Assistance needed

Discussion in 'Growing and Managing a Business' started by mackengift, Aug 25, 2011.

  1. mackengift

    mackengift
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    I have a document holder product design which i developed by upgrading by enhancing it although several of this product is already in the market but i wish to sell my design to an already existing trading company or a new one who will like to trade on this product. I have been searching for such companies through google and i have been able to find just a few that did respond but not promising, i wish to contact a better choice but have exhausted my resources and at this point i will appreciate if you can help me with a list of companies that deal on my product with your reliable resources which can be of immense help to me.
     
  2. JBMedia

    JBMedia
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    Hello mackengift and welcome to BAF.

    Unfortunately, a lot of us here at BAF are not in that particular market you're reaching out for. However, here's what I can say being from what I see of this situation.

    First off, have you considered trying to work with an Invention Buying Company? There's quite a few out there on the market these days. Of course, most of these companies don't specialize in a specific area of products, but they do buy all types of ideas and inventions on a regular basis. This might be a good starting point for you.

    As I've read, you said it seems like there are already several different designs of the product you've previously designed already on the market. Unfortunately, this generally means that someone won't go and invest in the product/idea unless you're great at pitching it to them and showing them it is still highly profitable. A lot of inventions/ideas these days need to be one of three things, generally speaking of course.

    These are:
    1. Something new. Whether it's something that looks exciting or highly functionable and/or highly user-friendly.

    2. An upgrade of something already out on the market. (This seems to fit your problem more) Here you'll need to offer something that just makes the newer product so much better and one of those "I need to have this" items.

    And last but not least,

    3. Something crazy. Generally it's hard to get the wild ideas supplemented from outside sources of income. But a lot of times when they do, they become a big hit. No examples come to my mind as of this instant, but I do know there are quite a few out there. When I re-jog my memory, I'll come back and add it to this post.

    Overall, I'm just pretty much trying to say, and of course this is my opinion, you have two options with your product. You can either make a sales pitch that is so blazing hot that the investor can't even consider saying no, or you can re-advise your product to make it better than the other ones that are similar that are already out on the market.

    I hope this helps some, even though I do understand it wasn't exactly the direct type of answer you were looking for.
     
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  3. Fergal

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    What country are you based in mackengift?

    What kind of uses does your document holder have?
     
  4. mackengift

    mackengift
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    1. Am base in Nigeria. 2. The document holder i am promoting is to aid a computer user hold/position there document especially single sheets in a comfortable and convenient position when typing.
     
  5. Fergal

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    Do you have any business experience mackengift? What stage are you at in the development of your product, e.g. have you created a prototype? Have you completed a business plan?

    You say that there are other versions of your product already on the market, but that your product improves on their design. If there is a significant innovative step in the design of your product you may be able to obtain some form of intellectual property protection for it. Is that something you have considered?

    Do you have some finance available to launch your business? E.g. would you be in a position to contract a manufacturer to produce some product for you, that you could then start selling?
     
  6. mackengift

    mackengift
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    I haven't gone far wit my project for am still at the designing stage and i don't have the finance to move it on my own, no ready business plan written, no thought of intellectual right and thats why i want to sell the idea.
     
  7. JBMedia

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    You more than likely will not be able to sell the idea unless it's 100% unique. I personally wouldn't buy something that I knew was already out there unless, again, it was something that was above and beyond. Now that you've full described what your document holder can do, I realize I myself have seen a few out there. One that I know of has been out for years. Unfortunately, when a product has already taken to the markets, something that's just similar won't generally get picked up or bought out.
     
  8. Fergal

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    It will be difficult to sell the idea if you don't have any intellectual property (IP) rights on it. Without IP what would you actually be selling. Once you have shown someone the idea they could just go ahead and produce it themselves.
     
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  9. mackengift

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    Thanks guys for the advice, i will have to consider the given option through your advice.
     
  10. Fergal

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    Thanks for the reply and good luck with it mackengift. Please do update us as to how things are working out for you and to let us know if you have any further questions.
     
  11. mackengift

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    Actually what i meant is that want to drop the idea after 4 year of trying with all effort,right now i just don't know what to do cause i don't have the finance or anything excerpt my Will.
     
  12. Fergal

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    That will be enough, if your will is strong enough and you determine to never give up until you achieve your goal.
     
  13. mackengift

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    Thanks thats encouraging,so far you are the one person who have told me the clear truth of what i should do and will face even do it is challenging but i think i should take the bull by the horn and carry this idea alone till its a product on the market. I will do with a lot of encouragement you know.
     
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  14. Fergal

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    Thanks a lot for the feedback mackengift and I wish you every success with your project. Please be sure to post back if you feel that there is anything else we can do to help you. Also you might consider getting involved in some of our other discussions, we can learn a lot from discussing topics and helping other people.
     

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