inventor in need of advice

Discussion in 'Growing and Managing a Business' started by mackengift, Sep 20, 2010.

  1. mackengift

    mackengift
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    hi,
    am an inventor who have an idea and have already started development process with a development corporation to pre-development stage.
    now am about to commerce the final stage to bring the ideal to product and i need funds to finalize this stage but one of the investor i meet online told me they have a bad reputation of court cases with there clients.

    right now am in a fix on how to go about the final process and if i decide to let the company go how do i accomplish my dream?
     
  2. Fergal

    Fergal
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    Hi mackengift, welcome to Business Advice Forum.

    The first thing you should probably do is research the development corporation on Google. Try to find some reviews and opinions on them plus details of businesses they have worked with before. You could even contact some of these businesses to ask them their opinion on the company and find out if they would recommend them.

    I appreciate that you may not want to give too much info away on your invention, however if you can give us a little info we should be able to give you more helpful suggestions regarding where to go next and how to make the business a reality.

    Have you done any work on writing a business plan for it?

    What country or state are you based in?
     
  3. GekiDan

    GekiDan
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    I think what inventors first do is patent their inventions so that no one will dare claim what you invented is theirs.
     
  4. mackengift

    mackengift
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    Hi Fergal, i will attach my documented proposal for it contain much information that i believe it can be of aid that will enlighten you and if you must know am a Nigerian,anyway thanks guys for all your advice is really encouraging.
     
  5. Fergal

    Fergal
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    Will you be providing more details on your project here, or would you prefer to keep that confidential?
     
  6. mackengift

    mackengift
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    My idea is a document holder with a unique design which i have presented to davison design & development company and a confidentiality agreement have made between us. I have done some research on them through google scam and found out they have been involve in a law suite with FDI also statement of some client claiming fraud but the problem is that most of this client are false witness claim by the company attorney and also most of these development company are fraud,so where do someone turn to for assistance. My original market plan was to produce few prototype locally them market as a single marketer but seeing that i might not make much impact i decided to contract the whole process to a reliable company. I hope these info might help someone advice me on what to do because i only created the design and don't know how to make it a successful product in the market.
     
  7. Fergal

    Fergal
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    mackengift you don't need to keep copying your post and posting it again every five minutes, the duplicates have been deleted and it will not help you get answered any quicker.
     
  8. Cathy Duncan

    Cathy Duncan
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    I think, if you come up with a brief description of your business and its strategies here, it’ll be quite beneficial for all of us to help you out, because there are loads of business owners around!
     
  9. mackengift

    mackengift
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    Am working on a business plan & need help on how to go about it,also what are the necessary steps to take to enable me achieve my goal in making my idea a successful product?
     
  10. Fergal

    Fergal
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    mackengift you can get some help with creating your business plan from the business plan templates linked from the Business Plan Templates section of our Useful Business Resources / Links thread. Once you've had a look at those templates, please post any questions you have and we will do our best to help you.
     
  11. mackengift

    mackengift
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    Hi friends i need direction on taking a new direction for my project because the funds required by the invention promoter to conclude the contract i couldn't get it so i need to drive this dream on my own & i have been doing some analysis of my idea of which i need professional advice. (1). What is the possibility of succeeding with an idea where other existing product of your idea is in the market. (2). How do i locate any website that display sales rate of computer peripheral for the last 2 year. (3). What do i need to do to be able to sale my idea or win a licence deal with a company that trades in my kind of idea. (4) what do you think about the marketability succees of a document holder. Please your advice will be greatly appreciated.
     
  12. Fergal

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    All business ideas have some form of competition. No business ever enters a market with a product that doesn't have to compete in some way. If you are to succeed you need to know who your potential customers are, what they value when it comes to your product and make your product superior in some area that your customers value.

    Are you looking for statistics for just Nigeria or are you looking for international statistics? You could start by having a look at http://www.nigerianstat.gov.ng/ and their Request for Data page at http://www.nigerianstat.gov.ng/index.php/pages/datasetRequest

    Selling ideas is a difficult thing to do, largely because most companies in the market have their own ideas and research departments. However, it can still be done and the first thing to do would be to plan and document your idea in a format that is easily understood, perhaps also create a prototype. Write a non-disclosure agreement (NDA) and then contact some companies in the industry and ask if they might be interested in purchasing or licensing your idea. I'm not sure how innovative your idea is, if it is unique you might want to also seek patent protection for it.

    We would really need more info before we could answer that. If your product can provide something that is of value to your potential customers, then there is no reason why it cannot do well. Doing some preliminary research by speaking to your target marketing and working on writing up a draft business plan would help you to answer that question.

    Also have a look at some of the previous discussions linked from the "From Business Idea to Business Start" section of our Featured General Business Advice, Questions & Discussion Posts.

    Good luck with it and please do let us know if you have any further questions.
     

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