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EXECUTION Fastlane to Shark Tank with a Physical Product

Rawseed

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As an entrepreneur, I have four big goals:
  1. Earn my freedom by building a productocracy
  2. Earn a spot on Shark Tank using my productocracy
  3. Use all cash to buy a Prius with a loud high-octane diesel engine in it
  4. Use all cash to buy a Snoopy Sno Cone Maker
I'm actually joking about the Prius. Please don't send me any hate mail.

I really want to pay cash for an all black Performance Tesla Model X with 22 inch Onyx Black wheels with the six seat interior and all black carbon fiber decor with full self driving capability.

The only thing keeping me from achieving my big four goals is me.

I'm what @MJ DeMarco refers to in Chapter 47 of Unscripted as an Idea Entrepreneur. I have lots of ideas, but never stay focused on one long enough to get anything done.

I'm ashamed to say that: My name is @Rawseed and I suffer from a severe case of Premature Evacuation.

I have lots of ideas for businesses, but I'm really excited about my most recent one. It's an idea for an accessory for charcoal and gas grills. It's a physical product.
  • It solves a problem that I have.
  • I've validated that it solves a problem for countless others.
  • I've validated that people are more than willing to pay for a solution.
  • Finally, I've validated that I can manufacture the solution at a reason price.
Now, all I have to do is force the execution. I'm going to do this by forcing accountability.

Here are the strategies I'm enlisting:
  • I hired a mentor/coach from the Fastlane community. Said mentor has brought physical products to market himself and has helped others do the same. I won't mention their name until I've actually accomplished something.
  • I've started a price pact with a friend that forces me to pay money anytime I fail to reach my weekly goals.
  • I joined a mastermind with other entrepreneurs.
  • Finally, I'm starting this public thread to document my progress.
I'll start documenting my steps, successes, and failures here. Please feel free to provide any and all feedback. Please shame me, if I don't execute.
 

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broswoodwork

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As an entrepreneur, I have four big goals:
  1. Earn my freedom by building a productocracy
  2. Earn a spot on Shark Tank using my productocracy
  3. Use all cash to buy a Prius with a loud high-octane diesel engine in it
  4. Use all cash to buy a Snoopy Sno Cone Maker
I'm actually joking about the Prius. Please don't send me any hate mail.

I really want to pay cash for an all black Performance Tesla Model X with 22 inch Onyx Black wheels with the six seat interior and all black carbon fiber decor with full self driving capability.

The only thing keeping me from achieving my big four goals is me.

I'm what @MJ DeMarco refers to in Chapter 47 of Unscripted as an Idea Entrepreneur. I have lots of ideas, but never stay focused on one long enough to get anything done.

I'm ashamed to say that: My name is @Rawseed and I suffer from a severe case of Premature Evacuation.

I have lots of ideas for businesses, but I'm really excited about my most recent one. It's an idea for an accessory for charcoal and gas grills. It's a physical product.
  • It solves a problem that I have.
  • I've validated that it solves a problem for countless others.
  • I've validated that people are more than willing to pay for a solution.
  • Finally, I've validated that I can manufacture the solution at a reason price.
Now, all I have to do is force the execution. I'm going to do this by forcing accountability.

Here are the strategies I'm enlisting:
  • I hired a mentor/coach from the Fastlane community. Said mentor has brought physical products to market himself and has helped others do the same. I won't mention their name until I've actually accomplished something.
  • I've started a price pact with a friend that forces me to pay money anytime I fail to reach my weekly goals.
  • I joined a mastermind with other entrepreneurs.
  • Finally, I'm starting this public thread to document my progress.
I'll start documenting my steps, successes, and failures here. Please feel free to provide any and all feedback. Please shame me, if I don't execute.
Watching with email notifications. Excited to watch you get rolling.
 

Scot

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You mention Shark Tank in the title, so let’s use some of their logic here if your goal is to pitch there.

Is this a product or a business? If you end up prototyping, patenting and manufacturing this, does it have the scale to be a 8-9 figure company? If not, is this a product that can turn into a brand with line extensions?
 

MHP368

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Awesome. Question though , is this a slightly modified existing grill accessory or a completely new product?
 
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Rawseed

Rawseed

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You mention Shark Tank in the title, so let’s use some of their logic here if your goal is to pitch there.
Thank you. I'll appreciate any help, suggestions, and feedback.

Is this a product or a business?
My plan is for this to be a business with a suite of related products. But, I'm launching with one.

If you end up prototyping, patenting and manufacturing this, does it have the scale to be a 8-9 figure company?
I plan to scale it to a seven-figure annual revenue business.

If not, is this a product that can turn into a brand with line extensions?
I plan to build a brand around the first product with plans for line extensions.

Thanks!

Question though , is this a slightly modified existing grill accessory or a completely new product?
It's a new product that, in my opinion, better accomplishes what existing grill accessories try to do.
 
