Thread: Product Idea - direction sought

So I have this idea for a product - potential fastlane. It's a combo or hybrid of 2 main stream products on the market.

It's an electronic product. I understand how it would work but I don't have the knowledge to draw out schematics and all that... Any advise here?

Number one - I get anybody I talk about with to sign NDAs... Right?

I know, MJ says ideas are a dime a dozen - and I agree 100% that execution is what counts. But if my product idea has no competition yet, it's not wise to give it out until it hits the market.

There's a local company who manufactures product A as it relates to my product A/B hybrid - Do I approach them and inquire about a partnership or design license?

Or do I try to (outsource) manufacture my own? Where do I go for something like this? It's basically a PC accessory with a twist.

Thanks so much for any advice.

Originally Posted by mlangley

Number one - I get anybody I talk about with to sign NDAs... Right?

Only if you go to a manufacturer or potential investors/partners. 99% of people are too lazy to steal your idea. Out of everyone you know, how many have manufactured or licensed a product? I'm sure 100% of them have come up with what they thought was a great idea. How many of them have ever taken action?

Originally Posted by mlangley

There's a local company who manufactures product A as it relates to my product A/B hybrid - Do I approach them and inquire about a partnership or design license?

Or do I try to (outsource) manufacture my own? Where do I go for something like this? It's basically a PC accessory with a twist.

This depends on what you want to do, what your future goals are and what your financial situation is.

If you plan on manufacturing it yourself, make sure you have the capital to at least get your first order produced. It can get pretty pricey as manufacturers usually have a pretty high minimum order. My product is less then 50 cents a piece with packaging but our minimum order is 10,000 pieces plus $3500 to produce the mold for it. Then you have to figure in shipping, insurance if necessary, possible patent or provisional patent (highly recommended since you can get it done for around $200 and it will give you protection for 1 year). You also need to eventually open up an LLC or Corporation if your going to be selling on the internet or to retailers.

On the hand, if you don't have the capital, licensing is probably the way to go. You can file for a provisional patent to protect your idea then pitch it to companies that would be interested. Read Stephen Keys book "One Simple Idea". It will take you step by step through the licensing process.


Good Luck either way. And please don't be, in the words of MJ, an "Action Faker".

Likwid has given you good advice. He has his own product so he knows from experiance. I would give you speed but it looks like we are not dong that anymore? When it comes to selling your product you should think about the stores that would sell your item and then go to their website and find out what they expect from their vendors. Most big boxes want you to have Liability insurance.
Hey Lidwid, how is your product doing?

Originally Posted by rocksolid

Hey Lidwid, how is your product doing?

Moving along very well. Thanks for asking. Chinese New Year just ended so they are starting the mold this week. I should have a sample in my hand in 3-4 weeks. Right now we're putting the website together.

The speed button still works I believe but the speed doesn't show up like it use to. Now it's those little bars above your avatar.