturing and sell it myself?
              Moderator Cath Guide

              Excellent advice, Scott!

               

              Someone has a great (or they think so) idea for a product.  Then they ask around to most of their friends and they all say that they would buy it if they could find it.  Not throwing rocks at anyone's friends but often friends will agree with you - why?  Because they are your friends and don't want to slow your creativity down.

               

              Scott's suggestion of creating a webpage with the product and asking for opinions could be very helpful.  You would not have sunk a lot of money into the project at this point.  Listen (read) carefully to what others share and consider what is written, and THEN make your decision to move on or go back to the drawing board.

               

              Good luck, Linda.  Please keep in touch and let us know how you are progressing.

               

              Cath