Need information on project initiation

[Melv]

First of all, good morning to everyone.

I introduce myself, Melvin, 18 years old, not being passionate about school, I decided to stop school this year, after having obtained my BAC (diploma in France ).
I decided to go into entrepreneurship. My motivation? My family, my willingness to show certain tasks of this world that even the little guy can succeed in entrepreneurship, not just Mr FORTUNE.

The presentations made, I allow myself to have intelligence advantages launching the first project.

Having come up with the idea of an electronic device, I don’t know where to start.

Should the software prototype be designed first, if so which one?
Do I have to file a patent?
Should we wipe our buttocks with the left hand and not with the right? ( little wink to MJ )

Finally, if you can enlighten me, I thank you in advance.

MC

 

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[TheKingOfMadrid]

If you want to make an electronic device a good question to first ask would be how much liquid capital do you have RIGHT NOW? and if the answer is 0 how many contacts do you haves with the capital you're going to need?

From the sounds of it you have:

- A dream
- Some insight into your product

The bare minimum you are going to need to build a prototype:

Patent
You need to consider if it needs to and of course if it can be patented, If you don't patent it your vendor can steal it and make 100X the volume. You will need to learn to keep all notes in electronic form and email them to yourself with date and time linked to your concept at the very least.

Electrician
Then you're going to need to pay someone to design and build the electronics and of course you'll need to pay for the casing/injection mould which can vary in price depending upon the complexity of your device. You'll also probably need to pay someone for the schematics + PCB layout.

If your electronic device also requires peripheral software you'll also need to hire a good programmer.

Manufacturer
When you have a prototype you're probably not going to have the money to start production yourself so you will need to deal with various compliance standards and then approach a manufacturer who may well try to rip you off at every turn as they are the one with the value and scarce resources and you are the one that needs them.

You can try alternative financing routes like go-fund me routes and incubators/angel investors but you may be surprised to discover that route doesn't work so well and you'll need to commit to quite a few things that you won't know for sure that you can commit to.

If you spent time accumulating liquidity you could do all of this on your own terms and pay people to build your idea perfectly, pay people to market it and also pay manufactures to build it on a fulfilment-order basis.
-
So my suggestion would be money and contacts first, execution later.

 

[Melv]

If you want to make an electronic device a good question to first ask would be how much liquid capital do you have RIGHT NOW? and if the answer is 0 how many contacts do you haves with the capital you're going to need?

From the sounds of it you have:

- A dream
- Some insight into your product

The bare minimum you are going to need to build a prototype:

Patent
You need to consider if it needs to and of course if it can be patented, If you don't patent it your vendor can steal it and make 100X the volume. You will need to learn to keep all notes in electronic form and email them to yourself with date and time linked to your concept at the very least.

Electrician
Then you're going to need to pay someone to design and build the electronics and of course you'll need to pay for the casing/injection mould which can vary in price depending upon the complexity of your device. You'll also probably need to pay someone for the schematics + PCB layout.

If your electronic device also requires peripheral software you'll also need to hire a good programmer.

Manufacturer
When you have a prototype you're probably not going to have the money to start production yourself so you will need to deal with various compliance standards and then approach a manufacturer who may well try to rip you off at every turn as they are the one with the value and scarce resources and you are the one that needs them.

You can try alternative financing routes like go-fund me routes and incubators/angel investors but you may be surprised to discover that route doesn't work so well and you'll need to commit to quite a few things that you won't know for sure that you can commit to.

If you spent time accumulating liquidity you could do all of this on your own terms and pay people to build your idea perfectly, pay people to market it and also pay manufactures to build it on a fulfilment-order basis.
-
So my suggestion would be money and contacts first, execution later.

Hello,

Thank you for your answer, to make it simple, I have absolutely no contact, whether it be manufacturer, electrician..

Only, I think that for what has money, find a position as a teammate, preparer order, whatever. Could finance the project.

And in terms of contacts, I think I’m not the only one starting from 0, so for that, I’m going to have to move and get more involved in this project.

Would you advise me to find a supplier in my country or more abroad? (China, Belgium, Switzerland ...)

Thanks again to you.

MC