Anybody Know Any Inventors? How To Make Products?
This is completely off the subject I know, but it some way it is related. Does anyone in this great arena know how to...or know someone who knows how to make a product from scratch, get it mass produced, then sell it on TV, etc?
I have a product that I've been dying for years to make and sell that I know would be amazing and simple to do, but I have no idea where to start. It would be made from plastic if that helps.
Thanks,
Christian "The Solutions Kid" Beebe
[addsig]
what kind of product are we talking about? Got a little more on the details?
There are many attorneys that specialize in just that. Many will provide a free consultation (at least in my area) but I might try getting some info somewhere else first.
I haven't read this book yet but based on the others I have read in Robert Kiyosaki's series, I'm sure this would be beneficial:
Protecting Your #1 Asset : Creating Fortunes from Your Ideas : An Intellectual Property Handbook (Rich Dad's Advisors)
by Michael A. Lechter (Author) +
GOOD LUCK
There are companies that advertise they will help you get connected with manufacturers and producers. They will either buy the rights to your idea or take a percentage depending on your financial backing. I went to one of these groups here in Alabama. I needed $300,000 to put my idea into production. Told them I'd be back in about a year. Just yesterday I saw my idea, exactly, and I mean exactly what I designed staring me in the face on a tv ad.
My advice is to raise the money privately and do your own research, patents, and production.
Good luck!
Terry
There are companies around that specialize in plastic molded products and helping people make prototypes of same. They also tend to be able to do small runs of such a product for market-testing purposes. If it's a hit, they might not have the capacity to keep up--especially at the unit cost you're looking for ... you would need to hand off production to the orient in such a case. Chances are the producer themselves could steer you to an offshore supplier.
Do some google searches like "plastic prototype manufacturer"
first step would be to patent your idea. that way you can fish it without someone trying to steal it.
I'm not sure on the price but try one of those gov sites and you should get a price.
[ Edited by nebulousd on Date 11/03/2003 ]
Have people you share with sign non-disclosure/non-compete agreements.
Depends on how much you want to do yourself and how much you want someone else to take it and run (with a good chunk of the profits as well).
You might also consider selling to a large company (Microsoft, Nabisco, etc) if you can see some carryover.
You might find an engineer to develop it for you and then market it yourself.
Inventions Submission Corp is the one I see on TV all the time.
Quote:Inventions Submission Corp is the one I see on TV all the time.
This is a type of business that has had a lot of abuses over the years (taking people's money and stringing them along when they don't have anything patentable, etc.).
I'm not saying that ISC is one of those, but it's good to watch out for your pocketbook when doing this kind of thing!
Thanks for the replies, but no one here knows of anyone who has invented a product or anyone they know who has sold a product through TV?
I am planning on getting a provisional patent which only costs about $75 bucks and protects me for a year, but I need that year to find out someone who can really help me put the product to work and someone who take my idea or money.
Christian "The Solutions Kid" Beebe
[addsig]
there are a few inventors on this site. PM John, Derrick, and anyone else who may be able to put you in contact with someone who can help you out. these guys and gals have created programs and systems and I'm pretty sure they are protected and know people.
i have a manufacturing facitily PM let me know more about the product to see if I would be able to produce it
I know a great patent attorney in NY. He is responsible for many inventions we use today, as well as many of the products you'll see on TV. PM me and I can give you his information. He helped me patent and develop a few ideas.
One piece of advice:
No matter how hungry you are, DO NOT SELL the patent or item to a company. I sold an invention of mine for $800,000 about 5 years ago. To me, it was all the money in the world. Now, that product has generated over 50 million in revenue for the company that manufactures and distributes it. I was a dumb college kid, with a good idea. My lawyer even told me I was making a mistake by selling. So, long story short, don't sell your idea, develop it, and you'll have generations of prosperity, instead of a BMW and an MBA (that's what a majority of the money went towards).
Here is the bottom line, no matter what you do if someone wants it badly enough they will probably be able to get it if they have lots of $$
THis is why so many inventors sell their ideas to larger companies.
John Rich invented the water bumper back in the 70s and lost the patent to someone who sued him that had the $$ to stay the course and bankrupt him.
I have been involved in this process in the past.
That said of course you could do it yourself and see how far you get. A lot of what is out there is not patented and says "patent pending or applied for"
I have a book called "patent it yourself"
YOu can find it on www.half.com for 25-35$
Good luck!
OK...I can help you out here. At least in the infomerical area.
I'm new to RE investing but an old-school media entrepreneur with many years experience.
Let's assume you get a few thousand of your widgets manufactured and they're sitting in your garage.
The short answer is this. If you plan to market on TV you either work with an established marketing company, which will expect you to front much of the production and advertising costs of an unproven device and then split revenues with you. Start up costs are generally $100,000 or more
in this scenario and results are NOT guranteed.
-or-
You can hire an independent producer to tape your commercial, then find a media buyer to help you purchase air-time. This is a very detailed and expensive way to do things, incidentally. You will then need to hire a telemarketing company, set up credit card processing and fulfilment.
So now the widget, that cost you .26 cents to make now costs $12.00 per piece to market, before shipping is included.
The way the companies like Guthy-Renker make money is they review 100 products per week and choose maybe 3 per YEAR. Of the three, one will actually make money. (Like TAE-BO) Once it hits the air-waves, they saturate the retail stores and sell millions. This is why THIGH MASTER made 100 million bucks. It lost money on TV but they were in every damn store on the planet and people bought them as gag gifts, etc.
To summarize, you are better off selling to retailers, catalogs and other areas before going with TV. If you establish a track record with retail, the big informercial firms may be more interested in picking up your product and covering the costs of production and marketing, then cut you in on a royalty. (THIS IS GOOD.)
Also, regarding patents.
You can file a patent but it's basically useless. Hate to tell you this but all a competitor has to do is change the design by 10% and they can file their own patent.
IF you want to make money with your widget, you have to be 'first to market'
and hit hard.
And if you feel a patent has been infringed upon, you better have half a million set aside for a lawsuit.
And for God's sake stay away from those invention companies.
Hope this helps.
If you want ideas about reaching the retail markets, let me know.
Back to RE!!
JQ