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Has anyone sold a product idea?

Kayalana99
Kayalana99 Posts: 3,626 Forumite
Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
edited 19 February 2018 at 3:34PM in Boost your income
I've had a really decent product idea, it could be done quite cheaply, but then I would have to deal with marketing / copy cats etc and I'm guessing it could be copied quite easily.

I thought my better option would be to approach a company that is selling something similar and allowing them to take it to market and get it in shops before it was copied etc. (my product idea is completely different, but solves the same issue and the current product has flaws as I have used it before and it hasn't worked for me)

Would anyone have any thoughts of where I should start? What you would even charge? How you would protect yourself from giving said 'idea' away without payment ?

I'm struggling to think if it could be patented because something similar is on the market but for other uses so to speak, nothing like this has been done before but I'm not sure if you could stop others from copying something that is so simple as essentially taking a very basic product, adding something to it, but using it to solve a problem.
People don't know what they want until you show them.

Comments

  • Wizzbang
    Wizzbang Posts: 4,716 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Rampant Recycler
    Minimalist
    Extra income since 01/11/12 £36,546.45

  • minxie
    minxie Posts: 118 Forumite
    we are doing the same thing, visit https://www.innovate-design.co.uk
  • Kayalana99
    Kayalana99 Posts: 3,626 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker I've been Money Tipped!
    I really do think it would be hard to patent because of what it is, it could easily be re-designed and copied even with a patent I believe, but then that doesn't mean everyone would anyway as there are loads of products on the market with a high level of compeition.

    I guess really the post was about finding out how to sell an idea to a company, but I think I need to think more about the design and material before I get that far.
    People don't know what they want until you show them.
  • lincroft1710
    lincroft1710 Posts: 18,345 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The more easy it is to copy or redesign, the less valuable it is as a saleable idea. Four points to consider

    1. Have you actually converted this idea into a practical working model?
    2. Can you see any disadvantages with this idea?
    3. Does it surprise you why this hasn't been thought of before?
    4. Would it be economically viable?
    If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales
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