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The Morning Norm by Norm Brodsky
Recent Posts
- Not All Fabulous Ideas Make Money
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Street Smarts Archives
January 4, 2008
Not All Fabulous Ideas Make Money
Posted at 10:59 AM
Here's an idea I recently got from a reader named Pat, who lives in New York City. Pat's tired of having his car get nicked and dented whenever he leaves it in a parking garage. He has an idea for a product that would protect the car -- a shadelike tube that would clip on to the front and rear bumpers and that the driver could pull down over the bumpers to protect them.
Pat, it's a fabulous idea. But not all fabulous ideas make money. Here's what I usually tell people who come to me with fabulous ideas: Make a prototype. Then make a dozen or so. Then make a hundred or so. Know what the costs are. And then go to automobile supply chains and car washes, and see if they’ll take your product on consignment. See if the things sell. For a small investment, you’ll find out if other people like your idea. At the same time, if it’s not too costly, try to initiate a patent so that, if your idea dcoes take off, you’ll be protected.
I don't know, Pat. When I read this, a smile came to my face. It's a little crazy, but I think it might work.
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Happy New Year and thank God you're back, I thought I would have nothing to read but Iowa and Britney today.
Thanks for the great advice, I think this is almost always sound advice for consumer products, unless prototyping is very expensive.
Everything can be improved of course, but just as background info, I've seen this product in Chicago. It wasn't this one, but here's another version:
http://www.chariotauto.com/
Great column Norm, keep it up.
Norm - I'm looking for a little help reaching a contact from a story that recently was in Inc. Magazine. Perhaps you could direct me in the right direction?
I'd like to reach David Freeman the Editor that wrote the recent story "The Secret Life Of A Serial CEO". The reason is that I believe I have a business concept that would be of interest to Bob Cramer but I have no way of getting it in front of him. My thought is that if I share the concept with David, he could validate that it is indeed a valid/viable concept that may be of interest to Bob and help me get the opportunity to put it in front of Bob for his evaluation.
I appreciate any help you can offer,
Jon Coudron
Talk to a patent lawyer before you do anything else. I am not a patent lawyer. My understanding, however, is that once you start trying out your idea with people who have not signed confidentiality agreements, you stop being able to patent it.
Great column, great blog. Thanks, Norm.
MCG
Norm,
I am a shareholder in Allied Capital and an avid reader of your blog and monthly column. Well you were certainly quiet about this deal, but I guess congratulations are in order. I hope to read about the sale of your business in an upcoming column.
Peter Renton
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