Channels and Alliances | Crown Business

Jun 09

Healthcare Product Company Needs Seed Capital

By Wade Myers | Business By The Book, Channels and Alliances, Financing a Small Business, Financing a Startup, Planning, Selling Your Idea or Invention | No Comments

Q: I’ve developed an innovative product for the healthcare industry, specifically for the hospital environment that improves patient health and safety while lowering the healthcare provider’s time and cost. We are looking for $250k to $500k to fund the manufacture of the first few prototypes and to perform the early sales and marketing effort to get our product to market. What suggestions do you have for me? A: Given the fact that your capital need is $250k – $500k puts you in the realm of angel investors and seed capital investors. While there are many angel investors in the U.S.,…

Mar 17

Looking for Sponsor Company to Develop a Product Idea

By Wade Myers | Channels and Alliances, Coming Up with an Idea, Financing a Startup, Intellectual Property, Organization & Strategy, Selling Your Idea or Invention | No Comments

Q: I have an idea for a product that doesn" />

Q: I have an idea for a product that doesn’t exist yet based upon my internet research. It has been on my mind for some time and I keep shrugging it off but feel that God may be putting it on my mind for a reason. I would like to know of a Christian company that will work with me to create this product and possible help market it. I am very skeptical about being taken advantage of by the wrong people/company. Can you recommend someone that will help me with this? A: It is possible to get the type of sponsorship you sketch out, but…

Dec 07

Starting Your Business – Part 4

By Wade Myers | Business By The Book, Channels and Alliances, Creating a Financial Model, Marketing, Planning, Uncategorized | No Comments

In the initial post in this series, I suggested a step-by-step process for launching a business. This post will focus on the first post of two posts on Step 4 – Launch, where we lay out the requirements to fully launch the opportunity you’ve decided to pursue. (See Part 2 and Part 3 for other posts on the process). Launching the Best Opportunity In this phase, you are prepared to launch the best opportunity that was fully vetted in the earlier steps of Define, Generate, and Evaluate. If the idea passed your evaluation criteria with flying colors in Step 3 – Evaluate, you should have full confidence to move forward…

Oct 09

How to Determine When to License Your Idea to Another Company

By Wade Myers | Business By The Book, Channels and Alliances, Intellectual Property, Planning, Selling Your Idea or Invention | No Comments

Q: I am a design engineer that has created what I believe to be a revolutionary design, but I know very little about patenting the design, raising venture capital, building production capacity and ramping up a company. What advice would you offer someone like me? A: It is hard to give good advice on so little information, but here are a couple of thoughts: If you are a great design engineer and your skills are all focused on design, then you should consider staying in your sweet spot and just be a design company that creates great designs. You can then license…

Aug 07

How to Make the Most of an Idea Without Any Money

By Wade Myers | Business By The Book, Channels and Alliances, Intellectual Property, Marketing, Planning, Selling Your Idea or Invention | No Comments

Q: I have a patent pending on a new type of commercial resistance exercise machine. Here’s the problem: I don’t have the money to get a prototype built. I know what I have here, but I have no money to pay for anything. My desire is to start a small manufacturing company after the product has been tested in fitness centers. I could simply sell the rights to this for royalties, but starting a small manufacturing company (and surrounding myself with a lot of people who are experienced in the field, including management) is what I want to do as I…

Jul 26

Eight Ways to Prepare for a License and Royalty Agreement Negotiation

By Wade Myers | Business By The Book, Channels and Alliances, Intellectual Property, Legal Issues, Negotiations, Planning, Selling Your Idea or Invention | No Comments

Q: I am about to enter into a licensing/royalty negotiation with a company that is interested in taking my idea to market. I’ve read your Q&A post on Taking an Invention to Market and How to Negotiate a License and Royalty Agreement and they were very helpful, but I am looking for more specifics on how I should prepare for and approach the negotiation? A: The key is to do your homework. Here are a few specifics: Research – First of all, do your research on the potential value of your product or idea by looking at other deals that have been done in your industry with…

Jul 26

How to Take an Invention to Market

By Wade Myers | Business By The Book, Channels and Alliances, Intellectual Property, Organization & Strategy, Selling Your Idea or Invention | No Comments

Q: I am a 48-year old man with no business experience in terms of starting a company, raising capital, or running a company, but I’ve invented a product that I feel would be very useful for every bathroom in the U.S. and I believe it would be a huge hit. Any recommendations on what I should do next? A: First of all, I would not recommend trying to start up a company to produce one product. “One-hit wonders” rarely make a company, regardless of how good the product is. The inefficiency of building a company and manufacturing capacity around one product that…

Jul 25

How To Get Sales and Marketing Experience Prior to a Startup

By Wade Myers | Business By The Book, Channels and Alliances, Landing Your First Customer, Marketing, Marketing, Sales, Sales | No Comments

Q: It is quite apparent to me from reading through your site and listening to your presentations, that sales and marketing skills are essential for an entrepreneur. I am a young man without any experience in sales and marketing and I am curious what you might suggest for someone in my position. A: You are correct in that I strongly believe that sales and marketing is the most important skill in an entrepreneur. Of course there are other important factors such as the opportunity you are pursuing, your character, God’s providence, etc., but the most important skill for an entrepreneur is the…

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