How would execute this idea, step by step

[Greystone]

Hi guys,

If you had invented a new concept, say for example a new type of frying pan that enables any kind of innovation (the food cannot burn for instance, or whatever...). You have your idea, it's brilliant, and you are sure it could be useful to a lot of people out there.

What would you do, step by step, to turn this idea into a fastlane business that generates more than 1 million in sales per year? What would your process look like? Tell us exactly what would be your plan.

Here is what I would do, despite I've never really been into business so far (correct me if you read anything that seems totally insane to you) :

1/ I would make a prototype to see what I need to make this pan. I would buy a normal pan and try to set up my new invention on it, so I eventually end up with a good prototype that is properly working (the food doesn't burn). This step would basically show that the product can actually work and how it can work, so that I don't go in the wrong direction later on.

2/ I would file a patent and get everything done to guarantee me a minimum of protection.

3/ Then... well I don't really know. I would roughly have 2 options I guess.

A : I could set a new company to manufacture, advertise and sell this new product. I would probably go to a factory, and show the owner my prototype to see if he can realistically design and produce it in large amounts. I would ask him for the lowest order possible, so I don't have to invest too much money at first, with the promise I'll come back to him later if the product sells well.
Then, I would go to gorcery stores, retailers and all other kind of sellers who can possibly sell my pan and try to get a deal with them. If none of them want to try my product, I think I would try to sell my first couple of pans by myself (on small market places for instance, or in small shops) and try to get signatures from every buyer so I can go back to the retailers later and prove them people actually want my product and they could make big money from it.
I would also try to go on a TV channel (like QVC in the US) and try to get my product selected. I guess there 's plenty of alternatives to try to sell the first order of pans and prove to retailer that there's a need for that product.

B : Or I could also see all the frying pan manufacturers and try to sell them my patent (I guess at this stage if I've got no sells, not many of them would really be interested though). Or, same as above, sell a couple of pans by myslef first (100?) and get signatures from every buyer so that I can later show the big manufacturers that I've got the patent of a product that sells well.
---------------------------------------------------------

I guess there are probably many mistakes in my "imaginary" process. But that's what I would do now, with my current knowledge. And that's also why it would be interesting to know how you guys would do it.

Let's talk about process!

Thanks

 

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[rocksolid]

2/ I would file a patent and get everything done to guarantee me a minimum of protection.

I bit early for this. You need to get a customer. If you don't have a customer then you don't have a business, just a product or an idea.

 

[The-J]

I bit early for this. You need to get a customer. If you don't have a customer then you don't have a business, just a product or an idea.

Agreed. Getting a patent before getting a customer protects nothing except your ego.

My answer:

1) Make idea, write specifics down
2) Get a model drawn and a prototype made
3) Buy domain, hosting, Wordpress and set up a landing page with a preorder function. Buy toll-free no., set up with cell phone or Skype
4) Write copy (can't do this? Get cheap copywriter) for it: page and ad copy
5) Do minimal SEO, run some ads, place links wherever I can, create e-mailing list, market the hell out of it until I get an order
6) Line up a supplier and negotiate price for a small order
7) Get order, deliver order to customer
8) Go ham on marketing and content (possibly hire out content writing) until Google rank rises
9) Keep getting, delivering to, and serving customers

That's all I got, really. Any more experienced members wanna help me out on this one?

 

[Greystone]

Thanks a lot for your replies. So you guys wouldn't be afraid that somebody else files the patent instead of you, while you are busy marketing the product?

Thanks for playing the game The-jay, speed +. Rocksolid, feel free to share your step by step process as well :smxB:

 

[rocksolid]

So you guys wouldn't be afraid that somebody else files the patent instead of you, while you are busy marketing the product?

You can't worry about this so much. If you have an idea for a new pizza cutter, then you are going to pizza stores to sell it. The pizza owner is not in the invention biz, he sells pizza and that is where his focus is. Besides nobody knows what patent you have or don't have. If somebody asks then just tell them it's patent pending, that would stop me from pursuing the idea.

 

[ThomasT]

It depends on the idea, but if i had a genious idea and patented it..i would without doubt license it for royalty.

But beforey ou do that you need to make a prototype and patent of cource.

If you have a patent, and not a huge bank account and to start manufacture, market distribution etc etc... Thats a loong expensive road to go.

