Meeting with "right" folks?
I have developed a brand new product that meets all the financial (cost / price / marketetr size, etc.) hurdles, as well as the operational constraints (size, weight, strength, portability, adjustability, safety, etc.) for a very specific need within a specific industry.
There is absolutly NO competition as this industry is not one where people normally focus their attention or dollars. Essentially, I have taken an existing product and have tailored it to meet this particular need... all focus groups have proved quite successful / excited about this product.
My problem is that I do not have the connections, resources to meet with those folks who would / might be interested in taking this product to market. It is a very financially attractive project - $80 million in a full mature year, with excellent EBIT. Anyone I have attempted to contact would not sign NDA - will not disclose product with this kind of ROR without one. Have been told by distributors (in the particular industry)that would make a perfect partner, they are extremely interested (since it passed their intitial 20 operational / financial questions to determine if it would spend any additional time on this) but they said "trust us"... Need help with this, this has legs. I am in the Philadephia area.
Getting Started Funding Ideas Investing Venture Capital
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Wait... you have a completed product, ready for market and can't talk to anyone about it until they sign an NDA? I would also find that weird, I would ask - where can I read about this on your website? I know you are just looking for distribution channels at this point but if someone can just pop up and compete with you directly then an NDA isn't going to help anyways. Just start meeting with people and selling it. ;) – Ryan Doom 12 years ago
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You're going to go from $0 to $80 revenue in one year? What's the price of your widget? – Frenchie 11 years ago
1 Answer
What would you define as "right" folks?
Is it investors, customers, distributors?
All very difficult to determine without additional information.
Many times, if we are talking about seed capital for your product, you need to get letters of intent from major customers that will commit to purchasing your product when it is available on the market. Then, with LOI's in hand, meet with investors (or banks) to secure funds.
As Ryan said, many investors will not sign NDA's. They are in the business of investing in ideas - not stealing and building ideas they happen to hear about. There is a significant gap between a presentation and launching an business - if you are working with reputable firms, they don't have the time/resources to ruin their reputation by attempting to steal ideas.
