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[Shogmaster]

Me and my friend are going to attampt to raise VC and then develope and produce a consumer electronics item.

Yep, you guessed it: neither of us has any experience in doing it. In our favor though, we both worked as product designers for 2 different huge manufacturers. We just never had to find and then pitch to a venture capitalist. Anyone have any clues?

If those putzes at Phantom got it done, so can we! :lol

 

[Lazy]

You'll need two things:

1. A GREAT idea
2. A referral from someone who knows a VC

All right, maybe #1 isn't that important. But #2 definitely is.

 

[xabre]

Don't dare steal my hoverboard idea.

 

[AntoneM]

spygoggles!

 

[cubanb]

take an existing device and stick a clock in it

 

[Shogmaster]

You'll need two things:

1. A GREAT idea
2. A referral from someone who knows a VC

All right, maybe #1 isn't that important. But #2 definitely is.

Well shit, Anyone know a VC? I have #1 covered. COVERED DAMN IT!!!

 

[Fresh Prince]

Is this that iPod accessory idea?

If you worked for previous companies you should know some of the people in marketing- maybe give them a slice of the pie or use ol' family money.

 

[Shogmaster]

Is this that iPod accessory idea?

Yes it is. It's potentially MILLIONS! MILLIONS I TELL YOU!!!!! It's that good.

 

[GXAlan]

Well a good idea isn't good enough -- you have to also know someone who can actually create what you're trying to do. Venture capitalists will never sign NDA's. This is tricky because they can legally steal your "awesome idea" if it's trivial to implement. The real reason they don't sign NDAs is that they only fund companies where there is good chance of success. You want an idea where even if you posted it here, only you and your friend would have the know-how (not necessarily know-how, but maybe also design) to implement it.

http://web.tickle.com/tests/entrepr...er.jsp?url=/tests/entrepreneurialiq/index.jsp
Test your EQ...

I'll give you feedback on your ideas if you're interested though. PM me.

 

[Shogmaster]

Well a good idea isn't good enough -- you have to also know someone who can actually create what you're trying to do. Venture capitalists will never sign NDA's. This is tricky because they can legally steal your "awesome idea" if it's trivial to implement. The real reason they don't sign NDAs is that they only fund companies where there is good chance of success. You want an idea where even if you posted it here, only you and your friend would have the know-how (not necessarily know-how, but maybe also design) to implement it.

http://web.tickle.com/tests/entrepr...er.jsp?url=/tests/entrepreneurialiq/index.jsp
Test your EQ...

I'll give you feedback on your ideas if you're interested though. PM me.

You're fucking shitting me, right? after your little speech about protecting ideas, I'm going to PM you? :lol

Don't worry. We'll be protecting ourselves. Provisional patent has already been filed and we'll probably file the real thing before we show it to any VCs. It's just that's I don't think this idea will last 2.5 years it will take to get the patent approved. I want this thing at next CES in January.

 

[GXAlan]

after your little speech about protecting ideas, I'm going to PM you? :lol

Hehe, well that means your idea isn't one of those where you can tell people what you're doing and still be safe. No, what I meant is PM'ing about ideas about how you'll be seeking funding and the level of support you need. i.e. since it's an iPod accessory, size is an issue, but is this something you can hack together as the proof-of-concept and value? Or is this just an idea like "Apple should build a tiny computer that's like an eMac without a monitor or keyboard" ?

Provisional patent has already been filed and we'll probably file the real thing before we show it to any VCs.

There is an issue of "if someone steals your idea, will you have the money to pay the lawyer to defend it." ?

You should pick up a copy of Art of the Start, a book that'll help you understand everything there is to being a start-up and getting venture capital. It's written by Guy Kawasaki who runs garage.com, an incubator firm. It's designed to bridge the gap between getting cash from your family and the big VC's.

Take that EQ test since it also talks about the myths of startups, etc.

