New idea that could make a fortune.

[BGARK]

Ok so lets assume you have been grafting hard to get a new project off the ground. It could be a physical item that needs a patent, or software that needs constant momentum to avoid others copying your creation. You might have taken years with ideas in your head to find people around you that you trust, signed numerous NDA's and so on, investing huge sums of money with no return as yet.

Soon you are ready to launch but you know it will fall flat unless you invite other people to the table, be that financial investors or experts in marketing.

I have a few things going on like this at the moment and I am confident one of them could be quite big, my slight frustration now is the time its taking, things could go much quicker if I had some intelligent people on board, however I don't really know who to find or trust?

Other than going on Dragons Den what other options ar there to get in front of a very large audience quickly?

[russ_a]

Kickstarter

[jammy_basturd]

If you have an idea that you think is a goer then from the moment you have that idea you should be talking to potential customers about it, getting feedback, getting email addresses. Stick up a basic website for the product/service, again get email addresses for those people interested. Send them periodical emails telling them of progress. Get on to forums, Reddit, Facebook, etc.

An NDA is worthless next to a few months of quality feedback from potential customers and a list of people and their email addresses who are ready to buy the moment you launch.

[akirk]

coyft said:

In my experience ideas are two a penny, execution is what really matters. I'd stop worrying about it and just get on with it!

This again and again... Thousands of people with great theoretical businesses, but the reality is that 100% of businesses don't follow those theoretical plans so you might as well get on and actually start building the business... Otherwise all you are doing is finding excuses...

[BGARK]

jammy_basturd said:

If you have an idea that you think is a goer then from the moment you have that idea you should be talking to potential customers about it, getting feedback, getting email addresses. Stick up a basic website for the product/service, again get email addresses for those people interested. Send them periodical emails telling them of progress. Get on to forums, Reddit, Facebook, etc.

An NDA is worthless next to a few months of quality feedback from potential customers and a list of people and their email addresses who are ready to buy the moment you launch.

So if you invent something you just tell the world without protecting it first, I don't think so?

What you have suggested is correct and fairly easy but that will come after its ready / protected.

[CubanPete]

What sort of thing is it (without being too specific)?

Maybe approach a company that does something similar, license it and let them do all the work.

[BGARK]

akirk said:

coyft said:

In my experience ideas are two a penny, execution is what really matters. I'd stop worrying about it and just get on with it!

This again and again... Thousands of people with great theoretical businesses, but the reality is that 100% of businesses don't follow those theoretical plans so you might as well get on and actually start building the business... Otherwise all you are doing is finding excuses...

I absolutely agree with both of you, which is why I do ok for myself in the real world. Doing stuff is what I am particularly good at as I really hate lack of action with people, however I am being slightly more cautious on this project.

This is not a micky mouse idea, hence why I am doing some due diligence first.

[Hoofy]

BGARK said:

jammy_basturd said:

If you have an idea that you think is a goer then from the moment you have that idea you should be talking to potential customers about it, getting feedback, getting email addresses. Stick up a basic website for the product/service, again get email addresses for those people interested. Send them periodical emails telling them of progress. Get on to forums, Reddit, Facebook, etc.

An NDA is worthless next to a few months of quality feedback from potential customers and a list of people and their email addresses who are ready to buy the moment you launch.

So if you invent something you just tell the world without protecting it first, I don't think so?

Don't worry. Within 5 minutes of launching it on the market with watertight patents etc, China will produce 10 versions at 30% of your price and flood the market. You can shake your watertight patents at them if you need to burn a few calories.

[BGARK]

CubanPete said:

What sort of thing is it (without being too specific)?

Maybe approach a company that does something similar, license it and let them do all the work.

Doing the stuff is the bit we are very good at, we will probably also do well anyway once its ready. I am just considering other options for accelerating that process. Also I am not greedy, I think teaming up with other good like minded people can make things more fun.

[BGARK]

coyft said:

If you are looking for serious replies and helpful answers you need to condense your question(s) into a sentence or two. I have read the post above a few times and find it confusing and confused.

Fair enough, I am better with drawings than words

[Frimley111R]

BGARK said:

Ok so lets assume you have been grafting hard to get a new project off the ground. It could be a physical item that needs a patent, or software that needs constant momentum to avoid others copying your creation. You might have taken years with ideas in your head to find people around you that you trust, signed numerous NDA's and so on, investing huge sums of money with no return as yet.

