Existing Market:
To
grow this business as a B2C product, the consensus is to build a prototype
piece to then try to sell to stores such as Amazon or Walmart. There would have
to be sections of the stores for selling baby products. It would have to be low
cost and have to be something that would make a consumer want to spend the
money on it. After speaking with my nephew Brian (new father), my Brother (new
grandfather), and Amanda (new mom) -there are two new babies in our family, we
had some collaborating ideas: Brian thought it might activate while the car is
stopped, not off. He said only if the car is in park. I said, the motor would
be off. But we wondered how to connect it to a motor that is off. I thought it
would be better to connect it to the driver’s seat belt when it is unhooked.
Brian liked that idea. My brother, Jeff asked if the sound could grow
louder if the baby is not removed and we all agreed that that was a good idea.
Since the activation is connected to the seat belt being unhooked, that would
take some additional thought. This brings me to the new market.
New Market:
After discussing this venture, I think it is
best presented as a B2B product. The reason is selling this product to a
manufacturing company that already produces child safety seats would be the
easiest way to gain their technological skills, piggy-back on their coat tails,
and gain their momentum. Since I have changed my product drastically, the
interviewing process was almost like a new venture. Everyone I spoke with is passionate
about the idea of saving children and about a simple way of doing so. The next step
of the business is still looking at the idea as a viable product within the
market and to make a prototype sample to show it to potential manufacturers and
investors. I spoke a woman with the NHTSA (National Highway Traffic Administration) and
she gave me this website for further exploration: www.volpe.dot.gov/sbir. It is the US
DOT Small Business Research Program. (Dept. of Transportation). I also reached
out to IMMI’s team Indiana Mills and Manufacturing Inc. (https://www.imminet.com/industries/childcare/)
about the product as well as Safe Kids Worldwide. I will next try to reach
Evenflo and Greco’s manufacturing departments. Finally, I looked at getting a
patent on the idea and it would cost about $100 which isn’t bad for piece of
mind. One of the patent websites said you should not discuss your product idea because
it could take away the novelty aspect of it which is a requirement for a
patent.
Hey Virginia,
ReplyDeleteI completely agree with you that it would be best sold as a B2B product. Your idea is very innovative and helpful, but like your family members pointed out, there is a lot of technological issues that arise and need to be worked out. I think a manufacturing company that is already experienced in this domain would know the market better and know what customers prefer. I'm really impressed that you have actually tried to reach out to several manufacturers and are trying to make this a reality! Goodluck :)
Hi Virginia,
ReplyDeleteI really enjoyed your post. I think that you have a really solid idea here with a lot of potential for growth. I think your entrepreneurial spirit really shows here because of the fact that you know exactly what you want. I think that the B2C product category is a really emerging market with a lot of potential for growth and it will always be there. I think that with the right market tactics and retail strategy, you will have a very profitable business!
Thank you for your kind comments. I appreciate them very much and value your thoughts!
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