Bizkap Business Plans

Rejected...So What?

2011-06-21T03:38:00.000-07:00

I received my response back from Dart Container Corporation yesterday..."not interested in pursuing at this time." I gave it a chuckle and then went on to the next step. But why a chuckle?

A "chuckle" because one simple no doesn't wipe out the progress I've made or stop me from progressing further. I didn't get Dart to see things my way. The problem still exist, I still have a solution and now what's the next step to get my idea to market? About 15 minutes later I had two options for moving forward with my idea to stop the staining of millions of white shirts worn by the clients of Dunkin Donuts. They are losing customers and while that may be acceptable to them it isn't for me. DD has to help their customers and I have the solution.

Two Options:

Make and distribute the product- This can be costly and require large amounts of time but it just may be the avenue to prove product viability.
Find a Competitor- Find a another company that competes with Dart on supplying DD with cups and discuss the solution with them.

About 15 minutes after my "chuckle" I knew where I was heading. People have always asked me... How do you stay so positive when you get rejected? My view is simple. When I get a "no" before a prospect analyzed and understood the problem, the I may have failed to explain my product but it surely doesn't mean my product is a failure.

I'll move forward knowing that my product solves a problem and in my small test group... 100% of the people that have had a problem with Dunking Donuts coffee staining their clothes, say it works!

Justified Optimism- Licensing Presentation

2011-05-29T08:30:00.000-07:00

http://www.sevendaystart.com

Goal: Create a Licensing Presentation that does justice to the concept.

I had a problem.
Created a solution.
Made a prototype.
Filed a patent.
Found a company that showed Interest.
Signed the non-disclosure agreement.
Now... Create the Presentation:

Made a "flyer" in Microsoft Publisher.

Used Photographs of the problem, the solution (my prototype) and the product in use.

Key Points for Presenting:

Identify the problem- and then target to the need of your client. In this case, I presented to the Manufacturer emphasizing the impact to their client who may is suffering lost revenue because of the problem. Additionally,the manufacturers relationship may be in jeopardy because I can see where they are vulnerable to attach from their competition . (If they don't like the concept...I take it to their competitor)
Offer the Solution- A prototype that clearly stopped the problem.
The Impact to the Prospect- They get additional revenue stream, happier client (end users buy more) and decrease the probability their customer goes to the competition.

Always focus on the sale from your customers perspective.

Now I wait:

Will they buy?

Is the product viable?

Will my Optimism be Justified?

Do not confuse motion and progress. A rocking horse keeps moving but does not make any progress.-Alfred A. Montapert

Procrastination- The Art of Working... Late?

2011-05-14T10:10:00.000-07:00

My Main goal this week:

Get the Disclosure Form and related materials into the hands of the buyer.

Procrastination? I missed my goal.. I suck. I'm a failure. I will never amount to anything. or I missed my goal... It wasn't my fault. Too many people needed me. My normal business took too much time. I was way too busy.

It is never too late to be what you might have been.- George Eliot

I don't like either one. Over the years of start-ups, I realized long ago that missing a goal calls for adjustment not incrimination as a loser. I try to keep to goals and deadlines but it was apparent by Wednesday that I was probably going to miss the goal. My reason was that in order to make the goal I would have needed to put out a sub-par presentation and prototype. I switched to monitoring whether or not I made daily forward progress. Did I finish the day one "action" further along than I started the day. One day it was just a matter of bringing the material I needed to the workstation. Some days you just need to bunt.

Looking back I would have made the Goal: Make a prototype that does justice to the concept.

I made a good prototype.

My old prototype had been in use and was showing the signs of it's age. Sure it worked but maybe a little too good. You'll understand later when you see the product.

In the end I'm okay, I didn't stall out, no paralysis by analysis and yes I am further along then I was when I started.

Failure can only occur when you stop moving forward.- Biz

Need help with your prototype? contact: "PRG"- Prototyping

New Goal: Make a licensing presentation that does justice to the concept.

Want free Backlinks?

Disclosure Form- Protect Your Idea.

2011-05-08T18:27:00.000-07:00

Don't show them everything!

I find it amazing, what some companies expect you to sign before sending them your idea. Fortunately, I located a company that is all about you preserving your idea and they sent out a very fair disclosure form. The purpose of this disclosure form is to protect the owner of property/invention from a company stealing his/her idea.

For example: You go to NIKE and tell them you have a new idea for a basketball shoe that allows for a 5' vertical leap. You watch as NIKE goes back to their R&D department and pulls out the exact same shoe. Bummer... they get richer and you fade away. Try it the other way, you walk in and they claim not to like you idea but two months later, there it is on the shelf your Five-o-Verts. The disclosure form should protect both parties and should never have specific monetary compensation as part of the agreement.

So where am I in my process?

Problem.
Solution.
Found interested customer.
Provisional Patent.

Now I sit with a copy of the "Disclosure Form" and it contains;

Buyer-them
Seller-me
States the obvious-

They have R&D
I have an idea
Not a contract to purchase the idea

Ask for details of Idea... drawings, patent #, product use.

If any of this makes you nervous try our friends at:

CorpNet® - Fast, Reliable, Affordable

My Main goal this week:

Get the Disclosure Form and related materials into the hands of the buyer.

The patent filing in 9 Steps.

2011-05-04T19:20:00.000-07:00

Realizing it was not that big of a deal, I still want to pass along the steps I followed to file a patent. I developed my product to solve a problem with my morning coffee. I created the product,started to sell it immediately and then when I had a solid shot at giving a sales presentation, I applied for the patent.

Used the US Patent & Trademark Office website and they have become fairly user friendly. Start with the Patent process:

Ok, so you probably thinking what I was... This is complicated? But after you start down the list (there is a simple text list available also) it goes quickly.

1. Already Patented?- Searched- NO
2. Design or Utility- Yes it looks cool but it serves a purpose...Utility
3. International or Domestic? US
4. Provisional or non? Provisional
5. Accelerated?- No
6. Hire a Lawyer or DIY? Me
7. Prepare for filing online. Type Description (Abstract) & Application (Provisional SB16)
8. Filed Online & uploaded PDF's of two forms listed in(7).
9. Paid the bill, Printed the receipt and now I'm ready to present.

They also have a free guide in a down-loadable format.
Now it's back to selling my product.

Biz

How to file a patent.

2011-05-03T04:50:00.000-07:00

I realized that the journey through the process was a little complicated and I failed to give a clear outline of the steps involved. So my next post will detail the steps I took to file my patent.I believe anyone should be able to follow the process and save the $1,000 a service would charge.

So, my apologies and I promise to be back with... DYI Steps to Filing a Patent.
Biz

End of Day 2- Patent Filed

2011-05-02T20:11:00.000-07:00

There was no way I was calling it a night without filing the patent.
Provisional patent filed by self $110

US patent office tried to make it easy but still a very complicated process if you over-think it.... tried to keep it simple.

Success!

Day 2- Fill out the patent form

2011-05-02T03:36:00.000-07:00

So I'm already a few steps into the Seven Day Start, having made my product and found the channel to take it to market. Ran out of time last night (Sunday) so the patent filing will need to be completed today.

Contemplate the death of Obama.
Buy coffee at Dunkin Donuts.
Secretly use my product.
Deal with things in the office.
File the patent.

Biz

Day 1- Let the Blogging Begin!

2011-05-01T19:49:00.000-07:00

Morning Coffee-So I came up with an idea for correcting a problem with my morning coffee. You'll hear more as the days progress but for now... Know this... I will do a little each day, spend very little money and eventually I will have my product on the market. (or I'll go back and edit this post).