I had a good Idea -> I Created a working prototype/POC -> Now what?

[GabrielC]

Recently on a camping trip we had an issue which with a little bit of ingenuity and patience and friend and I improvised something that became very useful. When we got home we decided to streamline this idea using better components and it turned out better than we thought. We have reached the point where we are unsure whether we should continue to produce this idea on our own or look in another direction.

I’m not sure how to protect our idea (or if I even can) because it is built using a combination of multiple store bought items and the purpose it serves is not a new concept either. Also I found another company that makes something very similar to our idea, but I believe we can make it MUCH better.

I have been stuck in a holding pattern for months, reading everything I can find on this subject and trying to figure out what my next move is.

I would live to pick your collective brains and see if can find a direction to go in.

 

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[DennisD]

Sell it

 

[arobinson04]

Maybe you could contact that company with the similar product and license the right to your new tech to it. The only caveat would be a patent. You'd have to patent it first before your license it.

Good luck to you though! I'd love to hear your progress.

 

[GabrielC]

Are you suggesting to sell it to the public or sell it to manufacturing company?

 

[GabrielC]

I actually considered contacting the company (Coleman, the Supreme Empire of camping and outdoor equip) to discuss licensing providing that my idea, or in this case, my improvement on their idea was protected. I don't know if it can be patented.

 

[jon.a]

I'd say sell it to the pubic. To test the market.

Now most folks will ask where.

But, you kinda didn't give us much to work with.
Because just like every single other new guy your thing is a big f-in secret.

Craigs list
camp grounds
your WalMart parking lot
door to door?

 

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[GabrielC]

A little interesting bit of information that came up in my research is that the outdoor recreation industry is a $646 billion a year industry. It would be nice to get a slice of that pie.

 

[GabrielC]

LOL... Believe me I understand how you feel about the "Secret" thing.

I have read countless threads that are very intentionally vague and I have said to myself "Just say what the hell it is, nobody's going to steal your idea!" Now I find myself in the very same position and I feel this uncontrollable need to protect my idea like a momma protecting her newborn. I cant help but feel like there is someone out there waiting in every little corner to hear an idea and capitalize on it.

My issues with just selling it how it is are that it looks ugly, I have some potential safety concerns and I don't really know how to price it. That being said I showed it to 2 friends and they offered to buy it from me on the spot for much more than I paid in materials to build it.

 

[jon.a]

Sell, don't give (make them pay for it) your 2 friends one. Tell them that if they give you usable feedback, you'll give them one of the next version. Start searching for a manufacture or wholesale parts source. Test on CL or eBay.

I'm just making this up as I go along.

Just do something.

When you've done something report back. Someone that really knows something will pipe up.

 

[Talisman]

Also I found another company that makes something very similar to our idea

There's your proof of market right there.

I have been stuck in a holding pattern for months, reading everything I can find on this subject and trying to figure out what my next move is.

You already know what the next move is. Feels like you're looking for permission. A green light. A "Yes, its a great idea, you'll be rich with this".

Here is my official permission for you:
Go forth and make hay my son. The time is nigh. The day is now. The stars are aligned. The lights are green.

No excuses left now. Slam the accelerator to the floor, or get out of the car and stop pretending you're going to go for a drive.

 

[GuestUser152]

I myself in response to the information you have provided would lean towards licensing. Essentially, you create a nice slogan, product description, cover sheet, prototype (even 2D), call companies such as Coleman mentioned before to license or "rent" your product to them. That is a very watered down version of the process. In my experience and many others on this forum the best resource I believe would be "One Simple Idea" by Stephen Key. It is a fairly short read, yet provides a comprehensive guide to licensing. Stephen, the author is actually semi-active on this forum and there is an entire thread located on here to his book that he checks and answers questions directly.

https://www.thefastlaneforum.com/book-recommendations/30946-one-simple-idea-stephen-key.html

I would encourage you to at the least read this thread entirely before decided which direction you want to go with the product. I hope this helps you out in some way.

 

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[? of $]

The point you're at with this, make sure you date your receipts for any and all sales as it will establish a timeline on a legal document for these early stages.

 

[McNandez]

I feel this uncontrollable need to protect my idea like a momma protecting her newborn. I cant help but feel like there is someone out there waiting in every little corner to hear an idea and capitalize on it.

Understandable, especially when considering search engine results. However, from what I understand about the INSIDERS's Forum, those threads aren't indexed, so you'll be a bit safer from unscrupulous eyes if you want specific advice on your product.

Good luck!

 

[GabrielC]

First off... WOW! I did not expect to get but one or maybe two responses so thank you very much guys. This community is tight like a family.

I actually read "One Simple Idea" about 3 years ago and for whatever reason it didn't resonate with me. Last night I fired up the kindle and decided to give it another read. I realize now that the information wasn't relevant then as much as it is now so i'm much more interested in possibly implementing ideas from the book.

 

[smarty]

In my opinion since you already have market prof (from the other company who sells something similar), and you already have positive feedback (and potential buyers), you must try to patent the idea (or what specifically did you add with it).
Once you have it patented, you can talk to manufacturers if they are interested, or license the improved idea to companies who are already selling similar product etc.

It looks like you have an emotional block which creates fear of loss and insecurity about what to do next.
Often the biggest problem that stops people from success, is emotional conditioning so you must get over it.

If you haven't seen TV shows like "Shark Tank" and "Dragon's Den", you may watch on Youtube and see how other people proceed with their product ideas.

P.S.: I'm not expert on this - just me 1.99 cents

 

[DennisD]

Sell it to consumers. Today.
You can figure out licensing, manufacturing, making it pretty, etc. as you move forward.
Your friends offered to buy your ugly one, so sell it to them. they'll have people ask THEM about it. then they'll buy one too.
You'll spend days staying up late re-purposing other retail products in your garage to keep up with demand.
THAT'S the point at which you seek out manufacturing, or licensing.

