How do I find investors/manufactures to help get my patent-pending idea to the shelf?

QUESTION:

I have a patent pending for an adult toy product.  This product is like nothing on the market today, and I see it being very successful. How do I find investors/manufactures to help get my patent-pending idea to the shelf?

ANSWER:

Naomi Kokubo

Naomi Kokubo

by Naomi Kokubo, Cofounder of Founders Space

I can only imagine what you mean by “adult” toy, but let’s not get distracted.  In order to get an investor to fund your operation or a manufacturer to license your invention, you need to prove to them that it will fly off the shelf.

Think of your product as the experiment and you are the scientist who must provide proof that it truly works.  You need to gather enough data to convince any potential investors or manufacturers that your product will make money for them.

The first step that I usually recommend for any new product is to do lots of usability and focus group testing.  In your case, I’m not sure what’s the best approach.  That said, you really need a working prototype that can be tested.

The data should include:

1)  What do people think of your product?

2)  Would they purchase it?

3)  How much would they purchase it for?

4)  How does it compare to similar products on the market?

5)  Would they recommend it to friends?

6)  What size is the overall market?

7)  What are the profit margins?

8)  Who are the distributors?

9)  How do you best market it?

10)  Can you point to any similar products which have done well?

etc.

You get the idea.   You need to gather as many relevant data points as possible and use them to either prove or disprove your hypothesis that this product will fly off the shelves.

You may also consider hiring a third party firm to help oversee the data collection and analysis.  Once you have overwhelmingly convincing data that this product is indeed all you think it’s cracked up to be, then you can start approaching manufacturers and investors.

When you begin looking for a manufacturer, target companies in your industry.  It’s very hard to get a response from someone manufacturing or selling an entirely different type of product.  Also, find out who invests in your sector and approach them.

I hope this helps!

Comments & Advice:
  1. Dwight Pulley says:

    Hi,

    My name is Dwight Pulley. I have a patent pending product, which derived from three instances in my lifetime, each incident occurred in different stages in my life. The most recent incident occurred approx. 3 years ago, and as I sought the help needed to solve the problem, just as the previous two times, I got the same results. After the third incident, I took it upon myself to search for a probable cause to resolve this issue, through all my searches, there wasn’t a product on the market, I then started sketching the product in existence and determined the potential of the product, in which it has the capacity and diversity to span across multiple industries: : Automotive, Avionics, Motorcycle, Cycling, Trucking, Heavy Equipment, Farming, Railroad and the Military Motor Corp. My product enhances an 100 year old antiquated process with removing the physical strength required.

    Dwight Pulley

    C: 501-612-7117
    h: 501-490-1171

    Kind Regard,

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