Brilliant ideas need to be developed
Discussion
I've had a lifetime of ideas that I've not developed, all, yes all, have eventually (some after many years) been realised by someone else/another company. I still have lot of ''surely someone has already done that, oh my, they haven't'' type ideas and I'd like to meet a wealthy + well connected potential investor and partner to get 1 or several ideas off the ground. I work in a pretty intense job and simply haven't had the time to take thru to realisation, many ideas. One has taken me 3 years to get going (lack of funds) but is now making pretty good cash every month but, I'd rather get the next one going in 6 months and give away some of the equity to see things happen more quickly. Any wealthy entrepreneurs out their looking for a project? Live: Surrey/Hants
I have often come up with ideas myself.
A case in point being my University marketing coursework which I was given a 35% mark for actually hitting supermarket shelves about three years later.
It is a case in point though that without performing a comprehensive patent search, although you may not see your 'widget' in the marketplace it doenst mean that it has not been patented or indeed has been tried before. It is also of great note that although the 'concept' is of course important, pretty much everything has already been tried before, or at least a similar product exists. What will make the product work financially is not the concept but the work in patenting the idea if possible, developing the products features, testing, quality control and price of manufacture, marketing, advertising and so on and so forth.
For that reason, 'bright ideas' never usually make the big money - in fact a lot of the time the first product out may not be the best, and the company with the slightly improved version which is a copy of the original with different marketing may win. Thus if entrepreneur X has invested a ton of money in the new idea, there is still no free lunch either!
I believe though that there are a few industry associations you could try, 'Business Angels' type things where they have aclient list of proven manufacturers etc who may be able to help. The reason for my notes above though is that if you are looking to keep an 80% share in such a deal thats the wrong way forward, they would most likely be looking for the other way around, or indeed a straight licencing deal.
A case in point being my University marketing coursework which I was given a 35% mark for actually hitting supermarket shelves about three years later.
It is a case in point though that without performing a comprehensive patent search, although you may not see your 'widget' in the marketplace it doenst mean that it has not been patented or indeed has been tried before. It is also of great note that although the 'concept' is of course important, pretty much everything has already been tried before, or at least a similar product exists. What will make the product work financially is not the concept but the work in patenting the idea if possible, developing the products features, testing, quality control and price of manufacture, marketing, advertising and so on and so forth.
For that reason, 'bright ideas' never usually make the big money - in fact a lot of the time the first product out may not be the best, and the company with the slightly improved version which is a copy of the original with different marketing may win. Thus if entrepreneur X has invested a ton of money in the new idea, there is still no free lunch either!
I believe though that there are a few industry associations you could try, 'Business Angels' type things where they have aclient list of proven manufacturers etc who may be able to help. The reason for my notes above though is that if you are looking to keep an 80% share in such a deal thats the wrong way forward, they would most likely be looking for the other way around, or indeed a straight licencing deal.
Where do I start: police head mounted cameras several years ago, had a prototype. Transfer of autofocus technology on cameras to create reversing aid for cars, probably about 10 years before someone else had the idea. Various internet based ideas that more quickly became realised. Simply a myriad of other business concepts. I advertised in The Times a while back and had several 'tell me what your idea is and I might know someone' type replies but, I really want to present an idea to someone who has the direct capability to invest. Someone will make a lot of money out of the first idea they work on with me, beyond that I'll have more of my own resources to plough into other ideas but still an initial partnership might continue, assuming we both get along well and feel that the workload/reward split is fair. I'm by no means desperate, idea 1 is working pretty well so I could probably directly invest in the next idea myself but, my time is limited as are my resources in comparison with someone who's already really made it in business.
Justin, thanks for your comments. I specialised in 'inventing' for my degree many years ago so have some knowledge in this area. Frankly becoming a student of inventing put me off trying to develop my own invention, too little chance of success. Business concepts are far easier to realise.
hewlett said:
Justin, thanks for your comments. I specialised in 'inventing' for my degree many years ago so have some knowledge in this area. Frankly becoming a student of inventing put me off trying to develop my own invention, too little chance of success. Business concepts are far easier to realise.
I agree!
The only problem with the approach of only speaking 'directly' about the idea is that every entreprenuer has a different set of skills and contacts. For example, anything to do with recording music or less specifically any kind of business model around an 'agency', or marketing of it is my forte. On the other hand, a widget for the car industry would be better suited for someone with design, patenting, manufacture or licencing experience.
It is the right way forward though, even if you have to give away a decent or majority chunk to an investor. 20% of a huge amount of money is a lot more than 100% of sweet 'FA'!
hewlett said:
You're probably right, I nearly interviewed Mr Dyson in 92' and to be frank I never had an invention as good as his most famous one.
Thats an interesting case.
*Was* it his invention that made the money? After all it does the same job as the Hoover always did - suck up bits of dirt. There was no great invention as such.
