Not at all CCOVICH. Thanks for replying. How would we go about it? To tell you a little more, I know that in two-three years time, almost 50% of Leaving Cert Students will need this product or something similar for a mandatory experiment. At the moment, if you were to buy a similar product from a US or UK supplier it would cost between €300 and €500 for a group of three students. We could do it for about €20.
large number of schools
You have good ideas ANG1170. I appreciate it.
Irish schools have notoriously small budgets. Have you considered selling to the UK or US instead? - especially if you can undercut the competition by so much.
This will be for a mandatory experiment. In recent years, all schools are grant-funded to buy essential equipment for these obligatory experiments.
Thankyou for taking the time to respond ang1170
How will you sell? Getting revenue in is the key to sucess. Do you know how big the market is? who does the buying? how much they will spend? what's your sales/distribution channel? Most likely we will end up using one of the half dozen or so companies that suppy schools with Science Equipment and consumables.
Company or partnership? almost certainly a company, though don't set one up until you have to (it costs, and has certain obligations whether you trade or not). What kind of costs and obligations? Will I see it on other AAM threads?
CE Mark: this is a small item relative to the scope of what you're doing. Manufacturers will know (those that develop their own products): talk to one of them. It can be costly though (if independent testing is required). Independent testing may be required as it is a low voltage electrical item.
Yes, there are planty of sources of funding, mostly from investors of one type of another. The key thing with these is that they expect to make a return, and as it's high risk, a high one at that. You will NOT start a business on grants alone. Best source of funding by far is revenue from product or service sales. Another piece of advice: start selling something, even if it's not your end product, as soon as possible: it will generate revenue, you will learn a huge amount about your target market (maybe to the extend it tells you what it wants is product "B" instead of the product "A" you'd planned), and you'll make all sorts of contacts in doing so. That would be feasible alright. Would that involve becoming a company?
Not sure what you want to know about insurance: again, a relatively minor matter in the context of what you're asking (do you have premises sorted out, for example?). Insurance for letting kids use our little electrical device? (Battery powered only - not mains)
I'm convinced...how do I invest?!
Thanks KalEI. We really are convinced ourselves though. Anyway, I'm off to bed. It's my first time posting on AAM and I'm delighted with the response.
Hi ciano6,
Do you have a patent registered? If not then get one. This will protect your idea and make it much easier to get funding from EI. Have you talked to them about becoming one of their high potential start up's? (HPSU). This offers loads of funding and support in marketing and research.
If you are looking to sell the product internationally I would strongly recommend letting a larger player in your market manufacture the product under licence. They will have the finances to defend your product from copies (a watertight patent is bugger all use if you don't have the resources to defend it) and the network of suppliers to have to made cheaper and better than you. They will also have the design, marketing, and most importantly the distribution channels in place already. Also remember that revenue from patent royalties is tax free to the parent holder.
Good luck with the venture.
If the product is good and saleable your biggest problem will be funding to get the prototypes and packaging made and tested. Work out the cost and then double it then calculate the time to get it to market and quadruple it.
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