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CateT
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Dave – FS Concierge, post: 261514, member: 49676 wrote:
Hi Cate,

As you’ve pointed out, there are sooo many questions and variables and steps and hurdles in a project like this.

For this reason I’d suggest licensing.

Look around to find some companies for whom this product would sit perfectly in their product line. Licence the idea/design to them and collect a royalty. They take care of the expertise and capital needed for manufacturing, marketing, distribution, etc.

If it’s something you’d like to do on your own, you have to find a way to make some initial prototypes to sell at the markets or ebay without the $60k cost. Then you can test the demand on a small scale to see whether it would be worth investing more.

Another option is to raise money via crowdfunding – essentially get pre-sales to fund your setup and first run, and this will also tell you whether people love your product idea.

Good luck!
Dave

Thanks Dave, I am grateful for the advice. I will look into that crowd-funding now. I didn’t realise that offered opportunity of pre-sales; I thought crowd-funding was just a way for people to donate to a cause or buy shares in a business. But, I’ll check it out properly now,because that might even give me an idea of if there is even a decent market for the product out there or not.

I’m also leaning towards the ‘Licensing’ idea, mainly because I lack business experience and am struggling with all this stuff. I don’t want my idea to fail because I have not done all this background stuff right, which I read is one of the most common pitfalls of a new invention or business. I’ll let everyone know how I go : )