Idea for a new product. Where to start?

fatboypee

Hi,

I've got an idea for a new product, incredibly simple thing to design and make, but I've absolutely no cash and no idea where to go to get it kicked off?

Can anyone give me some pointers ? Its a retail product that would need prototype and ultimately manufacture... but where to begin ???

Thanks

FBP.

forbairt

Enterprise Ireland ?

But first try to do up a business plan of sorts ... even if its a basic one.

jimbo 22

Hi

I spent four years studing product design and have idea of the mamooth of a task that lies ahead

The development of product is pretty straight forward the problem you will encounter is selling enough units to justify tour investment which will be min of 100 k min for tooling required to make plastic parts in china

Consider following :

Is it innovative?

What Barriers to entry have you got from competitors ?



How are you gonna get it on the shelf

Its all $$$$$$$$

Watch Dragons Den BBC 2 Monday Nights and watch how investers evaluate concepts

My advice is think long and hard about the concept and if its not exceptional dont waste your time.

antoinolachtnai

The following evidence is a bit glib and general, but I think it might help.

I would say to find some way to prototype it yourself even at the most basic level, do some sort of market research and find out if it really works and if anyone really wants it.

Even if your product turns out not to be so good, you will learn a lot about a lot of new things, meet a lot of people you wouldn't ordinarily meet and avoid spending too much money.

If you don't enjoy learning a lot about new things, meeting people you wouldn't ordinarily meet and avoiding spending too much money, product development is probably not for you anyway.

I don't know if tooling up really costs that much anymore. I think you could do a bit better than that. Obviously there is going to have to be the prospect of substantial orders to get anywhere. If you have the orders, you'll always be able to get the finance for the tooling.

You also have to consider stuff like patents before you begin tooling up. It's hard to gauge when is the right time to spend money on patents. I would say soon, but not too soon.

There is or was a group that helps people who are inventing stuff, but I don't know what help they can really give. http://www.inventnetireland.com/

Best,

Antoin.

Pines

antoinolachtnai wrote: »

You also have to consider stuff like patents before you begin tooling up. It's hard to gauge when is the right time to spend money on patents. I would say soon, but not too soon.

Above all, not too late: if you make your invention available to the public before applying for a patent, then you can no longer get a valid patent.

So talk to a patent attorney before you start talking to anyone other than your spouse, business partners, etc., i.e. before the idea leaves your control. Don't post it on the web, advertise it and so on. The patent attorney should give you a good idea if it can be protected at all, what it will cost, how broadly it can be protected and so on.

antoinolachtnai

That is definitely true. But it is also the case that the patents process deadens the creative process. Not having a patent can bring out the worst in other people. Having a patent can bring out the worst in yourself.

Remember that the patent doesn't actually give you any rights to actually do anything. It only gives you rights to prevent other people from doing them.

fatboypee

Hi,

Sorry I've taken so long to get back to you. Thanks to everyone for their advice. I really appreciate your time and comment.

I s'pose I'm like alot of people, got (what I think) are good ideas, but often too lazy or insecure to do anything about them. The idea here is incredibly basic and I suppose quite easy to copy (no barrier to market, except there aren't any I've seen (yet)).... Think I'll try to build what I'm thinking myslef first and then see... At least then I would have a clearer idea on its design & manufacture...

Getting onto shelves, the product idea is so basic and designed to be semi-disposable, the market is strong in this area so I need to get the plan right first...

Thanks again. Really do appreciate it..

antoinolachtnai

Also try to find it on ebay or alibaba.com. There could be a guy making your widget or something like it already, but you might be able to market/sell it in a way that he isn't able to do or hasn't really thought of.

businesses

I maybe able to give you some advise about seeking investment you can contact me on 058 24376.

rusnakova

There is one mistake I was taught that starting entrepreneurs usually make: they find a great product. But they do not do any research to find out whether there is a market for the product.

Just a small tip. BTW, did you know that if you will employ Irish people and you will export your products abroad you could get 50% funding on your marketing feasibility study from Enterprise Ireland? And this study, if you let a professional marketing consultant do it for you, could give you a good starting point from where you would actually see what direction to take.

Simona Rusnakova

YellowSheep

Hi FBP
Did you get any further with your idea? If not give me a call to discuss. regards Oliver