Launching a product is the dream of many aspiring inventors and entrepreneurs. The thought of seeing your brainchild on store shelves or dominating online sales charts is undeniably exciting. However, the journey from concept to market isn't a straight line—it's a complex maze. And while it's natural to ask, "Can I launch a product by myself?", the deeper question is whether one should.
The allure of entrepreneurship often lies in its promise of autonomy. However, going solo has its challenges. Rookie mistakes are not just possible; they're almost inevitable.
Supply Chain Nightmares: Consider the story of Sarah, who designed a revolutionary kitchen gadget. She found a manufacturer overseas that offered an unbeatable price. However, she didn't account for shipping delays, customs issues, and the significant product defects that slipped through due to lack of quality checks. Her launch date was pushed back by months,...
In the realm of innovation, many inventors grapple with a central question: Should they license their product idea to another company or launch it themselves?
On the surface, licensing seems to be a shortcut to success. You conceptualize, another firm produces and markets, and you sit back collecting royalties. However, a deeper dive reveals that licensing is often more of a fairytale, primarily because your product is unproven. Conversely, launching a product, i.e., taking control of its manufacturing and selling, is typically the best bet for real-world success, especially when selling online or in retail outlets.
Licensing: An Uphill Battle with Low Odds
Licensing, while theoretically appealing, often turns out to be a challenging endeavor. Here's a closer look:
A product mentor can be incredibly valuable for anyone involved in product development, whether you're a new product manager or a seasoned entrepreneur. Here are a few reasons why you might want to consider working with a product mentor:
Gain experience and insights: A product mentor can offer you valuable insights and experience that you might not have acquired on your own. They can share their experiences, offer advice, and provide guidance based on their own successes and failures. Gaining another perspective or feedback can help skyrocket a good idea into a better one.
Receive constructive feedback: A product mentor can provide feedback on your ideas, strategies, and plans, helping you to refine and improve your approach. This can be especially helpful if you're struggling to identify areas for improvement or if you're feeling stuck in your product development process.
Build your network: A product mentor can also help you expand your network of contacts and connect you...
Starting a business gives you the flexibility and opportunity to control your destiny. But with all the pain and dysfunction in the world today, a lot of people are probably thinking, "how could I ever start a business in this environment". Here's why..
So if you have a concept, an idea, a product, or an app, now is the time to develop it.
Inventing is a thrilling journey, one that starts with a burst of inspiration and the spark of an idea. However, the process that transforms that idea into a tangible, marketable product is anything but simple. For most inventors and entrepreneurs, this journey can seem like a vast, uncharted wilderness, filled with uncertainties and dilemmas.
Let's shed some light on these questions.
The first milestone on your invention journey isn't the drawing board; it's research. It's a foundational step that informs your path, mitigates risks, and increases your chances of success. So, what should you be researching?
Understanding the Market: Begin with identifying and understanding your target market. Who are the potential users or buyers of your invention? What are their needs, preferences, and...
An elevator pitch is a short, compelling summary of an idea, product, or service that can be delivered in the time it takes to ride an elevator (usually 30-60 seconds). You need an elevator pitch in order to speak to buyers and investors. Here are some steps to help you write an effective elevator pitch:
Start with a hook: Begin with a strong and attention-grabbing statement that will make the listener want to hear more. This could be a surprising statistic, a thought-provoking question, or a bold claim.
Identify the problem: Clearly articulate the problem that your idea, product, or service solves. This should be a specific and pressing issue that your target audience is experiencing.
Explain your solution: Explain how your idea, product, or service solves the problem you identified. Be specific and concise, and use language that is easy to understand.
Highlight your unique selling proposition: Identify what sets your idea, product, or service apart from the competition....
Launching a new product can be an exciting and challenging process, but with the right strategy and mentor, you can increase your chances of success. Here are a few key steps to consider when launching a new product:
Conduct market research: Before launching your product, it's important to conduct market research to understand your target audience, their needs and pain points, and the competitive landscape. This will help you refine your product concept and develop a marketing strategy that resonates with your audience.
Develop a strong value proposition: Your product needs to offer a clear and compelling value proposition to your target audience. This includes not only the features and benefits of your product, but also the emotional and psychological benefits that your product provides.
Create a marketing plan: A successful product launch requires a comprehensive marketing plan that includes both traditional and digital marketing channels. This can include advertising,...
The opportunity cost of waiting to pursue your idea can be significant. Here are a few reasons why:
Missed market opportunities: Markets are dynamic and constantly evolving, and what is a great idea today may not be a great idea tomorrow. Waiting too long to pursue your idea can mean missing out on a key market opportunity, and allowing competitors to get ahead of you.
Delayed learning: Pursuing your idea sooner rather than later can help you learn valuable lessons about your customers, your market, and your product. The longer you wait, the longer it will take to gain this knowledge and make the necessary adjustments to your strategy.
Lost time and resources: Every day that you delay pursuing your idea is a day that you're not making progress towards your goals. Waiting can also mean that you're spending resources (money, time, energy) on other activities that are not as important or valuable.
Regret and missed potential: If you have a strong passion for your idea, waiting...
What if there was a place to open doors and create opportunities for your product or app?
The good news is, it exists! Let me reintroduce you to LinkedIn.
When you use LinkedIn correctly, you can establish credibility for yourself to open doors for sales or collaboration.
It's important to establish yourself as the creator of your product or app. When people know your product was invented by you and they know your story, an emotional connection is made to your product or brand.
It's not just another product on the market that is sold by an anonymous company. It is a product invented by a real person, someone just like them.
When people know your story, it is easier to build a community behind you. If you do it right, they will even cheer you on and be there for you.
Putting your name out there with a product can also help establish you as the bonafide creator, in case anything ever comes up with another inventor or company. I have seen knock-off...
We are excited to meet with retailers, wholesalers, distributors, and DRTV companies at the 2023 Inspired Home Show in Chicago this week.