Young Entrepreneur Forums  
en·tre·pre·neur –noun Entrepreneur, translated from its French roots, means "one who undertakes." The term Entrepreneur is used to refer to anyone who undertakes the organization and management of an enterprise involving independence and risk as well as the opportunity for profit.
Find Qualified Vendors
 

Welcome to the Young Entrepreneur Forums

   
NBTL vbBux / vbPlaza NBTR

Find Business Partners Get Involved in Startups Commercial Real Estate Startup Jobs Find Business Opportunities


Young Entrepreneur Forums » General Business » General Business » Options when the 'idea' stage is complete



Reply
 
LinkBack Thread Tools Rate Thread Display Modes
Old 04-20-2008, 11:24 AM   #1 (permalink)
Junior Member
Activity Longevity
3/20 2/20
Today Posts
0/0 sssssss32
Total Points: 2,871.29
Options when the 'idea' stage is complete

Hi All,

I have done searches on this forum and read some great advice that I can apply to my situation, but I would like to specifically engage in conversation regarding where I am at right now.

I basically have an idea down on paper. My idea, without really giving anything away, will require both hardware and software engineering/manufacturing. I do not have a prototype, and I have not looked into patenting the idea. I do know that there are products in my 'space' out there, but they are poor solutions to a customer desire and there is not one out there that is like my device.

I have contacted a local college that has an applied research partnership program and I have a meeting with them this week to discuss creating a prototype.

So, here are my questions:

- Am I right in looking into getting a prototype made at this point?
- What other options do I have for getting a prototype made?
- At what stage should I look into getting a patent, or should I even bother?
- After creating a prototype, what are my options for getting this to market? Do large manufacturers ever offer partnerships (i.e. would Samsung or RIM partner with me to build this)? Do large manufacturers ever offer royalties on products sold to them in this way? Is it better to find a venture capitalist, a marketing expert and a manufacturer and try to form a new company around this?

Thanks for reading, please respond and help me work out answers to these questions.
kindafishy is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Old 04-20-2008, 05:41 PM   #2 (permalink)
Junior Member
Activity Longevity
3/20 2/20
Today Posts
0/0 sssssss32
Total Points: 2,871.29
Another Question

...forgot to include this on the original question.

- Is it ever worth it to try to sell something to a larger company when it is just at the idea stage (i.e. just on paper, no prototype, no market research, no patent, etc)?

Thanks.
kindafishy is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Old 04-20-2008, 07:00 PM   #3 (permalink)
YE Veteran
akula's Avatar
Activity Longevity
1/20 12/20
Today Posts
0/0 sssss4794
Location: Sydney, Australia
Total Points: 77,839.66
Quote:
Originally Posted by kindafishy View Post
...forgot to include this on the original question.

- Is it ever worth it to try to sell something to a larger company when it is just at the idea stage (i.e. just on paper, no prototype, no market research, no patent, etc)?

Thanks.
there is no market for the kinds of stuff that you're talking about
something at "an idea stage" with "no prototype, no market research, no patent, etc" is not a type of property
it's not able to be bought or sold
akula is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Old 04-21-2008, 05:52 AM   #4 (permalink)
Junior Member
Activity Longevity
3/20 2/20
Today Posts
0/0 sssssss32
Total Points: 2,871.29
Quote:
Originally Posted by akula View Post
something at "an idea stage" with "no prototype, no market research, no patent, etc" is not a type of property
it's not able to be bought or sold
Thanks for the response.

That's what I thought, but I figured I would ask. Right now, I am just trying to figure out how to move forward, and what options are available.

What are your thoughts on approaching a large company from another angle during this stage of development? Specifically, would it be a mistake to set up a meeting with someone from a large, well-known manufacturing company to try to work out an arrangement whereby, they help with the prototype/research etc? How about pitching it as an idea for a subsidiary company where they would finance the r&d?