I bet your idea is solid, but I'd be very careful in the way you start-up the company to ensure that a) your idea isn't stolen and b) you make millions. It's not as easy as just having a good idea and product. The saying about start-ups is that after all is said and done, either the people you work with are going to be friends for life, or people you'll never want to see again. That is true regardless of the financial success of the company.

 

[Shogmaster]

Hehe, well that means your idea isn't one of those where you can tell people what you're doing and still be safe. No, what I meant is PM'ing about ideas about how you'll be seeking funding and the level of support you need. i.e. since it's an iPod accessory, size is an issue, but is this something you can hack together as the proof-of-concept and value? Or is this just an idea like "Apple should build a tiny computer that's like an eMac without a monitor or keyboard" ?

Shit, maybe you were kind of person that I was trying to reach with this thread. Expect a PM buddy!

There is an issue of "if someone steals your idea, will you have the money to pay the lawyer to defend it." ?

That's WAY down the line for us. We are more concerned right now with getting familiar with the process more than anything else. If anything, we are going to use this experience to learn. We plan to make this a way of life, not a one time experience.

You should pick up a copy of Art of the Start, a book that'll help you understand everything there is to being a start-up and getting venture capital. It's written by Guy Kawasaki who runs garage.com, an incubator firm. It's designed to bridge the gap between getting cash from your family and the big VC's.

Sounds interesting, but I've heard some questionable things about "incubator" firms. Are they anything like those crap patent factories that advert on the TV and stuff? I trust them as far as I can throw them.

Take that EQ test since it also talks about the myths of startups, etc.

Gonna do it right now.

I bet your idea is solid, but I'd be very careful in the way you start-up the company to ensure that a) your idea isn't stolen and b) you make millions. It's not as easy as just having a good idea and product. The saying about start-ups is that after all is said and done, either the people you work with are going to be friends for life, or people you'll never want to see again. That is true regardless of the financial success of the company.

When I experience those worries, that will be much better than where I am at now. We are both eager to get going. Like I said, this won't be a one time thing. We are expecting this thing to fail but the point is to do it and learn from it. We plan to do this for the rest of our lives, so we gotta get started some time, right? :lol

 

[Phoenix]

Get the item into a patentable state and ensure that you aren't infringing on someone elses patents and then you'll start contacting venture firms. They will take most of the ownership in the business unless you have some reason for them to not (and you won't), so be ready to give up any controlling interest in the business. You can find venture capital firms just by hitting google and then start calling around. They are EVERYWHERE.... (vfinance.com is a reasonable start).

 

[Shogmaster]

Get the item into a patentable state and ensure that you aren't infringing on someone elses patents and then you'll start contacting venture firms.

Problem might be that we can't do any pratical engineering until we hire an engineer but we are thinking about using the VC to do all that. Maybe that's a flawed plan.

We plan to shop around to VC with a look like work like demo model, with a provisional patent filed (maybe with a proper one). Because the idea is not based on a new breakthrough in electronics or anything like that, I think we can get the funding with a look like work like demo. Maybe that's flawed as well.

They will take most of the ownership in the business unless you have some reason for them to not (and you won't), so be ready to give up any controlling interest in the business.

Expected.

You can find venture capital firms just by hitting google and then start calling around. They are EVERYWHERE.... (vfinance.com is a reasonable start).

Thanks

 

[ChrisReid]

You should ask the guys at www.infiniumlabs.com

 

[Phoenix]

Problem might be that we can't do any pratical engineering until we hire an engineer but we are thinking about using the VC to do all that. Maybe that's a flawed plan.

Back during the .com days you could get a ton of money by just having an idea, but most of them want something practical these days and a business plan, a management team, and a clean exit strategy so they just aren't throwing money down the toilet. While there are still some 'ambitious' investors out there, many still have raw buns from the .com collapse and are being very careful.

 

[impirius]

1. Rename yourself Shogmaster.com
2. Do everything six years ago
3. Profit!