Where to go next?

[MagpieMatt]

Hi everyone,

I'm new to this forum but would be very appreciative of any advice. I am a primary school teacher but in my spare time, I have developed an item of stationery, which I believe has the potential to be very popular with primary schools. I have created a prototype and carried out quite a lot of market research with children and teachers and the feedback has all been extremely positive.

I approached several companies about my product but initially had very little in the way of a positive response. A few months ago, I presented my idea to a large specialist retailer of educational supplies, who seemed very keen. Unfortunately, things appear to have ground to a halt and despite a few polite emails requesting an update, I am no nearer to knowing if they definitely want to pursue things further with me or not.

I have invested a fair bit of personal savings into everything I have done so far, including getting a patent filed, but like everyone, I am feeling the cost of living squeeze and can't commit too much more of my money at the minute. With that being the case, should I keep being patient with the company I have been in discussion with or try to source some funding from somewhere and look to get the product manufactured and sold myself, which looks like a bit of a minefield for a novice like me, who also has a full-time job. The other option I am considering is whether to hang fire until I am able to build up some savings again, even if that means holding on for a couple of years.

I know that answering that with the little information given so far may be difficult, but I didn't want to make my first post on here overly long, so feel free to ask any questions that may help you to give a response.

Thanks in advance for any pointers that can be given.

Matt

 

[MBE2017]

Have you had your patent granted?

 

[MOIC]

Get the patent granted first, although in some cases a 'Patent Pending' may be sufficient if you've already applied for the patent. Also consider which countries you're likely to sell your product in, as you'll probably be advised to file the patent in those countries. I would engage in a patent attorney at this stage for advice.

How much money do you need to get your project to the next stage? (Don't underestimate this)

What are your likely production/selling/retail costs?

Licensing or partnering up with a distributor/national retailer can be a good option as they'll have the customers and marketing in place. Do this via a good solicitor & accountant.

Funding - try the following:

• friends and family first
• start-up grants/loans
• bank loan
• crowdfunding
• investor
• partnership

They'll be plenty of other suggestions, so hold tight!

 

[MagpieMatt]

Have you had your patent granted?

The patent application was filed about 10 months ago so it is still pending at the minute.

 

[MagpieMatt]

Get the patent granted first, although in some cases a 'Patent Pending' may be sufficient if you've already applied for the patent. Also consider which countries you're likely to sell your product in, as you'll probably be advised to file the patent in those countries. I would engage in a patent attorney at this stage for advice.

How much money do you need to get your project to the next stage? (Don't underestimate this)

What are your likely production/selling/retail costs?

Licensing or partnering up with a distributor/national retailer can be a good option as they'll have the customers and marketing in place. Do this via a good solicitor & accountant.

Funding - try the following:

• friends and family first
• start-up grants/loans
• bank loan
• crowdfunding
• investor
• partnership

They'll be plenty of other suggestions, so hold tight!

Thank you for all the advice. You have given me lots to consider.

 

[Mark T Jones]

Your post refers to market research - much of the answer to your question will lie in the results of that research

I definitely wouldn't invest more in development or manufacturing until you are absolutely clear on your market.

 

[fisicx]

Suppose you do get the funds to have it manufactured and shipped to a warehouse. How do you plan to market the product? Schools are inundated with marketing material, offers and samples. It will cost you thousands to compete with other distributors. You could sell online but again your marketing costs will dwarf the manufacturing costs.

Your best bet it to get the patent and then let someone else make and sell the thing. At least for a couple of months until a Chinese factory starts selling a copy on eBay for a lot less.

 

[Deleted member 335660]

Hi everyone,

I'm new to this forum but would be very appreciative of any advice. I am a primary school teacher but in my spare time, I have developed an item of stationery, which I believe has the potential to be very popular with primary schools. I have created a prototype and carried out quite a lot of market research with children and teachers and the feedback has all been extremely positive.

I approached several companies about my product but initially had very little in the way of a positive response. A few months ago, I presented my idea to a large specialist retailer of educational supplies, who seemed very keen. Unfortunately, things appear to have ground to a halt and despite a few polite emails requesting an update, I am no nearer to knowing if they definitely want to pursue things further with me or not.