 

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[The-J]

The patent issue is for you to discuss with your attorney, not with strangers on the Internet.

 

[Likwid24]

You can get a provisional patent for $100. It will protect for a year. In that time, if you work your a$$ off, you'll know if your idea is worth it to go ahead and get a full patent.

 

[Nomangee]

Or look at this post 3 steps to validate your business idea for free. Way faster and nothing to lose.

 

[smithytzu]

Hi guys,

If you had invented a new concept, say for example a new type of frying pan that enables any kind of innovation (the food cannot burn for instance, or whatever...). You have your idea, it's brilliant, and you are sure it could be useful to a lot of people out there.

What would you do, step by step, to turn this idea into a fastlane business that generates more than 1 million in sales per year? What would your process look like? Tell us exactly what would be your plan.

Here is what I would do, despite I've never really been into business so far (correct me if you read anything that seems totally insane to you) :

1/ I would make a prototype to see what I need to make this pan. I would buy a normal pan and try to set up my new invention on it, so I eventually end up with a good prototype that is properly working (the food doesn't burn). This step would basically show that the product can actually work and how it can work, so that I don't go in the wrong direction later on.

2/ I would file a patent and get everything done to guarantee me a minimum of protection.

3/ Then... well I don't really know. I would roughly have 2 options I guess.

A : I could set a new company to manufacture, advertise and sell this new product. I would probably go to a factory, and show the owner my prototype to see if he can realistically design and produce it in large amounts. I would ask him for the lowest order possible, so I don't have to invest too much money at first, with the promise I'll come back to him later if the product sells well.
Then, I would go to gorcery stores, retailers and all other kind of sellers who can possibly sell my pan and try to get a deal with them. If none of them want to try my product, I think I would try to sell my first couple of pans by myself (on small market places for instance, or in small shops) and try to get signatures from every buyer so I can go back to the retailers later and prove them people actually want my product and they could make big money from it.
I would also try to go on a TV channel (like QVC in the US) and try to get my product selected. I guess there 's plenty of alternatives to try to sell the first order of pans and prove to retailer that there's a need for that product.

B : Or I could also see all the frying pan manufacturers and try to sell them my patent (I guess at this stage if I've got no sells, not many of them would really be interested though). Or, same as above, sell a couple of pans by myslef first (100?) and get signatures from every buyer so that I can later show the big manufacturers that I've got the patent of a product that sells well.
---------------------------------------------------------

I guess there are probably many mistakes in my "imaginary" process. But that's what I would do now, with my current knowledge. And that's also why it would be interesting to know how you guys would do it.

Let's talk about process!

Thanks

Firstly, disagree with the person that said earlier you shouldn't talk about patents here it's for an attorney.

If we're all people supposedly adding innovation and value into the world then ip deserves plenty of discussions around it, arguably more so than seo and the other topics in this forum.

Answering this post directly. You're talking about a cool new consumer product, why not launch it with kickstarter? that's where I would head, you'll get money to start production, a loyal customer base and almost guaranteed media attention.

Once word gets out it won't take long for distributors, retailers etc to knock on your door.

That would be my approach.

A frying pan where food doesn't burn would be a shoe in for viral videos of people trying crazy things with it.

Shame it's not real?

 

[smithytzu]

Also late night tv infomercials and sending free samples to celebrity chefs would be on the table

 

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[theDarkness]

Patents are one of the few areas where I don't think "just get a damned customer" should take priority. With our new rules you could put your right to patent protection at risk doing that, and in many countries you may eliminate that right completely. It's just a little bit of work to get the placeholder patent and make sure everything's square before you start selling. This is absolutely not an "action fake" imo, not unless there's no actual point in getting the patent in the first place.

I would add "get square with the patent crap; file the bare minimum paperwork that leaves my options open" to the-J's step 3. I'd seek out a lawyer who has worked with others in your situation. And then you get back down to verifying demand.

 

[Greystone]

Shame it's not real?

Yeah I know, unfortunately it was just an example (but it could be a damn good product, couldn'it? ).

 

[JAJT]

You can get a provisional patent for $100. It will protect for a year. In that time, if you work your a$$ off, you'll know if your idea is worth it to go ahead and get a full patent.

More people need to be made aware of provisional patents. The provisional application grants you a filing date from which you may claim priority when you file the full application within 1 year.

