[Opinion] Selling a patented product

[Hein8956]

Hi all.
I need some advise regarding a cooling product I developed and patented. I have read some of the previous postings and answers regarding marketing and selling of a unique product,but I am still not sure what route to follow.
I have this cooling product for beer/cooldrink bottles and cans,had the injection moulds made (my property) and ran a initial production run of 500 units. I did all the testing and my product work exactly as I intended.
My problem is the following. 1.Do I get into contact with a marketing company to help me with final branding and marketing?
2.Do I go directly to the couple of big company's that I know of (some interest were shown on their part).
3.Do I keep small at first and market my product at a slow and steady pace.
Facts to keep in mind: I have some capital available,but it is not a bottomless pit. I do not have packaging sorted yet. I still need to invest money on a final sealing machine. I understand that big company's can take my product and keep me in court till I am dried out(patent infringement).
I need some advise regarding what route to follow next. I have been busy with this for the past 3+ years and I want my product on shelves now

Any help would be appreciated
Can check the product @ www.icblock.co.za

[AndyD]

.....I understand that big company's can take my product and keep me in court till I am dried out(patent infringement).

I'm struggling a bit to see the novelty in your product that might warrant a patent being defendable.... Are you concerned that your product may be copied by a big company and the costs involved in defending your patent or are you concerned about a big company taking you to court for infringing one of their patents?

I'd suggest you stop investing money until you have a better handle on the market for your product. Maybe outsource the packaging or use off the shelf packaging until numbers of sales warrent the outlay of machinery, yes it might be more costly per unit on paper but at least the packaging costs will then be proportional to your sales and no large capital expenditure will be required.

[wynn]

My advice would be license the idea to the big guys and let them run with it, insist that they are manufactured at a facility you can control the quantity produced and take a commission for each one delivered.
That would take all the hassles off your shoulders and the only thing you would need to do is check the delivery book once a month.

[Hein8956]

Hi
Thank you for your reply. I did do my homework regarding the place of my product in the market and there is nothing available in SA that serves the same purpose as my product. The product was not known to anybody before I got the product patented. I understand your idea on the packaging side and also feel it is best for now.

[Greig Whitton]

I am still not sure what route to follow.

It's impossible to choose the right route without first clarifying your intended destination. So what are you trying to achieve? Do you want to create a passive income stream? (e.g. licensing fees) Are you looking for a big payout? (e.g. selling a patent) Do you want to build and manage your own business? (e.g. a manufacturing company)

ran a initial production run of 500 units.

What happened to those 500 units? Have you sold any of them?

there is nothing available in SA that serves the same purpose as my product.

I understand that you are emotionally and financially invested in this project, but surely an ice bucket, cooler box, or mini-fridge would serve a sufficiently similar purpose?

[HR Solutions]

Why don't you post a pic of the patented product ?

[Hein8956]

Hi
I was hoping to work on this myself,as I do not know what company's would be interested in taking over my product (licensing). I do not know how things work. Do I manufacture the items myself and sell them to a distributor, do one sell your complete idea with injection moulds to somebody and the production and assembly problem is theirs?
The 500 units is still with me.( I moved from Mpumalanga a month ago)
An icebucket and coolerbox need ice to work and a mini-fridge need electricity. I can start listing the positives of my product, but i don't think this is the place to do advertising
I do have money and time invested in this ofc,but I am open minded also and in 3+ years you learn a lot. (But not enough if you live 300km away from any good help or advise).
This project is not killing me financially, but I have spend so much time on this,that I would hope to see it through.
Att is some pics.

[HR Solutions]

Links of pictures dont work

[Hein8956]

[Hein8956]

Hope it worked this time

[Greig Whitton]

I do not know how things work. Do I manufacture the items myself and sell them to a distributor, do one sell your complete idea with injection moulds to somebody and the production and assembly problem is theirs?

Either of these routes could work (and there are other viable options as well). Personally, I would recommend manufacturing and selling on a very small scale first. If you can achieve a market footprint and sustainable demand (however small), then you have a lot more leverage to justify something like licensing fees.

The 500 units is still with me.( I moved from Mpumalanga a month ago)

Have you tried selling them? Do you plan on doing so? It's crucial for any new entrepreneurial venture to demonstrate conclusively that people will actually pay for their product. To be blunt, I wouldn't pursue this any further until you have sold the 500 units that you already have.

An icebucket and coolerbox need ice to work and a mini-fridge need electricity.

According to your website, your product needs electricity too ("Place your ICBlocks in the freezer for a couple of hours.") If I need a freezer for this product, why not just use my freezer to keep my beverages cold or create ice for my ice bucket / cooler box?

[Hein8956]

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According to your website, your product needs electricity too ("Place your ICBlocks in the freezer for a couple of hours.") If I need a freezer for this product, why not just use my freezer to keep my beverages cold or create ice for my ice bucket / cooler box?

What the freezer part do,is to freeze the ICBlock and then you can place the ICBlock on a table and fit your drinks inside. It will keep your drinks at fridge temperature for over 3 hours. This means you dont have to walk to the fridge every now and again to get a cold beverage. Fridge use is to cool room temperature drinks in almost half the time it would normally take and to keep drinks from falling over/rolling around.
I have also found that a frozen ICBlock will cool drinks from room temperature to fridge temperature placed outside a fridge.

I do feel that you are absolutely correct with the idea to go out and sell some of my products on small scale. I just wasnt in the position to do so the past 3 years.(Working 6 days a week and living rural Mpumalanga life).

Thanx for the advise.

[AndyD]

I'd agree with Greig, don't spend another cent (apart from maybe some packaging) until you've found out how easy it is to sell the 500 you already have completed. Hit the market stalls on weekends, advertise them on Gumtree and your local Facebook groups etc. There's no substitute for the knowledge you'll gain about your product and its market by selling them yourself to start with.

Can I be so bold as to ask what kind of retail price point (ballpark) you had in mind for the product?

[Hein8956]

I am surely gonna follow the advise and it makes perfect sense. Retail I think would be about R70-R75 a unit.

[HR Solutions]

I am surely gonna follow the advise and it makes perfect sense. Retail I think would be about R70-R75 a unit.

What does it cost to make one unit ?