Having just recently brought my product to market, it can be said with much confidence, that the journey has been anything but smooth. For anyone looking to create their own product, please don’t be put off by my difficulties but instead use my experience to build your stamina. For grit and determination, are a necessity in this Industry.
In this first part, I will be looking at how to bring your idea to life.
Once you have thought of an idea you will want to see if it is worth developing.
The first stage is finding the right company to take your idea seriously. There are many companies around. I chose mine from researching their previous customers. This will give you a background of their success. Also, remember that once you begin this process, it will be a lengthy one and involve numerous meetings. Thus, ensure that it is logistically suitable.
During your first meeting with your chosen company, you will need to check that a ‘Non Disclosure Agreement’ is in place. This means that no one else from the company can use your idea. Remember the Chosen Company (let’s call them ‘CC’ for now), is not there to tell you whether your idea is good or bad. They are there to help you develop your idea. So its crucial that before you get to this stage, you have already conducted some market research.
After my first meeting with the CC, they provided me with a detailed table of the costs involved. I started with the ‘Concept Development’ stage, which includes sketches and a rough CAD model (Computer Aided Design). Once I was happy with this, I then moved to a more detailed CAD stage. This will show the design in 3D and have enough information and detail to prepare for the prototype. Each stage is quite expensive and if you have sufficient funds put aside for the project, then you can move seamlessly from one stage to the next. Unfortunately my product started off self-funded and so despite these initial phases only taking 3-4 weeks each, I had a long delay between them.
The next phase was incredibly exciting and what every creator wants to see. To have a prototype of their product is the moment that you feel your design has come to life. For me, this phase took a few months. One of my most memorable times in this journey, was seeing that first glimpse of the prototype. During that train journey to London my stomach was filled with butterflies. Knowing that this was the theoretical underpinning moment for remortgaging my home, was both nerve-racking and intriguing . An element of financial risk is inevitable in every invention. However, taking that step requires belief in your invention, endurance and determination.
I took the Mark 1 prototype home and immediately began testing its durability and effectiveness. Over the next few months, I asked trusted friends and family, to also use my product. This was a useful tool in noticing flaws or problems that were user specific. After compiling a detailed list, the work on the Mark 2 Prototype began a few months later. The steps were repeated and invoiced each time, until we received a prototype that met out functionality. For me, this was the Mark 3 prototype.
Once you have a design that you are satisfied with, you need to source a ‘Production Quotation’. This phase took almost 6 months as the product parts had to be sent to various factories to receive an exact production quote. On receiving our quotes, I had to decide on how best to progress, onto the next phase of the project, which was ‘manufacturing’. This was the most expensive part so far. Having spent a considerable sum already, I decided to raise funds via crowdfunding. I have a separate blog about this in detail. But just as an overview, the crowdfunding did not work.
Feeling somewhat deflated, I now was left with a choice of abandoning the product altogether or sourcing another route for funding. During the same time as the crowdfunding campaign, I was fortunate enough to receive praise from industry experts. This led to my product being featured in magazines and websites. In addition, I was composing a list of prospective customers that had been contacting me via the press articles or crowdfunding campaign. After a few months passed by, I still had not come to a decision. Did I need to admit defeat ? Would I be throwing good money after bad? I could not afford to be going further into debt. Would it not be wise, to just throw the towel in, after all the crowdfunding campaign had failed?