Considering the US just recently switched to a first-to-file system (it used to be first-to-invent) this is HUGE.

It's nearly perfect for entrepreneurs wanting some level of protection while they test the market without having to worry about NDAs and other nonsense.

 

[Greystone]

That's an interesting point. So you basically have 1 year to test the market with a provisional patent. What would be, in your opinions, the best way to see if the product is worth it in just one year?

 

[Buckaroo]

The first thing that i would do is get a copy of the book "One Simple Idea" by Stephen key. There is a link on the list of reccomended books from MJ. This is a wealth of information that will show you the right steps to take with your idea. You can also check out some of the many posts from Stephen Key. He is a regular here. Good luck with your idea

 

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[Mr.Dietsch]

The first thing that i would do is get a copy of the book "One Simple Idea" by Stephen key. There is a link on the list of reccomended books from MJ. This is a wealth of information that will show you the right steps to take with your idea. You can also check out some of the many posts from Stephen Key. He is a regular here. Good luck with your idea

Bingo!

 

[DeletedUser2]

I would hire Likwid to get it filed under a pending patent, and get it to Minium viable product
I would get Vigilante to go find a manufacture for me in china, and make the 1st order.
I would get biophase to build a store for it, and ship it.
and I would get Snobanks friends to bank roll the whole deal

and I would sell it off to a public company in a year


1M Easy



Z

 

[WillMitchell]

Or look at this post 3 steps to validate your business idea for free. Way faster and nothing to lose.

Thanks a lot for sharing! I would definitely recommend those methods for your questions Greystone. I seriously use that method to get some data behind every "what if" I can think of now - I test the name, positioning, features, pricing, product, offer, etc...everything!

Good luck!

 

[mdturner]

A lot of interesting views in here. As an engineer doing some work for a guy in a similar situation, heres my .02 It sounds like you don't know how to make the "pan" and a factory owner doesn't do design. and you can't just patent a random idea you have to patent a certain thing that accomplishes the idea. So first off, I'd draw up a full disclosure agreement. they're straight forward and I'm sure you can find a template online. Then find a designer to sign the document and then design your product for you. Then a provisional patent is the way to go while your launching it. Get a prototype, launch a kickstarter or rockethub, and spread it via FB, twitter, etc. as much as possible. A website would also be necessary by the time you launch the crowd funding.

 

[WillMitchell]

A lot of interesting views in here. As an engineer doing some work for a guy in a similar situation, heres my .02 It sounds like you don't know how to make the "pan" and a factory owner doesn't do design. and you can't just patent a random idea you have to patent a certain thing that accomplishes the idea. So first off, I'd draw up a full disclosure agreement. they're straight forward and I'm sure you can find a template online. Then find a designer to sign the document and then design your product for you. Then a provisional patent is the way to go while your launching it. Get a prototype, launch a kickstarter or rockethub, and spread it via FB, twitter, etc. as much as possible. A website would also be necessary by the time you launch the crowd funding.

Awesome ideas there! Thanks for adding, Greystone take note!

 

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[HenkHolland]

Bingo!

I fully agree with the advice to read Stephen Key's book, although I disagree with some of his views on the protection of inventions.
If you invent a breakthrough technology or product make sure to file at least a provisional patent application before talking to any third party (even with an NDA). I learned this the hard way by having one of my inventions stolen 20 years ago.
Since in the US the 'first to file' instead of the 'first to invent' principle is now also applicable in the US patent system you need to take formal action to protect your invention.

 

[WillMitchell]

I fully agree with the advice to read Stephen Key's book, although I disagree with some of his views on the protection of inventions.
If you invent a breakthrough technology or product make sure to file at least a provisional patent application before talking to any third party (even with an NDA). I learned this the hard way by having one of my inventions stolen 20 years ago.
Since in the US the 'first to file' instead of the 'first to invent' principle is now also applicable in the US patent system you need to take formal action to protect your invention.

Great advice here, always be sure you have ownership of your ideas and your work! I know somebody who made his boss a millionaire several times over with software he built in the little spare time he had. Tragic that these things are possible, but you have to be sure you watch out for them.

One good thing about the new patent laws is that if you publicly disclose an idea, you have a one-year grace period to patent it before anybody else can. Take that for what you will!