How to take a product idea to the next step once you run out of $

[ATL_JB]

After watching the Shark Tank and reading various post. I am sort of in the same boat as many others. I have an idea that I know there's a market for it, but I am sort of reluctant to just walk around and tell every one about it. Currently, there are a few products out there, but they are missing a great demographic, because of the price range and the size of their products or immobility. I hired a patent attorney to do the patent search and my idea is clear to obtain a patent. I've worked with a design company here locally in Georgia that has worked with a number of big companies nationwide in the past and they continue to do so today. Now, I am at the point where I have no more money for funding. So, what would you suppose I do at this point. I need to get the product to the next stage which is a prototype.

James

 

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[Runum]

Re: How to take a product idea to the next step once you run out

You might try posting a general ad on Craigslist that you are looking for an investor. Good luck.

 

[fanocks2003]

Re: How to take a product idea to the next step once you run out

After watching the Shark Tank and reading various post. I am sort of in the same boat as many others. I have an idea that I know there's a market for it, but I am sort of reluctant to just walk around and tell every one about it. Currently, there are a few products out there, but they are missing a great demographic, because of the price range and the size of their products or immobility. I hired a patent attorney to do the patent search and my idea is clear to obtain a patent. I've worked with a design company here locally in Georgia that has worked with a number of big companies nationwide in the past and they continue to do so today. Now, I am at the point where I have no more money for funding. So, what would you suppose I do at this point. I need to get the product to the next stage which is a prototype.

James

You are at a point where you need to find customers.

You say there is a market, but what you have created has to be somewhat different and the only way to prove that product commercially is by actually getting signed purchase agreements or have people commit to pay you when you can deliver.

You can't really rely on what is already in existence. Many do, many fail. Because their product and your product are two worlds a part even if it may be of the same kind of genre.

This is the same mistake people selling their companies make. They make comparisons with other companies of a similar kind and what they sold for. Two apples are not at all two apples that sells at the same price (or sells at all). They are ALL different. Two worlds a part. One apple sells another does not. One apple sells for $100 another for 1 cent.

It is much easier getting someone to fund your venture if you can prove that people have lined up to pay you to get the product in their hands. That is your job as a startup guy. You are there to prove to the big guys that you have found gold in a remote area and that they should get in while it's hot and it has potential.