product, idea, product-market-fit, hardwareQuick introduction: I am a full-time Software Engineer, have a CS Degree, and also limited hobbyist experience with digital electronics and hardware.
I have a question that might be too broad, so I apologize if that is the case. I thought this could be the right forum since this is about startups, and my question is related to getting a product to market:
I have a promising product idea for a smartphone gadget, I know sufficient programming and electronics to even develop a prototype myself, but I know NOTHING about business and the steps needed to take a product to market. How can I instruct myself about this in order to take the right steps?
Let’s say that I build a working prototype myself at home and don’t tell anyone. What now? Can I go ahead and register a business name, then start selling it online (create a product website, sell on eBay, Amazon)? What if I don’t register the idea under any patent? Will someone come up 1 or 2 months later with the same product/idea and sue me? (Somehow I believe this is not the way to go, but you could clarify why).
Let’s say that I want to go into more of a formal startup route. How can I get ‘business’ people on board and where can I find them? How can I guarantee they will not sell my idea to someone else? Is it possible for a person like me that is not connected at all to go into this route? I’m an avid reader, what literature do you recommend me?
In short, I want to answer the question: How do I get my product/idea to market, safely, legally, in the shortest amount of time, considering that I know NOTHING about the business/startup world.
Thank you so much in advance.
How can I instruct myself about this in order to take the right steps?
First, read. There are many books on startups, business plans, marketing, and so on. For example, check out this startup reading list, which has many recommended books broken down by category (e.g., ideas, validation, marketing, code, hiring, etc). Second, find people to work with. If you’re a programmer, then finding a co-founder with sales/marketing experience would be ideal.
Can I go ahead and register a business name, then start selling it online (create a product website, sell on eBay, Amazon)?
Yes. There are quite a few steps to creating a business, so check out the Legal and Financial sections of the Startup Checklist so you’re familiar with what you have to do.
What if I don’t register the idea under any patent? Will someone come up 1 or 2 months later with the same product/idea and sue me?
If you demonstrated the idea in public before someone else filed a patent, their patent will not be valid. Moreover, you get basic copyright and trademark protections by default. For more info, check out The Entrepreneur’s Guide to Business Law and consult a lawyer (IANAL).
How can I get ‘business’ people on board and where can I find them?
Finding co-founders is hard, but essential to success (see A Guide to Hiring for your Startup). You’re going to spend a LOT of time with them (if you’re lucky enough to build a successful startup, it’ll take, on average, a decade) and rely on them for a lot of work, so you need someone you can trust. Usually, your best bet is former co-workers and classmates, as you’ve completed projects with them before, and know you can rely on them. Your second best bet is friends. If you can’t find anyone in those groups, you’ll have to seek people externally, preferably in communities relevant to your product idea. For example, if you’re building a mobile game, start spending time at mobile game events, conferences, online forums, and so on.
How can I guarantee they will not sell my idea to someone else?
Legally, you do have some protections from trade secret laws, but unless you want to get into messy lawsuits, this is one of the reasons you should only work with people you trust. Fortunately, it’s rare for people to steal startup ideas.
1. Build the prototype, Now !
There are many who are like you every day, starting a new company. Believe me or not, there will be another guy who is building the same idea you are having. so, don’t waste time. Start right now.
2. Get the online presence
Get domain name you wish ASAP. There are people who register domain names and earn cash. They register new names after brainstorming and researching to place them on bidding sites to get higher amount in return of their investment.
3. Register your company
Find a CA or legal team to help get your company registered according to the laws of your county.
4. Crowdfund or independently market
There are many online platforms to crowdfund new products. Try any of them after reading and learning how great products got crowdfunded. You can also arrange a third party tie up to market or even you can sell the product on platforms like amazon and eBay.
Business is about doing the thing at the right time. So, dont waste time. Do it now.
Find location based information
Generally your country or state will have online resources to help you learn as much as possible about business. In Australia, Our site is https://www.business.gov.au/
Develop a business model canvas
You can look back at this daily to remind you of your original goals and stay on track. Once this is completed, a even more detailed plan can be created called a business plan. You can learn more about them by just looking up “Creating a business plan” on Google
Now to answer your question
How do I get my product/idea to market, safely, legally
Generally your ideas are copyrighted and trademarked by default as Yevgeniy stated
You should create an online presence and learn about marketing, I recommend learning about digital marketing as that’s where a lot of advertising is going nowadays
Starting a business always comes with a lot of questions. I started off as a product guy and not a business guy. That changed really quickly and the most valuable thing you can do for your idea is to find out how people feel about and react to it.
The purpose of a business is to find and keep customers. Not build products. As valid as your question is I have to highlight the “building in secret” aspect.
Whats the point of building something that nobody wants? Do your research and figure out what exactly your product needs to be for your customer. If you don’t you will build something that doesn’t resonate with your customer, meaning they won’t be dying to buy it. That would mean all the legal and other work you do goes to waste.
Read this book and complete the exercises in it: Steve Blank - The Four Steps to The Epiphany. It will get you on the right track and right now you only need the first two steps. Then after you are armed with the Customer Discovery learnings you can make a decision whether this is even worth the effort of building a business around your product.
Your entire business is going to become about marketing and sales for the majority of its start up. Find a Co-Founder or vested advisor who is strong on these aspects and you will win!
Your business is still an idea. there is a lot of ideas around the world being kept in the head only. Don’t worry about the ‘idea’. Worry about your business system after you tested the market and collected fans for what is then, a product.
Go build a MVP and send it on Youtube etc. and see how people react to it. This will validate that it is promising idea or not. If the react is good, go next step. When you built your entire system to the point where you need to hire more people and manage the business, that’s where you need to worry about patents etc. You have nothing now. Ideas don’t really count in unborn businesses.
As for penetrating the market, safely, legally, as a fully newbie, I thik reaing books about digital marketing will help a lot. It covers a lot of topics from Google Adwords to social media marketing and free ads and more.
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