Want to start a technology-based business

Discussion in 'Starting a Business' started by Advicepuppy, Oct 21, 2013.

  1. Advicepuppy

    Advicepuppy
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    Hello, all.

    As my first post on here I'd like to inquire about what would be necessary in order to start a technology firm that specializes in computer peripherals. While I do not have the engineering capacity on my own to develop the tools necessary to construct the product I am envisioning, the pieces are available from other small firms.

    Essentially, I'd like to know a few things about the nature of business partnerships and what to expect when approaching firms asking to use their technology in order to make a profit (I know royalties would be wanted, but I'm not too sure how that works other than them getting a cut of the profits.)

    Additionally, I'd like to ask about what you think the best way to get consumer data would be. I live on a LARGE college campus, and these products would be targeted towards Macs (for now until PCs implement the [largely unnecessary for now] technology that I need in order to make this peripheral work). On my campus there are literally thousands of Macs and Mac users, and I'm trying to figure out the best way to get an idea of how much they'd pay and if they'd buy the product.

    Furthermore, there are similar products on the market to what I am planning. How would I find out if there are currently patents on the idea and whether or not I'd have to pay royalties to the patent holder(s)?


    I understand that these are a lot of questions to ask at once, but while the market is growing ripe for it I want to get as prepared as possible for my first business venture, which I sincerely want to do.


    Thanks in advance,
    Advicepuppy
     
  2. Fergal

    Fergal
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    Welcome to Business Advice Forum Advicepuppy, thanks for joining and posting your business questions.

    Just to clarify, have you designed a new computer peripheral product, or do you want to set up a business that would resell products that are already being produced by other businesses?

    What country would your business be based in?
     
  3. Advicepuppy

    Advicepuppy
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    Using some base technologies that are being developed (a certain converting apparatus), I plan on implementing it into a product that effectively uses it for its most coveted purpose that has yet to be effectively marketed and sold. I would be based in the US.

    Thanks for the reply.
     
  4. Changed Creation

    Changed Creation
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    Hi Advice puppy.

    I think your business idea has good merit and can work. Many businesses out there package different aspects together as an improved offering for the client.

    I would however advise you to gain as much business skill as well. An important one is the skill of marketing. Putting your offer in words that portray value. The skill of selling is also crucial. There are currently a lot of good books out there about small business and I would advice you read as much as you can so that you can learn from their mistakes and successes. Welcome to the forum and keep us posted!
     

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