Getting a Product to Market

Details please.

Who pays the bill for the pre-production units, tooling, production start up and marketing? Are you asking others to invest in your idea or do you have the resources to take the idea to market?

Is it patented? What is it?

The Optical Memory Unit is patent and listed on the uspto web-site, yes I am asking for investment to help with the entire process, as a share of the product can be negotiated.

That view seems to be fairly common.

The more common situation is that the last person who invented what you are surpassing felt like his design was the end all beat all thing to have. Now you come along and threaten to knock him down and take what market he had.

At some point in time you may likely get surpassed and then be living the experience he went through as well.

How many others share your view that, "you have a product that will change the technology world,"?

Maybe they don't understand your product.

I had a guy in my office the other day who claimed to have a revolutionary idea/invention/technique that he thought was great. The members of this forum didn't share his views and he was clearly frustrated that they couldn't "see" things his way.

what is it?

The Optical Memory Unit, patent number 6,657,618 take a look let me know what you think and if you have any information that could help, thanks in advance.

snickers2

Is this about your patented "Optical Memory Unit" (also mentioned as the "inkless pen")?

http://cr4.globalspec.com/thread/34564

http://cr4.globalspec.com/thread/35627

A simple patent search for "Optical Memory Unit pen" dated 2003 produced this (I don't know if this is the invention you are talking about).

http://www.patentstorm.us/patents/6657618/fulltext.html

What companies have you tried? If you are targeting computer manufacturers with the idea of adding a standard peripheral to new computers, forget it (you are thinking way too big to initially start with).

Perhaps a small-scale manufacturing partner would be better to start off with to give the product a bit of customer field trialling, rather than just trying to jump into large-scale mass production (the hardest step is actually getting "your foot in the door" of a market so you generally have to start small and build interest).

What about targeting a niche market instead (perhaps electronic written language translation)?

Yes this is the OMU, do you have information on a small manufacturing partner,

None specifically suited for this that I have used and would recommend overseas (ie- outside New Zealand).

A manufacturing partner shouldn't be a problem as there are plenty of small companies that can build and assemble electronic designs (and even do the printed circuit boards for you), the problem is finding a market to sell them in. Ideally you want a few samples built first (even just basic demonstration units) so you can demonstrate the functionality to prospective buyers to get them interested, then once you have some interest and at least a basic letter of intent then you can invest some money for a small production run.

Mass producing a product first is a bad idea as the functionality may not meet the end users exact requirements, not having any samples built to demonstrate the idea is also generally a bad idea. My advise is to "bite the bullet" and contact a local manufacturer and produce a few samples then contact companies you think may have a use for the product (even just a few of your product for in house or factory floor use) and go and meet them for a presentation and demonstration of your product.

If building a sample is too hard/expensive/difficult then you could try making it out of readily available parts and modules to save money (sure it won't look as good, be as compact or have all the functionality but if you are demonstrating its functionality and proving its concept its generally better than nothing).

There is a syndrome called 'not invented here'. It is part of xenophobia (fear of something new) some people have. If you are on the outside, that's where you'll stay. You need an inside track if you want to get your item manufactured. Either you have to start up your own company, or find someone willing to listen to you.

I have a working prototype of a step climbing hand truck, works just fine. Tried to get manufacturers interested.....no way. Thanks, but no thanks. Maybe it will show up after a plausibly deniable time has passed. I had a friend with a small machine shop, capable of making the unit, he didn't even reply to my e-mail.

The general advice is to stay away from the inventor help on the tv, so what's a guy to do? Dunno, you can do what I'm doing, use your unit, and hope someone shows interest. Or start your own company.

Thank you for forthrightly answering questions!

There are many good ideas out there that need funding and commitment from others before they can go to market. Likely even very good, patented ideas will meet with much rejection before they find a partner that will invest money in an idea.

Your next step is to learn how to market your idea (not the product) and contact many potential partners till you find a few that are interested in investing their money in your idea. If you have a well done non-provisional patent you have a measure of protection during this process.

If you have not marketed ideas before, read a generally accepted book on it. They will include how to find the companies, examples of letters, how to protect your idea while marketing, what types of agreements are used (assignees, non exclusive right etc.) and what kind of royalties to expect.

Thanks so much great info will do

snickers2

hey snickers2

it looks like a great product; as the others said you need a working prototype to get the ball rolling.

Just doing a little search on "prototyping" and I see that the same people who offer these services could also help with other issues you raised - like getting the software written for example - and manufacturing the item once you have some orders. Some of the prototyping people also invest in products when they see potential (see Davison for example) Here's one in Canada that looks decent. http://www.theinventorsgroup.com/?gclid=CPWusviDuZ4CFQohDQodd2QOkQ

I could sure see this being a product 'for everyone', but it might be worth playing some niche market angles to get an order up front. Or develop a "niche pitch" to get investors interested in backing your product. That sort of thing is easily quantified (as opposed to the 'everyone' thing), they can see where the sales focus is and where the first money would be coming from.

Did you think of focusing on the signature/security angle? I'm thinking of shipping, where everything is going digital - at Canada Post now, when you pick up a package you sign digitally. The signature comes out like crap! But they do it, so they have an electronic copy that goes with the tracking record. If you checked around the courier and shipping companies, maybe target the ones who are moving in that direction but haven't acquired the crappy digital technology for signatures.. Your product would offer a security feature that puts them ahead of their competitors, and that's good business. Everyone who ships would see how well it works, and that's good advertising! Start with shipping... maybe end up with banks?? Nice niche, security/authentication.... Just a thought, maybe worth looking into. Get your prototype and go for it...

Very good info and advice I will definatly look into shipping also with the gps tracking device we have I think that is a plus, Thanks for all.

snickers2