'Nother million-dollar idea, can/should I do anything with it?

A few weeks ago in an IT department meeting I came up with an idea for a new piece of office equipment. In fact, you could call it a new category of office equipment. It would cost under $1k to build each unit, I'd need someone with good electronics knowledge to help me design them. Unlike most of my valuable ideas, there is huge potential for this device, it's not remotely a niche thing, this could be the biggest new thing in an office since the printer, or maybe even the telephone. It would put many people out of work, skilled and unskilled.

I'm surprised nobody's come up with it yet because I'd say the technology needed has been available for the better part of a decade. Some companies have come up with something with a fraction of the functionality in the last few years.

So what can I do with this idea and hardly two pennies to rub together? Is it even a good idea to release this weapon of mass unemployment into today's society?

You've got to learn to spin things. Don't call it a weapon of mass unemployment, only tell people about the jobs you're going to create. You'll need people to design it, build it, box it, ship it, repair it, market it...

You're making tens of jobs, if not hundreds.

Tell us more about your idea for a robot Administrative Assistant!

1988RedT2 wrote: Tell us more about your idea for an automatic coffee injection system

fixed

websense software? It's out already

Should? Sure.

Will you? No.

Sorry, I see these threads like PHeller's where should I live/work/career/etc threads.

z31maniac wrote: Should? Sure. Will you? No. Sorry, I see these threads like PHeller's where should I live/work/career/etc threads.

Man, I thought I was the only one...

You need to at least do a Google patent search to see who is already in your space. Read the Abstract or introduction, then skip all the crap and go to the "Claims" and see how much you overlap.

1988RedT2 wrote: Tell us more about your idea for a robot Administrative Assistant!

Hahaha not close...

captdownshift wrote: websense software? It's out already

It's more about hardware than software, I don't need an electronics guy for software work.

NOHOME wrote: You need to at least do a Google patent search to see who is already in your space. Read the Abstract or introduction, then skip all the crap and go to the "Claims" and see how much you overlap.

I'm sure a few patents will cover parts of it, but any invention will have that problem.

Patent system is now first to market instead of first to file. But still check the market.

Do it, what's worst you do? Blow the same amount of money you would on a challenge car?

Flight Service wrote: Patent system is now first to market instead of first to file. But still check the market. Do it, what's worst you do? Blow the same amount of money you would on a challenge car?

The hardware's cheap but the design effort would be immense (I'd guess, for me and an electronics guru, about 3 months' full-time work) and then there's the firmware/software. And after all that, how helpful would it be to just build a prototype? That doesn't bring the goal of mass-production much closer.

In reply to GameboyRMH:

Do market analysis. Prove you have buyers and then you'll be able to get the money.

Kickstart it or and/use Collabrizm to find a partner in crime. Most startup need more then one person to get off the ground. 30% of success is better than 100% of failure.

Thought about crowdfunding but that steps right into one of the biggest potential pitfalls: Having the idea ripped clean off. At the very least I'd have to get patents first. That's probably a good place to start...I wonder what the costs are like these days?

Edit: Found a page on that very topic:

http://www.ipwatchdog.com/2011/01/28/the-cost-of-obtaining-patent/id=14668/

Looks like the attorney's fees alone would be around the cost of a German sportbike

Maybe handle it the way I handle all of my brilliant ideas:

GameboyRMH wrote: And after all that, how helpful would it be to just build a prototype? That doesn't bring the goal of mass-production much closer.

If you don't understand how a working prototype brings you closer to production, you don't understand new product development.

Working with the electronics and software guys on new development is part of my job as a Technical Writer.

Once you get the prototype (or proof of concept if you want), you'll have to test, test, and then test some more for software/hardware bugs, reliability, etc.

It's not as simple as just "Hey guys design this" and then everything works perfect and you start selling it.

I understand that you need a finished prototype before you start production, but we'd still be two guys in a shed with a nice finished prototype...business-wise, it seems like putting the cart before the horse.

GameboyRMH wrote: I understand that you need a finished prototype before you start production, but we'd still be two guys in a shed with a nice finished prototype...business-wise, it seems like putting the cart before the horse.

No, it isn't. Business wise, no one will gamble on you without proof that it exists, works, etc.

Take a look at a small California company. Apple. Built something great, showed it to people, got funding to build more.

In reply to GameboyRMH:

2 things help seal the deal with investors when used in conjunction with a 90 second elevator pitch 1) sales figures and profit margin numbers, you won't have those 2) is a prototype or product to test/sample. That you can do. If trying to sell an idea or concept to bring to market, it can be done, but if I'm investing, my financial efforts to develop and bring to market an idea or concept and shouldering the associated risk in doing so them I'm taking more the 90% ownership and profit. If there's a prototype, then you might retain 40-50%. Sounds harsh, but if it's a success you'll be set to launch your next idea on your own, or at least develop it further to retain more control and ownership before taking it to market. And if it's a 10 million dollar a year profit center you're still set from your 5% return.

GameboyRMH wrote: Looks like the attorney's fees alone would be around the cost of a German sportbike

It takes money to make money.

1988RedT2 wrote: Tell us more about your idea for a robot Administrative Assistant!

Nah, he's just figured out the combined copy/fax/printing machine......they probably just don't have those yet on his island.

mtn wrote:

GameboyRMH wrote: I understand that you need a finished prototype before you start production, but we'd still be two guys in a shed with a nice finished prototype...business-wise, it seems like putting the cart before the horse.

No, it isn't. Business wise, no one will gamble on you without proof that it exists, works, etc. Take a look at a small California company. Apple. Built something great, showed it to people, got funding to build more.

It's understandable though that by building a showing a prototype you open yourself up to someone stealing your idea who is able to bring it to market faster.

In the case of Apple, very few people could replicate what Jobs and Woz created, and even more so, they'd have to purchase one before they could tear it apart to find out what made it tick. By the time his competitors had figured out how they did it they already had the business rolling and were working on improvements.

I'd be worried about showing off something that is simple to make for fear that someone says "that's a good idea thanks I'll build one at home."

PHeller wrote:

mtn wrote:

GameboyRMH wrote: I understand that you need a finished prototype before you start production, but we'd still be two guys in a shed with a nice finished prototype...business-wise, it seems like putting the cart before the horse.

No, it isn't. Business wise, no one will gamble on you without proof that it exists, works, etc. Take a look at a small California company. Apple. Built something great, showed it to people, got funding to build more.

It's understandable though that by building a showing a prototype you open yourself up to someone stealing your idea who is able to bring it to market faster. In the case of Apple, very few people could replicate what Jobs and Woz created, and even more so, they'd have to purchase one before they could tear it apart to find out what made it tick. By the time his competitors had figured out how they did it they already had the business rolling and were working on improvements. I'd be worried about showing off something that is simple to make for fear that someone says "that's a good idea thanks I'll build one at home."

Then that fear will keep it just an idea, until someone else comes up with it on their own and makes the product. Then you can say "I had that idea! I should have made all that money!"

Seriously, if you want to do it, do it. Take the risk. You might end up having lost everything, but from what I've gathered, you really don't have much to lose. Might as well take the gamble, otherwise you're going to keep playing these games in your own head.

You have some people here who are successful in their own personal businesses (not me). People like them are the people that would potentially invest in your business. Listen to them.