Getting a product idea made
Out of context: Reply #10
- Started
- Last post
- 16 Responses
- ********0
1: Make at nice and simple presentation ready. Max 10 min long
2: Have a prototype (working if possible) of your product made
3: Set up and meeting with companies that might like the idea
4a: Make everybody at the meeting sign a confidentiality agreements before showing anything, if they don't want to, pack your shit and leave for the next company.
4b:Everybody signed the CA and now you can do your well prepared presentation. If you suck at it, practice in front of the mirror 100 times till you have it right.
5: If you made a good impression, you might be lucky and they bit, then you sign contract with them.
READ THE FINE PRINT
Either you sell the idea for a one time fee or you get royalties which is around 2-7% of sales value. Depends on a lot things
6: You sit back and enjoy you money you made.
or
Start your own company and have the full rights to the product and make a 100% of the royalties.
Hope it helps you a bit