Soon you are ready to launch but you know it will fall flat unless you invite other people to the table, be that financial investors or experts in marketing.

Quick thoughts:

How much competition is there? Are there specialists that will offer you some serious competition?
Does anyone want this? Are they looking for it now? (Google can tell you this)
Can you limit your costs for a trial just in case it doesn't work out?
Marketing will be your customer acquisition plan so make sure you have someone who can create this plan so you can budget properly
Have you worked with other shareholders before? It can be quite different to being in sole charge. Be clear that all involved have the same aim for your business.
When will the business pay any decent returns?
Do you have the time to drive it? (I mention this because I have seen people run multiple businesses poorly instead of just focusing on one)
Although many people say, just do it, I'd do as much research as you can before committing too much first.

[BGARK]

Frimley111R said:

Quick thoughts:

How much competition is there? Are there specialists that will offer you some serious competition?
Does anyone want this? Are they looking for it now? (Google can tell you this)
Can you limit your costs for a trial just in case it doesn't work out?
Marketing will be your customer acquisition plan so make sure you have someone who can create this plan so you can budget properly
Have you worked with other shareholders before? It can be quite different to being in sole charge. Be clear that all involved have the same aim for your business.
When will the business pay any decent returns?
Do you have the time to drive it? (I mention this because I have seen people run multiple businesses poorly instead of just focusing on one)
Although many people say, just do it, I'd do as much research as you can before committing too much first.

Sorry I don't have a crystal ball.

[BGARK]

Frimley111R said:

Does anyone want this? Are they looking for it now?

[jammy_basturd]

That's all well and good, but he created a multi-billion dollar company through his insight, experience and talent. If you aren't Steve Jobs then you'd probably be better to ask some people whether they'd actually be willing to buy what you have planned.

Or you can spend thousands creating prototypes, getting patents, planning and executing launches and only then do you find out whether anyone wants to buy. Not only that, but you then need to wait several more weeks/months before you find out whether there are enough people willing to buy to make it viable.

And if you just happen to have a one in a million idea that is truly great, then other people will copy it regardless of patents or copyright.

[BGARK]

jammy_basturd said:

That's all well and good, but he created a multi-billion dollar company through his insight, experience and talent. If you aren't Steve Jobs then you'd probably be better to ask some people whether they'd actually be willing to buy what you have planned.

Or you can spend thousands creating prototypes, getting patents, planning and executing launches and only then do you find out whether anyone wants to buy. Not only that, but you then need to wait several more weeks/months before you find out whether there are enough people willing to buy to make it viable.

And if you just happen to have a one in a million idea that is truly great, then other people will copy it regardless of patents or copyright.

And I am sure if he had listened to negative people like you maybe he wouldn't have been so successful, How do you know what I do or am capable of, from reading a bit of stuff on PH?

I have already invented a few products that have done ok, what do you want to hear, that I employ over 30 people and do ok already. I am not working in a shed with a can of special brew in my hand you know

[Hoofy]

BGARK said:

Frimley111R said:

Does anyone want this? Are they looking for it now?

I thought they just stole ideas and made them better.

[jammy_basturd]

I'm not trying, or meaning to be negative, simply trying to offer a different approach that would save you in the long term.

Here, have an article from Havard: https://hbr.org/2013/05/why-the-lean-start-up-chan...

[BGARK]

Hoofy said:

I thought they just stole ideas and made them better.

Either way I think he did ok for himself

The point being about inventing new things, you cannot do "market research" in the normal sense.

[BGARK]

coyft said:

Not having a patent shouldn't be an issue to funding. Most businesses that raise funding have IP in their business which they wish to protect. You'll have to operate under a NDA. In my experience entrepreneurs are overly concerned that investors will steal their idea. Professional investors aren't interested in setting up companies...

Agreed, and I am fine with NDA's

Edited by BGARK on Monday 11th January 15:30

[jammy_basturd]

The Lean Startup approach can be applied to new products/services regardless of organisational structure (I know people running LS departments in global corporations). But it sounds like you've already investigated it and discounted it.