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Rawseed

Rawseed

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Day One

I'm going to document my path to a million dollar business similar to what Glenn Stearns did in the Undercover Billionaire.

The only difference is that:
  • I'm 999, 999, 863 dollars short of being a billionaire.
  • I plan to give myself more than 90 days to do this.
  • I don't have any cameras.
  • Only my mom will be interested.
I had a long talk with my mentor and we hammered out a plan of attack.

My first goal is to get a provisional patent filed for my product.

To do this, I first need to get drawings of my product.

So, I spent all day trying to accurately sketch my vision of the product. So, I could then hand i over to an artist.

That was a lot harder than I thought. I can barely draw stick figures.

Then I went on to Fiverr to hire a CAD artist. I chose one that had many good reviews.

Then I started freaking out. What if he steals my idea? Then he'd be the one on Shark Tank.

I thought about sending him an NDA. Then I decided to check out Fiverr's terms of service.

I read their TOS in detail. Twice. It covers everything in a basic NDA and a basic Work-For-Hire agreement.

I had a conversation with the designer. I sent him my drawings. He asked me some questions. I answered them. He said she could do it. Awesome!

Then he sent me some custom offer that was higher than I had expected. I was thinking WTF. But, I didn't want some pissed off designer with my product idea out in the world. So, I gladly accepted his bid.

I sent Fiverr the money. Then sent him my images.

In four days I'll get my drawings. I'm really anxious to see how they'll look.
 

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MoreValue

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Day One

I'm going to document my path to a million dollar business similar to what Glenn Stearns did in the Undercover Billionaire.

The only difference is that:
  • I'm 999, 999, 863 dollars short of being a billionaire.
  • I plan to give myself more than 90 days to do this.
  • I don't have any cameras.
  • Only my mom will be interested.
I had a long talk with my mentor and we hammered out a plan of attack.

My first goal is to get a provisional patent filed for my product.

To do this, I first need to get drawings of my product.

So, I spent all day trying to accurately sketch my vision of the product. So, I could then hand i over to an artist.

That was a lot harder than I thought. I can barely draw stick figures.

Then I went on to Fiverr to hire a CAD artist. I chose one that had many good reviews.

Then I started freaking out. What if he steals my idea? Then he'd be the one on Shark Tank.

I thought about sending him an NDA. Then I decided to check out Fiverr's terms of service.

I read their TOS in detail. Twice. It covers everything in a basic NDA and a basic Work-For-Hire agreement.

I had a conversation with the designer. I sent him my drawings. He asked me some questions. I answered them. He said she could do it. Awesome!

Then he sent me some custom offer that was higher than I had expected. I was thinking WTF. But, I didn't want some pissed off designer with my product idea out in the world. So, I gladly accepted his bid.

I sent Fiverr the money. Then sent him my images.

In four days I'll get my drawings. I'm really anxious to see how they'll look.
Perspective concept drawing takes time to get good at, doing it now for fun.
 
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Rawseed

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ChrisV

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Rawseed

Rawseed

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Are people searching for it? Maybe check Amazon for some keyword volumes. Even 1000 searches a month with poor or no offerings for your issue could be absolute gold
Great idea.

fill it with cinderblocks and a coal-roller
Never heard of coal-rolling until that video. It's terrible, but hilarious.
 
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Rawseed

Rawseed

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Day Three

I finished the description aspect of the provisional patent application.

I also received the CAD images and files from the Fiverr designer. They looked great. But, I had to send them back for some minor tweaks.

It was great seeing something go from my head into a three-dimensional product. Even if it's only computer-generated.

If the images look good, I'll file for the PPA on Monday.

This weekend, I'm going to start compiling a list of companies to reach out to for prototype creation.

Then start reaching out to them on Monday.

I really hope it doesn't cost too much.
 

broswoodwork

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Day Three

I finished the description aspect of the provisional patent application.

I also received the CAD images and files from the Fiverr designer. They looked great. But, I had to send them back for some minor tweaks.

It was great seeing something go from my head into a three-dimensional product. Even if it's only computer-generated.

If the images look good, I'll file for the PPA on Monday.

This weekend, I'm going to start compiling a list of companies to reach out to for prototype creation.

Then start reaching out to them on Monday.

I really hope it doesn't cost too much.
You're inspiring me! I learned a new skill Wednesday and Thursday. Going to slam together the crudest of crude prototypes early next week. Hopefully something saleable wholesale, or retail to my existing market, the following week.

Thanks for the thread, bro!
 

Walter Hay

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The only difference is that:
  • I'm 999, 999, 863 dollars short of being a billionaire.
  • I plan to give myself more than 90 days to do this.
  • I don't have any cameras.
  • Only my mom will be interested.
With your great sense of humor maybe you should switch to writing scripts for sitcoms.

I am enjoying reading this thread, and hope to see a great outcome.

Walter
 

SeanODG

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Good luck! Make sure to give yourself an opportunity to try something else. As @MJ says, the market is the ultimate judge. If the market doesn't like your product, then try something.

