Progress Thread: SuccessInMind's invention

[tom_rob]

Me too! Good luck with finals! I don't miss those days... well maybe a little... :-)
I'm not stalking you... just happen to by showing my girlfriend this thread and you posted... Have a good night!

Tom

[Sky]

Sounds good. I wonder how the testing the market will go. As your first initial prototype, I am interested to see how customer will react to your product. Good luck.

[SuccessInMind]

Me too! Good luck with finals! I don't miss those days... well maybe a little... :-)
I'm not stalking you... just happen to by showing my girlfriend this thread and you posted... Have a good night!

Tom

Wasn't even thinking it! Just glad that there's only 3 more days left and I can move on with my life and my invention!

Sounds good. I wonder how the testing the market will go. As your first initial prototype, I am interested to see how customer will react to your product. Good luck.

Thanks Sky! I'm just enjoying the entire process so far and I also CAN'T WAIT to test the market and get some juicy feedback, good or bad.

[SuccessInMind]

UPDATE:

Slowed down my roll this past month with my invention because I've been educating myself with Stephen Key's One Simple Idea. This book is teaching me a lot about how to go forward with my idea and I'm really thankful to the people in this forum for talking about it, otherwise I would never have picked it up! Another EXCUSE that's slowed me down is that I got a new job recently and I've been trying to figure out how to make time for working out at the gym and my invention around my new work schedule.

***NOTE: I say EXCUSE because I don't want this new job to be the reason why I'm fat and haven't made it into the fastlane.

Goals for this month:

-Finish Mr. Key's book and create a task schedule for my invention from what I've learned in the book.

Main goal (as of now):

-Get my idea licensed by May 2012 by at least 1 company

[Likwid24]

Although I do believe that after many many years and many clever successful products, licensing can turn sorta fastlane. I also believe that it will be much more difficult if your goal is to make enough money to feel "safe" or "free" and live off interest.

It also takes away from the entrepreneurial spirit.

There is much greater risk with manufacturing a product yourself but there is much greater reward.

IMO licensing is the easy way out. Maybe its good for your first project so you can put together some start up money for your next. But if your goal is the same as mine and the same as MJs, maybe you should reconsider. If your goal is to make some side money while your working and going to school then I guess licensing isn't a bad option.

Good luck either way!

[SuccessInMind]

Although I do believe that after many many years and many clever successful products, licensing can turn sorta fastlane. I also believe that it will be much more difficult if your goal is to make enough money to feel "safe" or "free" and live off interest.

It also takes away from the entrepreneurial spirit.

There is much greater risk with manufacturing a product yourself but there is much greater reward.

IMO licensing is the easy way out. Maybe its good for your first project so you can put together some start up money for your next. But if your goal is the same as mine and the same as MJs, maybe you should reconsider. If your goal is to make some side money while your working and going to school then I guess licensing isn't a bad option.

Good luck either way!

I think my idea solves a problem that no one has solved effectively yet and can be manufactured and mass-produced with existing technology that many companies in the industry are already in possession of. And my product can also benefit a wide variety of companies in the industry, from the ones that carry high-end brands to the ones that carry cheaper ones because the cost to produce is very dependent on the quality of material used. Since so many companies could benefit (instead of just one or a few), it is more worth my while (in my mind at least) to focus on licensing this to as many companies as possible so that the royalty checks will be coming from multiple sources, rather than the ONE company that chose to use my idea.

On the flip side, I realize that is all just the best case scenario. Worst case scenario, no one wants to use my invention, in which case I still save a lot of money that I would've otherwise wasted on patents for an idea that ended up not being as profitable as I thought it was going to be lol.

But I see your point. I think for a lot of other inventions, licensing would definitely be a cop out, but for me I just think my product would be better licensed rather than manufactured and distributed solely by me. I also realize what I'm saying is probably hard to make sense of since no one here knows what my idea is yet haha.