Tag: Market

15 Feb 2019
Product to Market No Money or Experience

How to Get a Product to Market Without Money or Experience?

The answer is time, a lot of time. There are three resources to any project. Money, Experience (Skills), and Time. At least one of these has to exist in a large quantity to overcome a lacking by any of the other two. The most successful products have at least 2 of these in a good amount, but there are also plenty of products that are created using only one resource to start.
 
So what do you do if you don’t have money or experience, but you are willing to take the time to create your product? Well, here’s the formula.
 
First, you’ll need skills and experience. This can either come from a co-founder or by you learning those skills yourself. You might ask, “why don’t you just go get funding first and spend time on that”? Well, it’s because almost no one buys, invests, or steals just ideas. They aren’t valuable enough. You have to create value before someone will invest capital. The best way to do that is to create a working prototype of your product, whether that’s an app, a mechanical product, or an electronics design. To do that, you need the skills and experience to create that prototype, a co-founder/partner who has the skills, or the money to pay someone else to do it. Finding a co-founder that’s willing to jump in at the very beginning is like finding a needle in a haystack. Possible, and we all cheer for the one who does it, but most people don’t find the perfect person to help them right at the beginning.
 
Getting a prototype that would be convincing enough to get funding has, in my experience, cost anywhere from $10,000 all the way up to $50,000 on average. Plus you might want to get a patent in there too. If you don’t have that kind of budget, then you’ll need to build your own prototype, which will still cost some money, and create a proof of concept.
 
Once you have that prototype, which could take you years instead of months to create by yourself, then you’ll be ready to start spending your time getting investments to move the product forward. There is no way to bring a product to market without cash from somewhere, even if you have a great idea. That money will go to marketing, sales, and production. While you could try to get a larger company to pick up your idea, keep in mind that they have teams of people coming up with ideas with huge R&D budgets.
 
If you want success, your best bet is to create a prototype, get funding, and launch a company. It’s much easier to sell a successful product and company than to get someone to buy a product that has no proven market. Not that it can’t happen, because it definitely does, but the chance of success is not as high. Some people will tell you that luck is a part of this, I’d disagree. Be persistent and enjoy the journey. Even if it takes years of working on it as you have time and money to do so, stick with it. Your idea is important as long as you enjoy it. Happy inventing! 

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