PROGRESS THREAD: Scout (New Product to Market)

[Scout]

This will be my progress thread for a product that I am working on bring to market.


Background:


A colleague and myself have come up with a new tennis training aid and want to bring it to market.

Market target is for beginner to moderate players.

Prototypes have been constructed. We actually built about 4 different configurations to identify the optimal design. This allowed us to identify off-the-shelf components to build the device to would minimize needing to custom manufactured parts.

We conducted a patent search and found no prior art (this was done by myself, not a patent lawyer, I have had a lot of patent experience from my slowlane job)

Created a Non-Disclosure-Agreement (I used: NDA to create the form for free)

Developed a cost estimate based on initial production of 100 units (~$5.00 per unit)

Conducted market research on similar type training aids in different sports (Found a minimum target price of $15-$20, so we look to have a reasonable profit margin) We will test this price on e-bay and will mostly start a bit higher. Need to do more research on how to identify the best listing price.

Went to subject matter expert for comment. We went and showed the prototype to a couple of top instructors at a high-end training school (after they signed the NDA) and received a positive Thumbs Up!! .


Completed detailed drawings for device, this will allow us to get good quotes from manufactures.


Total amount spent to date: $4.87 for prototype materials

Next Four Action Items:

1) Create LLC: (we are planning on setting it up in DE, good tax breaks and assembly will be completed in DE)


2) Further Market research:Visit a few more Tennis training centers to get further feed back. This will help us further define our market and ensure that our product has potential.


3) Prep Provisional Patent Application: Our thought is to get as much done as we can before we file the prov. Patent. Once that is filed our 1 year time line starts ticking. As long as we do not disclose the idea or put it into public practice the idea will stay protected. (one reason why it is so important to have NDA’s in place) Also we will take the draft prov-patent app and have it reviewed by a patent attorney to ensure we did not overlook anything. This should save us $$ and time.

4) Develop Webpage: Need to create web page, choose product name Construct a webpage to sell the item. I have a lot of forum threads to read for this one.


I will post as actions get completed

 

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[mkzhang]

For our engineering design project, one of the group is making an automated tennis ball machines, it actually shoots into every sector on the court, and is randomized base on preferred skill levels. It also does the lob shots, and three different type of spins.

Do you think that will be any help to your project?

 

[Scout]

Sounds like a cool project, our invention focuses on a particular skill and would some what apply but not directly.

This may be worth checking up on, most universities have a patent program although allot of times it is not well publicized. The over all concept of a ball machine that hits zones of the court is not novel but your approach may qualify for a patent. Make sure that you document your design well and check with the school to have it reviewed by the patent group.

The school I attended would give the rights of the idea to the students if it did not want to pursue it on their own. They would even pay for most of the legal fees to get it patented. You can send me a PM if you want to talk more without disclosing things to the public forum. (I can sign a NDA if you would like)

 

[mkzhang]

Nah its fine, thanks It's not my project.

I was just wondering if it would help you, and if it did I can secure schematic and codes to it.

Our school doesn't patent anything from the students, most likely the professors steals the students design for themselves.

 

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[fatWalrus]

Hey Scout,

I have been reading these Fastlane forums for a month now but I have finally taken the first leap and signed up.

Your tennis training aide sounds so interesting. I am obsessed with tennis! Ha, I really do play a ton of tennis and I have a tennis invention I would love to discuss with you. I am curious if I could sign an NDA and discuss your product with you and vice versa. I am really interested in your idea, and I have some business skills which I think when coupled with a product (sports-tennis specific) I am passionate about, can really be useful.

I have created some websites and have a very good eye for website usability and design. I am currently the web analyst at a very large health information website (1.2 million uniques a month).

I would love to hear your opinion of my tennis invention as well and any advice you would have for me.

I am located in Northern NJ by the way. I look forward to hearing from you.


-J