The path will reveal itself to you so long as you do not stop moving forward.
Don't stop and research, don't stop to find partners or capital. Just start selling.
Once you start selling you can experiment with pricing. Figure out how much money people well buy this for, how much profit you can make.

Without knowing the max price people will pay for it, nothing else makes much sense. Quotes from manufacturers won't make sense. Licensing deals will hold no value for you. You need to start selling these, and then getting feedback from the people you sell it to and figure out what needs to be changed about it. You need to figure out your max price. You need to figure out unexpected customers you may not have considered previously.

Sell it. The rest will fall in place along the way.

EDIT: it's stupid not to reveal it. What if I need one/want to buy one from you? You're limiting your marketshare. The way things take off is through word of mouth, not through secrecy. You should be telling everyone and their neighbor about your idea.

Other people won't copy it. Anyone with ambition has 1001 of their OWN ideas they don't have time to implement. I have a book filled with 45 ideas I'll "get around to" and so do all people worth a damn.

Anybody who WOULD want to steal your idea doesn't have the ambition to follow through, You're limiting your profit by keeping your ideas secret, with no real benefit. You ALREADY have a competitor with a similar product. You're being silly.

 

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[rocksolid]

Ok, A lot going on here. Instead of a patent you can go the Provisional patent route. That will keep your product safe for 1 yr and will cost a lot less. You said you have a safety issue with the product. Get that fixed because you don't want to sell a product that is going " Maybe" chop off somebody's arm. Also a store is not going to want to carry that type of product. Since I mentioned it stores, let's talk stores. You need to come up with a list of stores that could sell the product. You mentioned you saw a similar product in Coleman so you might have a shot of getting your in there. You will need a UPC symbol which you can buy on line in singles and you will need liability Insurance, usually 1 million dollar policy if you want to get into any big box stores. If you get the provisional patent then you can show it off and try to get a deal with a company like Coleman's. First you have to get a good safe working product and figure out who is going to make many of them for you if you plan on selling them yourself.

 

[GabrielC]

After reading all of your responses I see a underlying theme here. DO SOMETHING! So as of yesterday, I had a long conversation with my partner on this project and we agreed to get things moving.

We decided we are going to look into the costs associated with manufacturing this product ourselves by doing everything we can in house and farming out what work we cant do. We also agreed we are going to look into potentially licensing our idea.

My partner and I are very capable builders but we don't have any of the equipment we would need to make it look "pretty." But we are going to build it the best we can and sell it on a small scale... at first.

I contacted a local plastic injecting molding/extruding company to get a quote on some parts I modeled using 3d modeling software. Im expecting to hear back from them today.

Exciting Stuff!

 

[Vick]

Did you apply for your Patent Pending on your invention?

Doesn't sound like you did. I don't have time to read through everything here.

But you won't get very far without a patent in place.

If your not worried about someone stealing your idea, then find a manufacturer in Asia.

Personally. As soon as I get my prototype working, I'm headed straight to the patent attorney to get my PP in place.

Then you have a year to start finding Manufacturers, Selling, Marketing, Testing, Refining the design, possible license deals, ETC.

 

[PaulRobert]

Get a few good prototypes made and sell. Test out the market. Take your competitor's product and your product and place it in front a stranger. Ask them to use it and ask them what's easier to use and why.

Go to camping stores in your area and see if they would be interested in selling your product.

Go with a provisional patent for now. You have 1 year to fully develop the product and then you can decide whether or not to go for the full patent. Talk to a patent attorney.

A lot of good advice has been provided in this thread. My best advice is that sales talk and then you have more leverage when approaching a company for licensing.

 

[goodfella]

I actually considered contacting the company (Coleman, the Supreme Empire of camping and outdoor equip) to discuss licensing providing that my idea, or in this case, my improvement on their idea was protected. I don't know if it can be patented.

Coghlans is another good company that specializes just in outdoor camping accessories. You could give them a call in the future and see what happens.

You should also apply for a patent.

 

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[moonjun]

Read the book by stephen key, licensing your idea to big companies

One Simple Idea By Stephen Key

check it out, it's a good read.

Please take action after reading.

Recently on a camping trip we had an issue which with a little bit of ingenuity and patience and friend and I improvised something that became very useful. When we got home we decided to streamline this idea using better components and it turned out better than we thought. We have reached the point where we are unsure whether we should continue to produce this idea on our own or look in another direction.

I’m not sure how to protect our idea (or if I even can) because it is built using a combination of multiple store bought items and the purpose it serves is not a new concept either. Also I found another company that makes something very similar to our idea, but I believe we can make it MUCH better.

I have been stuck in a holding pattern for months, reading everything I can find on this subject and trying to figure out what my next move is.

I would live to pick your collective brains and see if can find a direction to go in.

 

[GabrielC]

So I met with the plastics manufacturer this morning and I realized that I don't know jack about plastics. After a LONG education on plastic manufacturing we discussed pricing. For me the pricing was about twice what I had expected simply because they have a minimum quantity they must run to make it cost effective for them. So I'm going to look into other local plastic molding companies and get some more quotes. There's still A LOT to do to get this prototype looking good. I'll keep updating. I'm going to look into getting a provisional patent as well.

 

[GabrielC]

I met with another plastics company and his prices were a bit higher than the previous. He asked me if I was only looking to do a small run and I told him "Yes, I am only looking to refine the design." Then he suggested contacting a company called "Solid Concepts." It appears that they are capable of doing small runs specifically for prototyping an Idea. So I'm going to get in touch with this company and see if they can work with me.