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MenuSo I have an invention idea but do not really know how to go about
I do have mock ups of the idea and have done many searches of the product that I'm trying to make and have not found any similar. It's more of a who I can trust cause these companies out here are just out to get your money. How should I go about this?
Answers
Everybody has an invention. The question is this....Is there a demand for your invention. My experience with the invention idea companies is that they are out to make money for themselves and will submit your ideas to companies and sites that you can to without spending 10 grand.
If it is a great invention there will be a great demand. Start with google adwords to find out if there is real interest in the product.
Don't stop taking massive action.
Best of Luck,
Michael T. Irvin
michaelirvin.net
My books are available exclusively through Amazon Books. Check out my book "Copywriting Blackbook of Secrets"
Copywriting, Startups, Internet Entrepreneur, Online Marketing, Making Money
This is a question everyone starts with. I think one question you'll need to answer is what path do you want to take with the product idea? Do you want to make it and sell it? Do you want to license it? What's your goal with it. From there, then you can map out your plan. There is always risk involved, but there are definitely warning signs. Stay away from anyone or company who makes wild promises or the "sure thing". If it's too good to be true then it usually is. There are companies out there like Edision Nation, Quirky and others who help people in your scenario.
You can't trust anyone with intellectual property. If your concept is truly novel, anyone you show it to needs to sign a NDA (non-disclosure agreement).
From there, depending on the product, you want to document and date the invention by applying for patent pending status with the USPTO (United States Patent and Trademark Office).
You'll need an intellectual property or patent attorney to do this correctly.
If you're bootstrapping and low on cash, you're going to need to find an angel investor who can fund this.
The easiest way to get VC funding is to put together a professional prospectus and presentation and then present the product (after execution of NDAs) to companies with similar or complementary product lines.
Once you have legitimate interest from a company, you can easily get VC funding if necessary.
Alternatively, you can always go the crowdfunding route with something like Kickstarter.
Take a look at the Mom Inventor's site for great ideas, books to read, etc.
You are right to be suspicious. This industry is filled with vultures and consultants who, for a fee, are willing to tell you whatever you want to hear. If their advice turns out to be wrong or otherwise worthless, they don't really care -- they already got your money. I've seen many companies ruined this way.
Instead, you should find an experienced person in the field and ask him or her to be a part of your company. Offer them a healthy equity slice in exchange for their contacts and know how. This way, he or she has skin in the game and incentive to have you grow as quickly as possible. By making them a part of the team and given a large equity slice, they are unlikely to steal the idea, as they would only be stealing from themselves.
The really good ones are hard to find. They don't need you. They certainly do not come out to tech meet ups, or seminars or what ever watering hole entrepreneurs like to hang out at. You have to do your research, find them, and convince them that they can make a lot of money by joining your company. IF they like you and the idea, they will do so. If not, ask them why not, and make whatever adjustments they desire.
Ideas have no value unless executed. If I say I have an idea of creating a robot that can reproduce like humans, the idea sounds great however it has no value unless it is executed. I may fail, however, if I become successful then my idea can change the world. It's worth that risk.
I can help you in converting your idea in a product. I have been doing this since long. Let's setup a call.
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How do you determine if a business idea is worth pursuing?
You ask the customers, and gauge their level of interest. Better yet, get yourself in front of some customers, and instead of telling them what you make or do, ask them what they need. When you notice that many of them need the same thing, and if it is something you can make or provide, you then have a business idea worth pursing.DF
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Are basic/simple (but new) startups ideas considered dumb?
Execute. Is there a critical mass of value that someone will care about the problem you are solving for them? The size of the problem you are solving and well you solve it generates the value. That then dictates what (if anything) you can charge. The number of people who have that problem defines your market size. That might give you an indication of the type of business/startup you have - is it a high growth startup, or in the case of a problem being solved where the market is not very large, maybe it's a life style business. Pete Thiels excellent book from last year talks about this and is certainly worth a read http://ajs.io/bookzerotoone. Wikipedia says: A business model describes the rationale of how an organisation creates, delivers and captures value. Or in my words: your business model is the way you profit from the value you create for others. The good news is, starting simple has lots of benefits to usability, UI, message to market and capturing your first 100, 100, 10,000 users or customers. Go-to-market is where many startups fail most, not the technology, so that is something you should focus on and simplicity -provided your idea is part of a bigger vision- is a great place to start.AJ
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I have an idea of a hardware product, that has received good feedback until now.Should I fill for a provisional patent or start an indiegogo campaign?
The answer: do both. The first thing you need to know about patents is that the U.S. now has a first-inventor-to-file system after the American Invents Act (AIA) went into effect in 2013. I have to disagree with Dan above: for hardware inventions especially, a patent is an important part of the business plan. The first inventor who "races to the patent office" now is typically the winner. This means if you do not file for a patent on your invention, you can lose the rights to your invention much easier than before the AIA. The next step is to think about how a patent fits into your business plan. A patent application is but a tool in your bag when starting up. A crowdsourcing campaign on a site like Indiegogo can validate the idea. But it also puts the idea out to the public and starts the 1-year clock ticking on when you can get a patent. For hardware startups, however, if you're not thinking about a patent upfront -- you're likely leaving a massive amount of your product's value on the table.JP
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How can I build credibility on a new, unbelievable product that is being introduced to the market for the first time?
Side Note: I would have loved to have done this for my wife's wedding bouquet - and even more recently for the flowers my daughters carried as flower girls in a dear friend's wedding. Very cool concept! People are far more likely to believe what they can see. Produce a short video that shows your process - from start to finish - so they can see the magic happen. It can be quick clips of each stage showing the exciting moments (like putting the flowers in, and sealing the glass). This doesn't need to be (and probably shouldn't be) more than 30 seconds. Example Storyboard: Scene 1 - We take amazing flowers (3-5 seconds) Scene 2 - and preserve them by "xyz" (10-15 seconds) Scene 3 - and seal them in glass to keep them beautiful forever. (10 to 15 seconds). Hope that helps! Cheers, RyanRR
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How to approach business owners for an idea extraction?
I've done this in the past. I find the best way is to do it in person. I made a habit of walking on my downtown street between lunch and asking the local business owners about their challenges of their business. I don't know if there's a number...I think idea extraction should become a part of your daily routine. Here are some questions you can ask: So your business does X? What is your role in the business? What does a typical day look like for you? Can you walk me through the first couple hours of your day? What are the first few things you do each morning? How many customers are you working with a month right now? What’s been your best month? What’s been your worst? What are a couple activities you have in your day that you just don’t enjoy? Getting Deeper Thinking about the last couple days at work, what has been the most challenging part? What do you use excel for in your business?** What is the most expensive problem in your business? What’s a problem that you’ve tried to solve in the past but didn’t work for you? What would you like to do with you mobile phone, but can’t?ZA
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