Business Ideas - Products

[Sam Kydd]

Hi All
I sometimes come up with product ideas in my spare time and one I had recently was for an automotive product, which motorists are crying out for in the UK. I pitched to the head buyer of a major car accessories retailer, who was very interested. Unfortunately, rather than take on the idea and pay me royalties he wanted me to create a final design, source a manufacturer (in China), work out the production costs, provide a distribution outlet in the UK and once I'd done all that he'd then tell me how much they would be willing to pay for the item wholesale.
This was rather frustrating as I work full time self-employed anyway, and do not have the time, contacts or experience to carry out these tasks. So, is there a Dragons' Den type situation out there where a new idea can be sold on to people with enough 'nouse' and clout to recognise its potential and see it through to completion?

 

[LeasingEval]

I think the problem is that coming up with the idea is 0.1% of the effort and having the 'nouse' and clout to see it through to completion is 99.9% of the effort so an idea will never sell for enough money to be of interest to either party.

 

[The Byre]

So, is there a Dragons' Den type situation out there where a new idea can be sold on to people with enough 'nouse' and clout to recognise its potential and see it through to completion?

In a word - no! And for the reasons given. (Though I would place the effort involved in the idea at a tiny fraction of 0.1%.)

Ideas on their own are worthless. It is the viable fulfilment of an idea that is worth money.

 

[MBE2017]

The question I would be asking, is if this idea has members of the public crying out for it so much, why hasn’t anyone else done it yet?

 

[LeasingEval]

It may be an innovative solution to a problem....as the saying goes, if Henry Ford had asked his first customers what they wanted they would have replied "a faster horse".

 

[AstEver]

@Sam Kydd, all you have is an idea and someone 'very interested' and who might tell you 'how much they would be willing to pay for the item'. This is nothing.

You may want to start with conducting market research to validate the idea.

 

[Deleted member 335660]

Hi All
I sometimes come up with product ideas in my spare time and one I had recently was for an automotive product, which motorists are crying out for in the UK. I pitched to the head buyer of a major car accessories retailer, who was very interested. Unfortunately, rather than take on the idea and pay me royalties he wanted me to create a final design, source a manufacturer (in China), work out the production costs, provide a distribution outlet in the UK and once I'd done all that he'd then tell me how much they would be willing to pay for the item wholesale.
This was rather frustrating as I work full time self-employed anyway, and do not have the time, contacts or experience to carry out these tasks. So, is there a Dragons' Den type situation out there where a new idea can be sold on to people with enough 'nouse' and clout to recognise its potential and see it through to completion?

To be honest, I don’t blame the retailer, you really approached the wrong person. You should approach a car accessory manufacturer or some relevant manufacturing company if you don’t want to project manage it yourself.
We had an idea for a wooden product so we found a company that could cut the panels and paint the product and a wood turner that could make the other parts. We then bought packaging and packed it together and sold it. We put the idea to the Design Centre and got an award and promotion.
Turning an idea to a final product takes time, money and effort. Yours or someone else’s.

 

[Maverick77]

Forget the person you spoke to.
They're talking like they're going to be dictating to you how to run your business and sell your product. Screw that!
You wouldn't tell a customer confidential info such a production costs and margins!

If you'd like some genuine feedback on your idea, my business partner spent many years working in the motor industry. I'd be happy to set you up with a call.
And no, we're not going to steal your idea