I've an innovative product idea. Having 10+ years experience in technical and marketing field, I can develop the product. My product plan is ready.
But I need some investments to register my product.
How can I move forward with my product? Please suggest.
I would start with your existing customers. They will meet the first degree criteria for an early investor. They will also have some degree of knowledge about your market space. You should also drive a hard bargain on terms as you already have a relationship.
Best of luck, remember that it's the journey, not the destination.
How have your KPI's for MPV (minimum viable product) performed? Engagement trends? CLTV (customer lifetime value) insights?
My perspective is from a B2B point of view rather than a consumer market offering
I believe you did not mention in what area is your product. I assume it's in digital space.
Well, I know that what you are doing makes perfect logical sense to you and you seem like a very organized and smart person. However, the world does not work like this, people are emotional, irrational, rely on gut feeling and many investors don't know what they are looking for, anyway.
So you need to grow organically until you have a critical mass to pitch to investors, MVP or a team with a prototype, a few customers, etc.
Well some thoughts only.
The best thing to do is , get your low-cost MVP out. Logon to Internshala and hire some interns for Design & Engg. They either work for low/Free cost. Start showcasing the MVP to customers and investors. You never know
That is the ideal way to move forward
Register the product? As in patents? Probably more important is to be able to sell it. Distribution & sales will protect you more and create momentum and resources to eventually register the idea. Re finding investors, this is a great book: Keys to the Vault. https://www.amazon.com/gp/product/B00TGIVP3I/ref=dbs_a_def_rwt_bibl_vppi_i2
You can read our white paper on how to raise money - it is on the FinsLinePDS website.
@Michael Thank you for input. I'll check it.
@Pablo My product idea is a web and mobile app that will build the potential network. You are correct that I have to start with building MVP so I can show and convince investors. Thank you for insight.
@Hal From the marketing side, I'd need to get more users who will use the system efficiently. As I said here, I think, I should start working on prototype and product MVP. Thank you!
@Steve Thank you. I will check.
Make a bunch of sales then go to the bank. The bank will do a collateral loan if you have reasonable credit.
Be weary of people claiming to be an investor who will request your business plan then ask you for a "downpayment " to deliver millions of dollars to your bank account from a dead person that left behind millions of dollars.