Inventors need Mentors

MrSoloInvntr

I have been working on an idea for a new product for months now. I am re-designing and improving a product that is already on the market. I found a tooling manufacturer and have had a prototype made already. There is still some bugs to work out and testing that needs to be done. Of course it takes money to make money. I am at the road where I am unsure if I should keep developing my product or go out there and try to license my idea and let a company take over. Any thoughts out there? Lets hear your stories or suggestions from anyone who has been down this road. Thanks entrepreneurs.

theswaynester

I think there are negatives and positives either way.
If you continue to develop the product you have more control and the potential for controlling more revenue; however, as you say, you incur more risk.
If you license the device, you don`t have such an investment.  Or you may have a device that appeals to multiple industries and would be difficult to bring to market by your lonesome. On the minus side, you won`t have much control over the revenue. Plus, it may be difficult to knock on the doors of a major company for licensing opportunities. Beyond that, a great prototype is just going to open up doors. So you still might want to consider that.
I generally side on the "license" (when possible) side of the equation. That`s just my personal opinion, because the "idea storming" is what I enjoy the most. There are always great ideas out there.
There`s a good section in the StartUp Nation book that covers this that explains it better than I can.
Hope that helps.
Or have I thoroughly confused everyone.
 
Matt

RayF

Mr. Solo,
Good luck.   Am curious about your field and the product you are re-designing.  It`s not golf, is it?   I have just posted a message to try to get investors for some inventions.  I want to sign-off/license quickly, but I understand your wanting to keep control/ownership, especially after having made a professional model.  Years ago I spent years trying to hand-manufacture a few of my own things. Useful experience, but don`t want to repeat it.
Ray

MrSoloInvntr

What a great site here. Thanks for all your input. Hey Ray, it is not in the golf arena. Maybe someday I will venture there. One of the things I learned early on going down the inventors path it to listen to people you are working with and explore referrals. This can range from industrial designers for your CAD files, down to your choice for molders to tool makers. It is a good way to network and someone in this business knows someone in another part of the business. It sure helps to know the right people! Have a great day.

MrSoloInvntr

Is there anyone out there trying to start up a new business behind a new product or invention? If so, could you share your ideas and any triumphs or pitfalls encountered along the way. I believe learning from others experiences is very helpful, especially for those who are first to venture down this road.

RayF

Years ago was working on making my own inventions in wood, forming a company, and marketing them.   Now am shooting for licensing as early as possible.  Stalled now by $; working on digging up an Angel.  You may want to look into inventNet.org; also has interesting forum.
Best, Ray

MrSoloInvntr

Trade show Thoughts. I am still developing my product but am always thinking down the road especially when it comes to sales and marketing. We constantly brainstorm of ways to expose our products to generate those large sales and gain great exposure for our company and our products. I hear that trade shows can be a great way to get your products out there. Is there anyone out there who markets with trade shows and has it proven to be successful for you?