I would argue that it was successful as there was a 'perceived' giant leap in technology backed up with the alternative modular styling and good marketing.
Contrary to some peoples common belief (but maybe not owners) they are not that much better. In fact the current 2 main marketing lines of 'Doesnt lose suction' and the '5 year warranty' were not carefully thought out pro-active strategies but reactive ones to solve owners mistrust of the product. My last Dyson definately DID lose suction and didnt last 5 years either...
Thus I would still argue today that the factor which allows the premium price point in the market is perception and marketing as oppose to the actual performance of the machine.
Drop me a line if you've got any particularly good ideas that need help in getting to market...
- I can invest some money (and not just that on the other thread if need be)
- I've more than a bit of experience in brand, marketing, and setting up digital economy businesses (mobile, Internet, etc)
- If it's real world stuff that comes in cardboard boxes, etc. then not really my forte (unless you've got the items + boxes and need online distribution, etc).
For what it's worth, I invented those LED signs that people can put in their cars that flash up messages. I looked into it and it turned out they were illegal, so I dropped the idea. Some 18 months later another guy got the RAC/AA (can't remember which) to endorse them as a good thing, and they went on the market. Not sure if the law ever even got repealed. Ho hum.
(Also have had a hundred other business ideas I plain don't have the time to get going... too busy making a bit of money to find the time to make a lot of money.
)
- I can invest some money (and not just that on the other thread if need be)
- I've more than a bit of experience in brand, marketing, and setting up digital economy businesses (mobile, Internet, etc)
- If it's real world stuff that comes in cardboard boxes, etc. then not really my forte (unless you've got the items + boxes and need online distribution, etc).
For what it's worth, I invented those LED signs that people can put in their cars that flash up messages. I looked into it and it turned out they were illegal, so I dropped the idea. Some 18 months later another guy got the RAC/AA (can't remember which) to endorse them as a good thing, and they went on the market. Not sure if the law ever even got repealed. Ho hum.
(Also have had a hundred other business ideas I plain don't have the time to get going... too busy making a bit of money to find the time to make a lot of money.
)J_S_G said:
... too busy making a bit of money to find the time to make a lot of money. )
)Aint that the truth!
Its surprising that that more I get involved in my current business interests I just dont have the time or energy for new ones... Such is life when the mortgage is not yet paid off!
justinp1 said:
J_S_G said:
... too busy making a bit of money to find the time to make a lot of money. )
)Aint that the truth!
Its surprising that that more I get involved in my current business interests I just dont have the time or energy for new ones... Such is life when the mortgage is not yet paid off!
I'll be moving into the new house in Cheshire in a few weeks... we'll have to grab a
and have a natter! 
This is an area I'm also interested in, but realised that any invention is less about the idea, more about your ability to sell. Otherwise, you quickly find yourself in the 'I have a great idea', 'we're interested, show us that it works and people will buy it'. So the idea needs a prototype and some form of protection (patents etc). Before you know it, you're staring down the barrel of £50k without any guaranteed return.
For example, I patented this a few years ago:
www.autoexpress.co.uk/images/front_picture_library_UK/dir_426/car_photo_213113_10.jpg
...now offered on VW and Mercedes as an option. However, when I approached the companies, their (very well funded) patent departments uncovered some prior art (written in German) that invalidated my patent. So I got squat in terms of license revenue.
The whole area of IPR is a minefield, and I have not pursued any of the other product ideas (around 6 or seven) of similar quality / market opportunity, simply because the cost of protecting the design is high, and the likelihood of someone else having done it is huge.
UV
For example, I patented this a few years ago:
www.autoexpress.co.uk/images/front_picture_library_UK/dir_426/car_photo_213113_10.jpg
...now offered on VW and Mercedes as an option. However, when I approached the companies, their (very well funded) patent departments uncovered some prior art (written in German) that invalidated my patent. So I got squat in terms of license revenue.
The whole area of IPR is a minefield, and I have not pursued any of the other product ideas (around 6 or seven) of similar quality / market opportunity, simply because the cost of protecting the design is high, and the likelihood of someone else having done it is huge.
UV
great thread - this is basically what I spend 50% of my time now doing - making other people's ideas money.
There are LOTS of people with great ideas around...and most of them dont get realised cos being able to invent something and being able to get it to market are two very different things.
Now had about 5 years doing this online and offline...selling into everyone from Sainsbury to Halfords and it's all gone rather well
Always happy to help with ideas if you wanna PM me.....
Night
There are LOTS of people with great ideas around...and most of them dont get realised cos being able to invent something and being able to get it to market are two very different things.
Now had about 5 years doing this online and offline...selling into everyone from Sainsbury to Halfords and it's all gone rather well
Always happy to help with ideas if you wanna PM me.....
Night
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