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
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!
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Hi,
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Dwight Pulley
C: 501-612-7117
h: 501-490-1171
Kind Regard,