Ok so this thread is mostly aimed at @Rearden , but anyone is welcome to comment.
I have an idea that I won't go into the specifics about (I'm not planning on patenting) but I can say that its a consumer good (an accessory) related to the automotive industry .
It's fairly simple, but it does involve moving parts and a few different materials. I've done a lot of research into inventing a product (and i've read "One Simple Idea", but don't plan on licensing currently), so I know the basics, but I would like some advice on how to actually excecute.
Here's my situation: I work for a small, full service marketing agency, and I've been here since I graduated in may 2019. I now have sufficent experience in the majority of areas of marketing, so marketing the product will definitely not be a problem.
I have about 8k in liquid cash, but also about 7k in student loans. My current plan is to work for maybe another year until I have enough saved up to pay off the loans completely and have some left over to invest in the design/engineering of the product as well as buying inventory.
I've heard some manufacturing companies will work with inventors to help design the product, but I don't know to what extent that is true. I'm also unsure whether I'll need to hire a firm to help design/engineer the product. I know pretty much exactly how I want it to work, and I've started designing it in SketchUp, but I would imagine I need some kind of official design with precise measurements, exact materials, etc.
My main questions are:
-Does my plan sound like a good idea, or should I immediately pay off my loans to avoid any interest? OR should I stretch out paying them off as long as possible since the IR is low. (4 or 5 %)
-To what extent do manufacturers help you design the product, if at all?
-How exact does the design need to be for a manufacturer to produce your product?
-Would a design firm be a good investment for a simple to moderately complex product? (Getting the design right is very important)
-Any other suggestions for me?
Thanks!
I have an idea that I won't go into the specifics about (I'm not planning on patenting) but I can say that its a consumer good (an accessory) related to the automotive industry .
It's fairly simple, but it does involve moving parts and a few different materials. I've done a lot of research into inventing a product (and i've read "One Simple Idea", but don't plan on licensing currently), so I know the basics, but I would like some advice on how to actually excecute.
Here's my situation: I work for a small, full service marketing agency, and I've been here since I graduated in may 2019. I now have sufficent experience in the majority of areas of marketing, so marketing the product will definitely not be a problem.
I have about 8k in liquid cash, but also about 7k in student loans. My current plan is to work for maybe another year until I have enough saved up to pay off the loans completely and have some left over to invest in the design/engineering of the product as well as buying inventory.
I've heard some manufacturing companies will work with inventors to help design the product, but I don't know to what extent that is true. I'm also unsure whether I'll need to hire a firm to help design/engineer the product. I know pretty much exactly how I want it to work, and I've started designing it in SketchUp, but I would imagine I need some kind of official design with precise measurements, exact materials, etc.
My main questions are:
-Does my plan sound like a good idea, or should I immediately pay off my loans to avoid any interest? OR should I stretch out paying them off as long as possible since the IR is low. (4 or 5 %)
-To what extent do manufacturers help you design the product, if at all?
-How exact does the design need to be for a manufacturer to produce your product?
-Would a design firm be a good investment for a simple to moderately complex product? (Getting the design right is very important)
-Any other suggestions for me?
Thanks!
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