It seems a patent costs upwards of $10k, with my new idea I am currently working on prototypes, and would like to do a dry run to find the interest (likely at a lowered price. I have enough capital for either a test for proof of concept (hopefully) OR a patent.
What suggestions do you have? Where can I learn more? Where can I learn more about testing the market (how many I need to reach, etc.).
I’ve read books, none agree, some websites appear to be made by folks who’s only idea was starting the website for advice. I have big hopes but a realistic outlook and need help in these areas
Best Answer
I am sorry but this is day dreaming. Investors give you money not because they see hope and potential, but because they are sure that you can make them money. A patent and a prototype is very far from clearing the bar of investing.
Other points
First check if the idea is anygood. Then check the patent system. Check and see who else has filed something similar. Likely there is someone who has already filed a similar idea and it never made it to market. That doesn’t mean yours can’t. See how they reference other patents and show how their filing is an improvement on prior patents.
Do as much of this as you can prior to meeting with a lawyer.
On one hand, it is cool to protect your idea. On the other hand, investors want to see you have acted on your idea before they invest in you. Millions of ideas are sent to them ... if you only have an idea and has not even considered any patent search, you are cutting into the line.
A product must gain access to a market and then bought by a customer who is comparison shopping in a safe place. The market validate the quality and safety of the product.
What are the steps to turn an idea into an innovation? there are at least the following steps. The idea must be turned into a product, and the product must enter the market. In the market, the target audience will examine the artifact - if they buy, then the product becomes a merchandise.
A first time entrepreneur always under estimate the difficulties. Each voyage is a ship with 2000 holes - each hole is only visible when the boat is in water.
Jack the entrepreneur is a creation of TeenSharks Startup School
A business plan has two parts, the aspiration and the traction. A business plan is about two parts: how the business runs, and how to start that business.
How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
When you finally connect what you love to do to what a lot of people love to buy. When you can focus all you want and still have unlimited work and fun.
A general or CEO or founder who is tolerant and generous. Someone who recognizes own mistakes. Someone with big heart for hiring people better than him.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
When you find a full universe within a grain of sand, a life time of work to do by focusing on one thing. There is enough people behind you to support your living and cause.
People's reaction when they know you have done something they could never do And they know this is not accident because you have done it a number of times.
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.
