Have you filled out any vendor applications? What about quantity? Do you have the resources to give them the quantity they need if you get accepted? Do you have product liability insurance? What about SKU’s? Packaging? Individual units, shipping cartons, display model, etc.

Amy, thanks for your reply. My wife and I have been in the fashion world for the past several years and haven’t dealt with Vendor Applications. I simply request Vendor Apps from the organizations I’m interested in???
Quantity and my ability to deliver shouldn’t be a problem. I have a high production factory in China that can knock my product out in large numbers. SKU – Yes, just one product right now. Packaging – Yes. Shipping Cartons – Yes. Displays – No. Samples – Yes.

Ooooh, fashion. I love fashion stuff! I would start with the vendors apps and see what the requirements are. Also, don’t forget about checking on product liability insurance, it can run pretty high. Do you have a website?

Thanks. Feel free to check out my wife’s sites:
www.TheBuckleBoutique.com and www.FancyFlops.net

Product liability ins is a must, just haven’t completed that yet.

What business are you in?

My start-up site for my new product is www.joslincreations.com. I’d appreciate your feedback on the product idea.

Thanks.

Vendor applications are no big deal if you are really set up to do business. The only hurdle is having the very high minimum insurance coverage they ask because they want to make sure YOU can cover a court case so the plaintiff does not go after the distributor as much and is happy enough going after just the manufacturer.

These are some of the reasons you submit an invention to Edison Nation. FOR FREE they take care of EVERYTHING as mentioned here PLUS re-engineer and develop your invention…and after all that…you have invested just an idea….and they split the profit with you.

NO BETTER deal anywhere in the world! NOBODY can match that deal. So what if it’s a long shot in these depression like economies…not much better shot out there.

If you choose to handle all yourself…like me and my manufacturer are…you just must learn to educate yourself on how to build a business because you just can’t afford to hire a bunch of outside services.

How do you educate yourself then? Well…that is what this forum is for! FREE advice…inventors helping inventors…for free…so we ALL learn more. I have learned SO SO much here myself…even after decades of study of this field. Also, some good books written by successful inventors can teach you the things you need to know…which is how some of these experts learned in the first place, and then charge you for what they read!

If I paid a company to do everything for me when I got started…or even took on investors…I’d be so laden with debt or so far in the red I’d be all done by now…instead I am treading water, making some profit…and sitting in “the seat”…ready to get going again when the economy gets better. I am actually turning down the largest distributors there are right now. I tell them…not yet…I don’t wanna flop out there. You should hear the respect they give me for that.

STAY HERE and LEARN on this forum…take it from me…if you can’t teach yourself some of the business end…how to get a cheap website, printing or prototype made…that kind of stuff…then you are just not tough enough or “teachable” enough to make it in this field anywhere. GO TO YOUR LOCAL INVENTORS GROUP AND LEARN MORE.

I learned along the way all the business end of taking idea to shelf. It is not that hard to learn. If you can’t learn on your own then you are in the wrong field because paying for someone to teach you and do it all for you will ONLY MAKE YOU BROKE….ESPECIALLY IN TODAY’S ECONOMY!!!

Ron Komorowski
Inventor of Handi-Straps
www.handi-straps.com

Ron, I remember seeing you on Pitchmen. Hope you’re doing well. You certainly seem sold on Einstien. Are they paying you to say all these nice things? Ha! I’m new to this, so I’ve got a lot to absorb. Question: Are fellow inventors trustworthy? My item is soooo simple, it could be easily duplicated by someone with all the resources in place. How much should an inventor share about his product on sites like this?

Sorry, meant Edison!

Hey Brad, Checked out your websites. You guys are keeping busy! Looks like your wife is doing the right things by getting into the right shows so she can get placed in the right retailers. Kudos to her.

As far as the sticky cups…do you have a patent on it? The reason I ask is because for a product like that licensing is the first thing that comes to mind. With everything your wife has done you know what it takes as far as time and money to create your own business (a lot!). The thing with the cups, is that it could easily be incorporated into a lot of current product lines already on the market. (I have suction cup bowls in my cabinet at home…great for kids).

Do you know much about licensing? It really takes a lot of the individual risk out of launching your own line. Plus you don’t have to carry the liability insurance…the licensee would, and they would cover you. Licensing is a way to recoup your investment much quicker than doing it all on your own.