I have invested a fair bit of personal savings into everything I have done so far, including getting a patent filed, but like everyone, I am feeling the cost of living squeeze and can't commit too much more of my money at the minute. With that being the case, should I keep being patient with the company I have been in discussion with or try to source some funding from somewhere and look to get the product manufactured and sold myself, which looks like a bit of a minefield for a novice like me, who also has a full-time job. The other option I am considering is whether to hang fire until I am able to build up some savings again, even if that means holding on for a couple of years.

I know that answering that with the little information given so far may be difficult, but I didn't want to make my first post on here overly long, so feel free to ask any questions that may help you to give a response.

Thanks in advance for any pointers that can be given.

Matt

Hi Matt,
When I worked at in education there was a company in Bath/Bristol area that published teaching materials and were always looking out for new ideas.

Do you know them, are you interested?

I can go back through my notes and emails and see if I can find them for you.

 

[MagpieMatt]

Hi Matt,
When I worked at in education there was a company in Bath/Bristol area that published teaching materials and were always looking out for new ideas.

Do you know them, are you interested?

I can go back through my notes and emails and see if I can find them for you.

Hi Trevor,

I would definitely be interested please, as long as it doesn’t take up too much of your time. Thank you for your help. It is much appreciated.

 

[Deleted member 335660]

Hi Trevor,

I would definitely be interested please, as long as it doesn’t take up too much of your time. Thank you for your help. It is much appreciated.

Hi Matt,


I had a go back through emails and my files but cannot find it; sorry.

I did a google to see if that would trigger my mind, but no.

I did find this company and it may be of help. https://www.hope-education.co.uk/

 

[MagpieMatt]

Hi Matt,


I had a go back through emails and my files but cannot find it; sorry.

I did a google to see if that would trigger my mind, but no.

I did find this company and it may be of help. https://www.hope-education.co.uk/

That’s okay. Thank you for trying.

 

[PugwashEQ]

Matt,

These things can so often be hugely successful and I'll be keeping my fingers crossed for you.

One of the areas that i have struggled with in the past is market research- you may already know all this (so apologies in advance), but many people with new ideas undertake market research with people who they know. This is invariably catastrophic as you don't get a true feeling for whether people like the product. Its also quite common to ask the wrong questions- so fro example- "do you like this product" or "would you use this product" sounds like reasonable questions, however more nuanced questions such as "how much would you pay for this product" or "if you had to choose between this and that, which would you choose" can be much more telling.

Many people use market research as confirmation bias that their product is good- and that unfortunately negates the whole purpose of market research. Really good market research should lead to a direct on what % of the market is likely to buy your product OR what needs to change within your product.

Apologies if you've already thought of all this!

 

[MagpieMatt]

Matt,

These things can so often be hugely successful and I'll be keeping my fingers crossed for you.

One of the areas that i have struggled with in the past is market research- you may already know all this (so apologies in advance), but many people with new ideas undertake market research with people who they know. This is invariably catastrophic as you don't get a true feeling for whether people like the product. Its also quite common to ask the wrong questions- so fro example- "do you like this product" or "would you use this product" sounds like reasonable questions, however more nuanced questions such as "how much would you pay for this product" or "if you had to choose between this and that, which would you choose" can be much more telling.

Many people use market research as confirmation bias that their product is good- and that unfortunately negates the whole purpose of market research. Really good market research should lead to a direct on what % of the market is likely to buy your product OR what needs to change within your product.

Apologies if you've already thought of all this!I really appreciate all the advice. I’ve done a mixture of research with some people I know and others I don’t but I definitely agree about the risks of people I know telling me what they think I want to hear. You have definitely made me think more about the questions I should ask so thank

I really appreciate all the advice. I’ve done a mixture of research with some people I know and others I don’t but I definitely agree about the risks of people I know telling me what they think I want to hear. You have really made me think more about the questions I should ask. Thank you ?

 

[stender]

Did you get product feedback from strangers? eg you know family and friends are not just being nice.

 

[Paul Kelly ICHYB]

Unfortunately, things appear to have ground to a halt and despite a few polite emails requesting an update,

What happened when you called them?