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CateT
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Dave – FS Concierge, post: 261677, member: 49676 wrote:
You are right – theoretical research (even if done well) can not tell you if the product will be successful. Testing the marketplace means selling on a smaller scale, to see if people buy it. This could mean selling at the markets, on gumtree, on ebay, or running a crowdfunding campaign.

To do this, you’d likely need to find a cheaper or temporary way to make the product (to avoid the $60k cost) so you can make those initial sales.

As for licensing, you may be best off doing this part yourself (as the inventor) rather than outsourcing. Write a list of stores where your product would fit nicely on the shelf, then go into these stores and see which companies are selling similar or complementary products. Then you can make a list of these companies and sell them the idea that “I have a product that would be a great addition to your product line.”

To get help with licensing – go to amazon and find books written on the subject. Then contact the authors for either free advice or paid consulting.

Dave
Thanks so much Dave, you and everyone else are really helping me a lot. I am in the process of doing heaps more research and I am looking into the books and liaising with my designers to see if I can get cheaper products made upfront, rather than investing the 60K into the mould right now.

I’ll also start calling up those companies that sell similar products and see if I can get a way in there. thanks