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Product Invention - Advice Required

  • 09-04-2011 1:18pm
    #1
    Lloyd Xmas
    Registered Users, Registered Users 2 Posts: 84 ✭✭


    Hi All,

    Approximately 8 months ago, I came up with a design for a product. My design takes an inferior product, identifies a number of flaws with it, with the end result being a vast improvement via an innovative design that doesn't currently exist anywhere.

    I've been onto the County Enterprise Board and i'm due to meet with them about it.
    I have some money to put into the project, however i'm wondering if anybody here has any experience of dealing with them in relation to this kind of thing.
    The whole thing will be from absolute scratch to the point of protecting my design, then going from there.

    If for example, I were to use a partner company of the CEB to create a prototype, I may be wrong but I would presume they would take an equity stake in the business? What percentage is it likely to be or how do they calculate such?

    In addition, this product would be manufactured in the Far East as if so, both the wholesaler and retailing markups would be approximately 100% each.

    The issue is that I would like to keep the number of interested parties to a minimum to ensure that everyone with a worthwhile input into the process gets a fair deal out of it.
    I'm conscious of the fact that due to my inexperience in this area, I'm probably fair game for someone to take advantage of.

    I suppose I'll have to just run with it and follow any hunches, however if anyone has been down this route before, I'd be delighted to hear from you.

    Cheers,

    Pat


Comments

  • #2
    EIREHotspur
    Registered Users, Registered Users 2 Posts: 769 ✭✭✭EIREHotspur


    Great to hear of someone like you in this day and age keeping innovation going.

    I would hate to see the likes of you ripped off.

    type "equity stake for prototype" into googleand read some of those.
    I know a lot of them are not from Ireland but they may give you an idea.

    Hope it helps and good luck!


  • #3
    Lloyd Xmas
    Registered Users, Registered Users 2 Posts: 84 ✭✭Lloyd Xmas


    Thanks - I found this peice quite good.
    http://www.angelscorner.com/articles/equity_distribution_in_startups.htm

    I guess I won't really know anything until I meet with the CEB, as they'll most likely have a process for this kind of thing in place.
    I know that they have a partnership with a prototype manufacturer, who in turn have links with Chinese manufacturers who'll deliver reliable end products.

    As it states in the above peice, the most important thing is not getting wrapped up in the finances before anything has even started, but instead, be focused a lot more on creating a sound product model and figure out which route to market will achieve most growth. If that goes to plan, the money will take care of itself.


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