YOU HAVE A GREAT IDEA… WHAT’S NEXT? Louis J. Foreman

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YOU HAVE A GREAT IDEA… WHAT’S NEXT? Louis J. Foreman

Presentation transcript:

YOU HAVE A GREAT IDEA… WHAT’S NEXT? Louis J. Foreman

YOU HAVE AN IDEA FOR A PRODUCT… Everyone has ideas How do you get from a great idea to a great product? The difference between a great idea and making money from an idea is execution. Ideas are easy to come up with…Inventions are difficult. Turning your idea into an invention requires focus, dedication, money and hopefully a little luck.

WHY? Innovation is today’s hot topic 50% of product sales today come from products that are less than 2 years old Consumers want “new and improved” Less brand loyalty Stay in front of the competition Catching up with the leader Don’t underestimate the importance of proper execution

UNDERSTANDING RISKS VS. REWARDS… Product Development is Expensive No Guarantees of Success Focus on ROI RISKS: Financial Commitment Time Commitment Patent Infringement Liabilities Failure REWARDS: Profits Financial Security Recognition Satisfaction Accomplishment

IS IT FEASIBLE? To make meaningful decisions, you need meaningful data. Answer these 5 questions…

1. WHAT IS YOUR PRODUCT? What makes it unique? How does it differ from your competition? Convenience Ease of use Design Efficiency What is the value proposition?

1. WHAT IS YOUR PRODUCT?

2. WHO IS YOUR CUSTOMER? Age Income Level Education Geographic Location

3. HOW WILL THE CUSTOMER REACT? Why we need to know this? Determine if there is a need Identify who actually purchases What drives the purchase decision? Where would they purchase it from? How much are they willing to pay for it? How often would they purchase it? How we do this…

3. HOW WILL THE CUSTOMER REACT? Online Surveys / Paper Surveys Online Bulletin Boards Face to Face Focus Groups One on One Interviews

4. HOW MUCH MONEY WILL IT TAKE? Start-Up Budget Research Product Development Prototypes Patent Fees Etc. Operational Costs-Proforma Income Statement Sales (Revenue) - COGS = Gross Profit - SG&A = Net Profit (Loss)

4. HOW MUCH MONEY WILL IT TAKE?

5. WHERE WILL THE MONEY COME FROM? Get Creative Don’t focus on the cost to develop. It is what you earn off the product. If the numbers don’t add up… don’t do it. Friends & Family SBA Private Equity & Venture Capital Banks

THE NEXT STEPS… Finding the money Protecting your idea Developing a proof of concept model and manufacturers Branding and Marketing Selling your product or licensing Start small and get traction License your product to a manufacturer or retailer

ADDITIONAL RESOURCES… and in bookstores

QUESTION AND COMMENTS… Thank you for your time. Louis J. Foreman