I work for Innovators Warehouse. I have been helping patent owners for years. I am not trying to solicit any business just trying to help save inventors some time and money and spare you some of the roadblocks many people go through.

Since becoming a parent I have found out that every one, every where has their own opinion about EVERYTHING! Same thing for this industry. Some advice is good, some isn’t. First, take a look at your goals and where you want to be in 5 years. Second, look at your finances and how much you are willing to invest (and possibly lose) realistically. Lastly, plan an exit strategy. Find someone out there who is where you want to be. Will they mentor you? Ask them questions. Find out what they did. In most cases they will be flattered and will want to help. And second to last…don’t put all your eggs in one basket!

In this economy there are still plenty of companies looking for new technology. During the great depression the companies that came out ahead were the ones who kept pushing through, kept advertising, and kept promoting their business. They surpassed their competition and most are still around today.

Amy, great info. I figured I would look into licensing if I couldn’t make it on my own. Is this the wrong approach? I know there are a number of lines out there that my Stickey Cup would fit into well. My guess is the bowl in your cabinet is made by Muchkins. What’s to stop a company I approach from simply taking my idea and doing their own thing? I also assumed that a company would be more interested in my idea if it had a track record.

Brad,
If you were to license it to say Munchkins, you would typically recoup your investment right away, or quickly (with a signing bonus) and as long as you asked for minimum guarantees on sales for the first year or so you would be making money right off the bat. It could be years before finding the black doing it on your own. You also protect yourself with a lengthy well written licensing agreement that has language and performance clauses that give you an out if they are not meeting the contractual obligations.

Let’s say you do it on your own. You have a huge investment up front. You probably start local and hope for national accounts. You carry your own insurance and work your tail off. Once you land a national account you have to have the money available to fill the orders, packaging, etc. If it fails, it’s all on you.

Either way it’s a big risk. No if’s ands or but’s about it. I think the reason I always steer towards licensing is because I am more conservative and not that risky. I don’t gamble. And either way it is a gamble. Sometimes I tell people if you try licensing and it’s not out there, at least you know exactly where you stand. It doesn’t cost much to try and doesn’t take very long to see if someone is interested.

I hope that helps??? I wish you the best of luck and I would totally buy one. Last night my son spilled a brand new pop I had just poured. You should put it on pitchers also…so when your 3 year old tries to get the kool aid out of the icebox on his own it doesn’t end up ALL OVER THE FRIDGE AND THE FLOOR!

Brad…I do not get paid a dime from Edison Nation. I am in this idea business at the highest levels you can be for 20 years now. I know about all the snakes and sharks in this business. In all my 20 years, across the entire spectrum of this field, I have NEVER seen such a fan of inventors like Edison Nation AND how they are willing to give the inventor a FULL
RIDE from raw idea to shelf FOR FREE. NO company is willing to do that or is good enough to even attempt it!

Right now your odds are difficult with EN or anyone else simply because a new product launch costs alot of money with an advertising/marketing campaign. The slow sales right now cannot cover that expense for ANY company. You really need a company like EN right now or just do things little by little on your own and prepare yourself for better days. A shot with EN in their contest right now might be your best shot.

I will give credit where credit is due. Inventor’s Digest (owned by EN) covered my invention 3 times now when they knew from the beginning I was too far ahead to submit my invention to them. Louis Foreman himself said in person in front of me with a big smile to the editor of ID “We have to follow his story” NOBODY follows an inventor for free.

Next, I was invited by Inventors Digest to a few inventor shows because they were proud of me. They showcased me behind the ID booth at the show. If it was not for the FREE help from all these people here I would have NEVER met the Discovery Channel people and never would have been on the show.

I trust EN people. I feel I owe them a big invention that we can all make money on…and these people are my true friends because I met them all…and these people are some of the best friends you could ever have.

Last, there is no company in this world where you can take just your idea and they can make you a millionaire without you putting a big chunk of cash up. Only with EN. They, combined with Inventors Digest their magazine are the best and most professional help in the U.S. today to the independent inventor.

Ron,

I really appreciate your enthusiasm. It’s inspiring. I’ve already picked up some great info, and met some great people in just the past 2 days!

Thanks for all your feedback!

Brad