INVENTOR’S EVENT SERIESPRESENTED BY CROWDFUNDING PLANNING

SPECIAL GUEST FROM ISUBTECH

WHAT IS THE INVENTOR’S EVENT SERIES?

➤ We decided to organize these Meetup’s because we’ve seen countless entrepreneurs with great ideas/vision but lacking the information and resources that they need.

➤ We want to dispel some of the things that been told by people who just want to make a buck off entrepreneurs.

➤ Ultimately, over the course of these Meetup’s we aim to introduce you to the tools and information you will need to move forward from whatever stage you are at!

DEBUNKING THE RUMOR WE’VE ALL HEARD

➤ We’ve all been warned about people stealing our ideas and making it their own.

➤ However, the most important thing to remember is that Idea’s are just that, ideas.

➤ There seems to be a notion that if you share your idea it will get stolen. Rest assured, ‘your’ idea is probably someone else’s idea just tweaked around.

➤ This isn’t to say that there are rare cases out there but the vast majority of ideas have been seen before in some shape or form.

➤ We consider this to be the most important thing we try convey tonight.

DEBUNKING THE RUMOR WE’VE ALL HEARD (CONTINUED)

THE “B” WORD

➤ Business Plan, probably the most daunting thing about getting started with any kind of entrepreneurial effort and definitely one of the most important.

➤ What is a Business Plan?

➤ A well-thought out document that puts into perspective your short and long term goals for the invention/business. Also an outline on how you will achieve those goals.

➤ The first draft must be written, we stress this because having to write something down and looking at it is much more powerful in goal-setting than seeing it on the screen.

THE “B” WORD (CONTINUED)

➤ Why do you even need a Business Plan?

➤ We’ve been asked many times “why do I even need a business plan I just want to see if this idea is going to work”

➤ A Business Plan acts as a blueprint, just as you wouldn’t start building a home without a architectural blueprint you shouldn’t start working on an invention without a business ‘blueprint’

➤ A good Business Plan defines your management (doesn’t mean employees this can include partners or advisers), your financial planning, how and when you will go-to-market, when you will aim to break even or ideally become profitable.

BEST PRACTICES FOR ENTREPRENEUR INVENTORS➤ Plan meticulously, objectives and goals often change but a

failure to plan is a plan to fail.

➤ Document everything

➤ Seek and build all kinds of connections, for example; if you happen to meet someone in the packaging/fulfillment business but you are working on tooling don’t ignore the potential, if you end up going into online sales this connection will be invaluable

➤ In Real Estate you hear Location, Location, Location in Entrepreneurship think Social Media, Social Media, Social Media

➤ Introduce yourself to productive productivity tools ;)

OUR FAVORITE PRODUCTIVITY TOOLS

WHAT TO WATCH OUT FOR

➤ All business involve some kind of risk and unfortunately unsavory character’s that may try to take advantage of entrepreneurial newcomers

➤ We would like to minimize your exposure to that by covering a few common thing’s we’ve seen

➤ “Partners” or companies that refuse to sign NDA’s

➤ Extensive charges for Patenting

➤ Unreliable manufacturing partners overseas

➤ Lack of financial planning and goal setting

FROM IDEA TO PRODUCT

➤ The requirements of going through the process from a thought/idea to an actual viable product (either B2B or B2C) takes some weeks to convey, in this first 101 Meetup we’re going to run through the top few!

➤ Research your idea extensively (find existing variations or lack thereof)

➤ Find the correct partners or advisers that can assist you

➤ Develop a prototype of your invention (again, more on this important topic later)

➤ Protect your idea e.g. Patenting (if necessary)

➤ Determine your marketing plan

➤ Find a manufacturer either overseas or locally based on your budget and/or marketing plan

INTRO TO ISUBTECH➤ iSubTECH has the resources to

help you begin design, move to molds and tooling, begin manufacturing, and beyond.

➤ iSubTECH is an online marketplace where entrepreneurs and startups sign up to build connections and get exposed to the people they need in order to do; product design, tooling, manufacturing, and more.

➤ iSubTECH empowers and allows entrepreneurs to save money by letting multiple vendors bid on their project

Prototyping

Manufacturing

Planning,

Brainstorming,

& Business Dev. Sales and Growth

Marketing

Ideation and Development

PROTOTYPING➤ Creating a prototype is very important but creating the right

prototype is much more important.

➤ Your prototype needs to clearly illustrate the functionalities and creativity of your invention.

➤ It needs to show progress through different stages of development.

➤ The impact of being able to physically hold and experience a product versus simply describing it or showing a drawing makes a big difference.

FROM PRODUCT TO SELLING/CROWDFUNDING

➤ Once your research is completed, your prototypes tested, and your interest gauged (through social media) you are ready to refine your go-to-market plan

➤ If you need capital to continue moving forward you can look into rewards-based crowdfunding (e.g. Kickstarter, Indiegogo, RocketHub) or maybe equity crowdfunding if your invention is suited for that

➤ If not you can jump into relationship building and contacting retailers or online sales.

➤ Depending on your specific type of invention and the market for it your go-to-market strategy will be different and involve in-depth strategizing

SOCIAL MEDIA

➤ As we’ve mentioned before Social Media is essential. Entrepreneur Inventor’s sometimes tend to place social media towards the end of their list of priorities and tasks.

➤ While this is somewhat understandable, Social Media’s role is of utmost importance in any Invention or potential product/business.

➤ SM is usually most effective for B2C inventions/products however in some cases can be effective for other types of products as well.

➤ We are planning a Social Media focused Meetup to cover all aspects of social media exposure, engagement, and sustained presence.

“It’s not about ideas. It’s about making ideas happen.

-Scott Belsky co-founder of Behance

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