Sounds like a good way for an 'inventor' to get muscled out of their own concept at a very early stage to me, but as you can likely tell, I have not done this before, so I need to ask...
kindafishy is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Old 04-21-2008, 06:00 AM   #5 (permalink)
Senior Member
Mega B's Avatar
Activity Longevity
11/20 2/20
Today Posts
0/0 ssssss483
Location: London UK
Total Points: 6,782.34
Before you approach a big company with your idea i would certainly make sure you have a patent on it or a written agreement because many a good idea has been stolen without the inventor being able to do anything about it.You have been warned.
__________________
Amazing Free Classified Ads Forum Promote your Websites/Products/Services/Forums and Blogs Free of Charge. DVDs Image Hosting
Mega B is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Old 04-22-2008, 06:44 PM   #6 (permalink)
YE Veteran
akula's Avatar
Activity Longevity
1/20 12/20
Today Posts
0/0 sssss4794
Location: Sydney, Australia
Total Points: 77,839.66
Quote:
Originally Posted by kindafishy View Post
Thanks for the response.

That's what I thought, but I figured I would ask. Right now, I am just trying to figure out how to move forward, and what options are available.

What are your thoughts on approaching a large company from another angle during this stage of development? Specifically, would it be a mistake to set up a meeting with someone from a large, well-known manufacturing company to try to work out an arrangement whereby, they help with the prototype/research etc? How about pitching it as an idea for a subsidiary company where they would finance the r&d?

Sounds like a good way for an 'inventor' to get muscled out of their own concept at a very early stage to me, but as you can likely tell, I have not done this before, so I need to ask...
well...you have three options
1. try and hussle up some sort of a deal with a large company
2. patent/register a whole bunch of stuff and sit on it hoping for something to happen in the future
3. try to build a business around your venture

from my experience, options 1 and 2 are typically a waste of time, and i've only ever seen option 3 generate real results for the entrepreneur

the process of building a business is pretty straight forward. it's a step by step procedure and there is only one correct way to go about doing it. it's a pretty disciplined, well structured process. i would encourage you to know the steps off by heart.
akula is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Old 04-23-2008, 06:36 AM   #7 (permalink)
Junior Member
Activity Longevity
3/20 2/20
Today Posts
0/0 sssssss32
Total Points: 2,871.29
Quote:
Originally Posted by akula View Post
the process of building a business is pretty straight forward. it's a step by step procedure and there is only one correct way to go about doing it. it's a pretty disciplined, well structured process. i would encourage you to know the steps off by heart.
I sincerely appreciate the response. I can easily come up with my own steps that I 'think' are correct, but are you referring to a specific documented set of things that should be done? Do you have a link by any chance?

I have been thinking about all of this a lot. I think the third option you mentioned is the way to go as well. I had the meeting with the AR Liaison from the college and he likes the idea enough that he is going to shop it around to some of his researchers. If this doesn't pan out, I will seek other avenues for creating a prototype. I am pretty convinced that I have something that consumers will want, so I will just keep trying to figure out how to make it happen.

I have a bunch of other questions at the top of this thread, but maybe I am trying to cover too much ground here. Should I break a couple of those questions into individual threads?

Thanks!
kindafishy is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Spurl this Post!Reddit! Wong this Post!
Reply With Quote
Reply


Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



Navigation
Register! - Join Now - It's Free
Registration at YoungEntrepreneur.com is completely free and takes only a few seconds. By registering you'll gain:

- Full Posting Privileges.
- Access to Private Messaging.
- Optional Email Notification.
- Ability to Fully Participate.

To Register now click here
Quick Register - It's Free
User Name:
Password:
Confirm Password:
Email:
Confirm Email:
Birthday:  
Check to Agree with the forum rules. 
Need Business Services?
Looking for Quotes?

LFQ

Choose a category:

Latest updates from the YE blog!
Premium Memberships
We will soon be offering a Premium Membership with added benefits and access to exclusive services, support and solutions. To be informed on when this launches click here
Forum Sponsors


Legal Forms

Click here to inquire about advertising
LinkBacks Enabled by vBSEO 3.1.0
Powered by vBulletin® Copyright ©2000 - 2008, Jelsoft Enterprises Ltd.
Copyright 2007 YoungEntrepreneur.com Inc. / YoungEntrepreneur.com : Entrepreneur Marketing Forum