It's been a while since the last post so I may have to work at keeping this short. In any invention process you should be doing what's known as "Proof of concept." This is where you manufacture your invention on a limited scale for a limited market and see if someone actually buys your product. Large companies do this all the time. They go to trade shows with a new product prototype and take orders. If they don't get the interest they are looking for or orders are low, they just tell the people who originally ordered that they have decided not to produce it and move on.
We have been working on our proof of concept for the Monster Basher Night Light. First came the idea. Then building a prototype. Next we conducted surveys and found other surveys that were done in the past to determine if there was a market. The next step was to see if it actually worked. The last step in proof of concept is to try and sell it to see if there is a market. This last step will help you determine if your previous steps are fundamentally sound. If all of this says go for it, go for it.
Uh Oh I don't have the money to go for it. I don't know how to go for it. In the immortal words of President Clinton, "I feel your pain." You may be able to go to a bank with all of your proof of concept information and convince them to give you a loan if you have other collateral you can put up and you have good credit, and you can convince them you can make this happen. You could borrow from family. They probably believe in you or your product but that's a difficult decision. At least for me. What if it doesn't work out and you can't pay them back. Even if you give them part of the company for their investment, if it doesn't work out all they have is a worthless share of a company that is out of business. You may have to find an angel investor or Venture capitalist if your idea is worth hundreds of millions.
We took another route. There's a reality TV show called Shark Tank here in the U.S. It's a spin off of a TV show called the Dragons Den in 14 other countries. We traveled to Calgary to audition in front of the shows producers with our little invention. We got a call about a week after. They want us to fly to Toronto and pitch in front of the Dragons. It may work out or it may not. Chances are we will have to give up most of the company for their involvement and money. The up side is that even if we only maintain 25% we will make much more money in the long run than going it alone. These people have very deep pockets and know what it takes to bring a new product to market in a big way.
We won't be able to say anything until after the episode has aired but we'll let you know how it comes out. In the mean time, we will be starting a limited TV commercial campaign in a small area to see how that affects sales. I'll let you know how that is going as well.
This is a difficult process and causes a lot of stress, but I have to say that overall it's fun. Hopefully rewarding as well.
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