Calling Island911, come in Glenn (entrepreneur stuff)

Leland Pate · 08-17-2005, 10:08 AM

I tried but your PM box was full and your email is disabled.
I am looking for a bit of advice.
Here's the skinny: a buddy and me have come up with an idea for a product for law enforcement officers. We've run it by several LE people in the area and get pretty positive reviews.
Essentially, we are trying to figure out how best to go about getting the product designed, and marketed. The transition from idea in your head to viable/cost effective product is one of the toughest parts. We also need a large distributor (such as Galls Intl.) to pick it up and put it in their catalog. We may even need to look into having a patent search conducted. I was hoping to talk to you about it because frankly you're one of the smartest guys I know.
I also know there are several entrepreneurs on this forum, so please feel free to chirp in with your thoughts.
I remember several posts years back where product design and stuff was discussed. Anyway, if you think you have time I'd love to talk to you.
Regards,
Leland

Shaun @ Tru6 · 08-17-2005, 05:25 PM

Here are a few thoughts. Given the product type and market, but without knowing exactly what it is, I think your biggest hurdle is going to be to have a prototype made and then tested against a myriad of Federal, State and Municipal regulations, and pass all of those regulations.

While you are doing this, go to the same tradeshows as Galls is exhibiting and look at your competition. Even if you have a unique product, law enforcement still has a fixed budget and you will need a compelling story to get them to reallocate funds to buy yours. Your product will fit into a budget category. You need to determine that category and an estimate of region-by-region budgets.

Also pick up all the magazine trade journals that LE product buyers and recommenders/influencers read.

in this regard, it would be good to have a "test town" using your product for free for a year and have the chief of law enforcement write you a letter of endorsement that you can use in your marketing and sales efforts. This person will become a shareholder BTW.

You can do your own patent search but it will be best to hire an IP law firm that specializes in LE products. You will spend between $1K for a mark search and up to $50K (or more) to go through an entire patent process.

My guess is that only after you have X towns using your product will Galls be interested. But it doesn't hurt to go to them after you have a product made, butbefore you go to them, make sure your product is well-protected.

If your product saves lives or better, saves money for LE, plan on a major PR campaign once you can demonstrate that.

If you want to talk more, feel free to email me.

Good luck.

pwd72s · 08-17-2005, 05:37 PM

Lee? If this product would in any way diminish the effectiveness of my V-1, a pox on you!

island911 · 08-17-2005, 05:45 PM

Quote:

Originally posted by Leland Pate
. . . because frankly you're one of the smartest guys I know. ...

You need to get out more!

Okay seriously, even tho' you're laying it on a bit thick, I'll take the compliment, and I pm'd ya my contact info anyway.

Leland Pate · 08-17-2005, 06:12 PM

Thanks for the info, Shawn. We are going to have to get down to it and figure out exactly how best to proceed. Luckily the product we have conceived would not need to pass any sort of testing, or regulatory requirements. And I seriously doubt there is any similar item on the market -yet.

This is more of a police station conveinence item. It will make life easier for patrolmen and detectives in carrying out their "duty."

Glenn, I'll write up an email describing what we've got in mind. It may seem a little weird to those of you who aren't cops, but there is certainly a justifyable need for this product.

Our target unit price is somewhere around $35.00 a piece. So, we aren't talking about major bucks here (unless it's a major department with numerous precincts.)

I can't believe a patent can run upwards of $50K! That's unbelievable. I was thinking maybe a couple thousand, tops. Shows you how little I know. I wish there was a way to get a patent pending to protect the idea long enough to make some returns off of the product before having to shell out that kind of cash.

Shaun @ Tru6 · 08-17-2005, 06:19 PM

Leland, good deal, and sounds like you've got a faster track to sales than I thought. Remember, it's all about sales in establishing a young company.

on the patent thing, you can get something done for a drop dead low of $5K and probably more like $10K. Artist's renderings alone will eat up $ fast.

It only gets to $50K if there's a challenge. then the graph of time v $ looks like a hockey stick very fast.

good luck and keep us posted.

M.D. Holloway · 08-17-2005, 08:02 PM

leland - patents are great if you have the resources to enforce them or license them other wise it just gives the competion insight into how to get around it and make their offering better.

Like they told me in grad school, "Great ideas are a dime-a-dozen", but what they didn't tell me which I learned was that it is all about exicution and yor sales channel.

Joeaksa · 08-17-2005, 08:22 PM

Leland,

If you need venture capital, my boss does this all the time. He was one of the first investors with both Ebay and PayPal, so likes to invest in new things.

Let me know if I can help...

JoeA