I
have a novelty keychain that I have been working on for years
and know it would sell in the novelty business, I have went
through Invention Submission Co and had no luck, I have even
made a prototype of it. I don't have a patent or the funds to
continue with it. Is they away I can get a Novelty Co to take
over an just get a percentage of the profit or any other way to
see this through like a investor.
Jeff May
A:
First of all, in any
conversation with a potential partner or investor, protect
yourself with a non-disclosure contract. This is just a
simple document that the other person signs which basically
states, they will not steal you idea or tell anyone else about
it. Will this completely protect you? No, they may still
steal it and dare you to sue them but at least you have some
protection.
Regarding the product itself and
how to get manufactured, you must begin at the basics. You
say it is for the novelty market. Is this the magic shop type
of novelty or more of a promotion/advertising product? Either
way, start making a list of who sells similar items and work
your way up the line. Who do they purchase the products
from? A distributor? A direct manufacturer? In either
case, get company names and call them just to get a meeting
and show them your prototype. If they have one, start with
the Director of New Product Development. If not, try the
Director of Sales? If smaller, go right to the President. He
can always send you below him in the chain.
Now here is where my expertise
comes in. You need to really understand your product and
target market to explain to these people how it will sell and
thus, how will it make them money. If they do not think it
will sell, you might have a shot. Forget about the product
itself right now. How cool it is might get you a good start
with possible partners but you must now tell them, who will
buy this product. Give them as many demographics as
possible. If a consumer, age, sex, income, etc. If a
business, who might benefit and why. Why is it different from
anything else out there? What are the benefits (not the
features) of the product? Possible investors or partners will
really want to know a compelling reason for a person to
purchase your product. If you can't come up with one big one,
you are sunk.
If this is a promotional
product, E.G. advertising specialty; You might want to start
with the PPAI (Promotional Products Association International)
http://www.ppa.org/ and see explore what manufacturers
might be able to product your product.
I won't go into marketing this
product since you aren't close to that. But, you must be able
to market this and sell this to a partner company. If they
see a benefit, you will get this dream off the ground.
One last thought that you might
not want to hear. Please keep in mind that even though I know
you have put a great deal of sweat, tears, money and emotion
into this product, it just might not sell and you will have to
let it go. I understand this is your pet project, but it no
one will buy it and the market is flooded with the same type
of item.
Rodger
Price
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