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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.
Related Questions
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How would you monetize this idea?
I would not monetize this idea at first. I feel your platform needs to be able to provide this service prior to trying to charge companies to list their services. I feel this way for two reason, I as a customer would not trust the platform as I would believe that it only exists to pressure me to contract the services of the companies that paid to be there. I as a company would not want to put my company's reputation at risk prior to the platform having a good reputation on the market.JC
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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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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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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 $400 to start an online product/service/business. Where do I start?
The worst motivation for starting a business is the need for income. A business has to be built over time based on meeting a market need. Of course a business must make money to be successful, but this can take a bit of time. So, the real need is to use the online world to make money. Based on your copywriter skills, here are some ideas to get you started: 1) Start a blog. You can do this for free with platforms such as Blogger and WordPress. This will provide you a chance to show case your writing talent. Writing articles about copywriting can both demonstrate your writing ability and be used to market your approach. 2) Join job markets. There are several freelance sites you can use to make extra money without little to no cost, such as Upwork and elance. You will find jobs on these that will help you earn money and build your portfolio. The pay can be low as the markets tend to be aggressive but a few good contacts can lead to a better source of work. 3) Build your network. Connect with people who provide web marketing services. They need guest bloggers, ghost writers and ad copywriters. Over time you can build a steady source of freelance work. Once you have a good portfolio and practice, you should consider building a branded web site. But first, build your freelance brand. This approach works with other skills too. Let me know how else I can help.JB
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