The product might not work, but your attitude and willingness to keep trying is what will define whether or not you succeed. Keep working and good luck!!
 

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B_Mac

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Are you using an IP lawyer to file the provisional or doing it yourself? I know you've already got drawings done, but provisionals I've had filed were just descriptions, no drawings needed.

You might argue better safe than sorry, but what if the design deviates from the drawing as you progress, are you still protected? If you know 1,000% it won't change from now til production, I guess you're good. With an invention I'm working on, I thought I was good to go the first time, and 35 iterations later, I think I've got it now.
 
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Rawseed

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You're inspiring me! I learned a new skill Wednesday and Thursday. Going to slam together the crudest of crude prototypes early next week. Hopefully something saleable wholesale, or retail to my existing market, the following week.
That's awesome! I can't wait to hear how your product comes out.

With your great sense of humor maybe you should switch to writing scripts for sitcoms.
Lol. I only seem to be funny when I'm not trying to be.

I am enjoying reading this thread, and hope to see a great outcome.
Thank you.

Good luck! Make sure to give yourself an opportunity to try something else. As @MJ says, the market is the ultimate judge. If the market doesn't like your product, then try something.
Ofcourse. I'll either win or learn.

Are you using an IP lawyer to file the provisional or doing it yourself? I know you've already got drawings done, but provisionals I've had filed were just descriptions, no drawings needed.
No IP lawyer.

You're right. Drawings aren't needed. But, many still recommend it:
  • Stephen Key recommends adding drawings in One Simple Idea.
  • David Pressman recommends adding drawings in Patent Pending in 24 Hours.
  • My mentor gave me a copy of his PPA and he has drawings in his.
But, you're right again. Every time I change the design, I'd need to resubmit a new PPA.
 
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Rawseed

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Thanks for holding me accountable @Vairavan. It is very needed and appreciated.

I finished the Provisional Patent Application. My mentor looked it over and didn't see any glaring errors or omissions.

Today I'm emailing prototyping companies. I need to get some bids on the cost of creating a prototype.

I was initially planning on using a local Atlanta company: https://www.kickrdesign.com

But, my mentor recommended that I research and check out some other options before deciding on a company.
 
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Rawseed

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Thanks for the nudge @Vairavan

I just spent the past 5 days working at my day job. 12 hour shifts without any real breaks. So, most of my progress has been mental.

My provisional patent application has been filed. So, I'm officially "Patent-Pending".

I have multiple phone meetings set up with prototypers to get bids on producing a prototype.

Since my last update, I've also decided to do a Kickstarter for the product. I believe that's the best way to pre-sell the product, get more validation, and get on the radar of Shark Tank. I'm really serious about getting on the show.

So, I started researching Kickstarter. I was really excited about the whole crowdfunding thing. At least until I read in multiple places that seasonal projects should be launched during the season they're used.

My product is a grill product. So, it should be launched in late spring or early summer.

That means that I should launch the kickstarter in June or July of 2020.

An eight to nine month wait poses two problems:
  1. I want to launch something before the Summit in February. (It's just a personal goal.)
  2. I want to launch something early enough to be applicable to Season 12 of Shark Tank. (If the show is even renewed for Season 12.)
So, I'm pivoting to another product with plans to launch a Kickstarter at the end of January.

It probably sounds like another premature evacuation. But, I see it more as a strategic pivot.

I still plan to launch a Kickstarter for the grill accessory this summer.
 

broswoodwork

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Thanks for the nudge @Vairavan

I just spent the past 5 days working at my day job. 12 hour shifts without any real breaks. So, most of my progress has been mental.

My provisional patent application has been filed. So, I'm officially "Patent-Pending".

I have multiple phone meetings set up with prototypers to get bids on producing a prototype.

Since my last update, I've also decided to do a Kickstarter for the product. I believe that's the best way to pre-sell the product, get more validation, and get on the radar of Shark Tank. I'm really serious about getting on the show.

So, I started researching Kickstarter. I was really excited about the whole crowdfunding thing. At least until I read in multiple places that seasonal projects should be launched during the season they're used.

My product is a grill product. So, it should be launched in late spring or early summer.

That means that I should launch the kickstarter in June or July of 2020.

An eight to nine month wait poses two problems:
  1. I want to launch something before the Summit in February. (It's just a personal goal.)
  2. I want to launch something early enough to be applicable to Season 12 of Shark Tank. (If the show is even renewed for Season 12.)
So, I'm pivoting to another product with plans to launch a Kickstarter at the end of January.

It probably sounds like another premature evacuation. But, I see it more as a strategic pivot.

I still plan to launch a Kickstarter for the grill accessory this summer.
Is there anything we can do to help you be ready for next summer? Do you have any tasks you need farmed out?
 

Scot

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I'm tagging @JAJT because he's had experience with Kickstarter.. and its not as easy as it seems. He'll hopefully be able to fill you in.
 

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