I’ve developed a technical product for the building industry. I’ve put together a dream team of top notch UI designers, industrial designers, programmers, etc. Without going into intense detail we’ve designed a product that is way better, faster, and cheaper then anything on the market. It’s stands to make building companies millions of dollars.
Background: I have other businesses which do well, and that are currently funding this project.
We want to sell it exclusively to builders. So average joe consumer can’t go to Best Buy and pick one up. I’ve spent thousands on this thing already, and I’m watching money fly out the door. I want to start selling and get money into this business!!! To finish engineering, gear up factories and manufacture the product. I’m looking at a million dollar hit, give or take a few hundred grand
Option A: Raise Money
I’m a respected business person, with experience, and other successful ventures under my belt. I feel we could develop a solid pro-forma, business plan, and raise money for this start up. However, Investors are a pain in the a$$... it takes a lot of work and then ongoing babysitting.
Option B: Go sell it!!!
Bare with me on this one. This product has been obsessed about by some really smart people for a long time. We have a killer 3D guy, and if you were to look at our “mock up’s†you would think it’s a picture not a 3D drawing. The software is finished and runs on a tablet, you can pock around and see how it works. So to the average person this thing is real!
I’m thinking I should go pitch builders. Then charge them a licensing, franchise or some kind of fee, which will then cover my one million dollar finishing costs. Maybe offer a 2 year exclusive with a couple builders.
My entrepreneurial brain is all, “Ya Ya do that!!!†my logic brain is saying, “that’s a little crazy†Am I selling out of a empty wagon? Is it just too crazy to go to a billion dollar company. Pitch with 3D drawings, and say “write me a check for a million!, I will bring you the finished product in 6 months†Also, if we flop the pitch, the cats out of the bag, and will probably never get a meeting again...
Decision time!!!
Option A: Get some other people’s money, and get a fully working prototype in your hands. Then pitch with a fully working model.
Option B: Stop being a bitch, go in strong, and sell like you have never sold before!
Option C: What did I miss? Maybe there is another angle?
I have some opinions from people I respect, but I was wondering what some of your brilliant entrepreneurial minds thought...
Background: I have other businesses which do well, and that are currently funding this project.
We want to sell it exclusively to builders. So average joe consumer can’t go to Best Buy and pick one up. I’ve spent thousands on this thing already, and I’m watching money fly out the door. I want to start selling and get money into this business!!! To finish engineering, gear up factories and manufacture the product. I’m looking at a million dollar hit, give or take a few hundred grand
Option A: Raise Money
I’m a respected business person, with experience, and other successful ventures under my belt. I feel we could develop a solid pro-forma, business plan, and raise money for this start up. However, Investors are a pain in the a$$... it takes a lot of work and then ongoing babysitting.
Option B: Go sell it!!!
Bare with me on this one. This product has been obsessed about by some really smart people for a long time. We have a killer 3D guy, and if you were to look at our “mock up’s†you would think it’s a picture not a 3D drawing. The software is finished and runs on a tablet, you can pock around and see how it works. So to the average person this thing is real!
I’m thinking I should go pitch builders. Then charge them a licensing, franchise or some kind of fee, which will then cover my one million dollar finishing costs. Maybe offer a 2 year exclusive with a couple builders.
My entrepreneurial brain is all, “Ya Ya do that!!!†my logic brain is saying, “that’s a little crazy†Am I selling out of a empty wagon? Is it just too crazy to go to a billion dollar company. Pitch with 3D drawings, and say “write me a check for a million!, I will bring you the finished product in 6 months†Also, if we flop the pitch, the cats out of the bag, and will probably never get a meeting again...
Decision time!!!
Option A: Get some other people’s money, and get a fully working prototype in your hands. Then pitch with a fully working model.
Option B: Stop being a bitch, go in strong, and sell like you have never sold before!
Option C: What did I miss? Maybe there is another angle?
I have some opinions from people I respect, but I was wondering what some of your brilliant entrepreneurial minds thought...
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