Product Development an A1 Venture

Calibre Designs · #51 (**permalink**) 06-03-2008, 17:03

Quote:

Originally Posted by ParentsforPlay

I can't think of anything I could help with.

Sarah

In any large project, the requirements are rather large so I am sure there is something.

Shall we start a "I am good at thread..."
Shall we start a "possible product thread..."
Shall we start a "lets appoint task to thread..."
Shall we start a "what will we do with the money thread..."

fee · #52 (**permalink**) 06-03-2008, 17:18

Quote:

Originally Posted by Calibre Designs

In any large project, the requirements are rather large so I am sure there is something.

Shall we start a "I am good at thread..."
Shall we start a "possible product thread..."
Shall we start a "lets appoint task to thread..."
Shall we start a "what will we do with the money thread..."

Kay - good to talk with you earlier...

i think the first too straight away, the second one being a place to throw ideas around...lots of them.....then after we have decided what we are going to progress with, then we need to look at what tasks we require working on and then we can discuss appointing someone to each task..

but it needs to be in the private forum..imo

Calibre Designs · #53 (**permalink**) 06-03-2008, 17:26

Was very pleasant talking to you too

Agree - all done in private away from prying eyes.

Pixels Ink · #54 (**permalink**) 10-03-2008, 20:29

Only just caught site of this thread, obviously Kay is a designer as am I but if there is anything I can help you guys out with just gimme a shout.

Col

Inzvestor · #55 (**permalink**) 10-03-2008, 21:05

Without wanting to rain on anyones parade...

The concept can work, providing you have a watertight structure and a solid project manager.

Those contributing will need to sign NDA's / Non-Competes (I have seen ventures like this split and the spin-off group coming to market first, making a bucket load of cash and then fading) and also more importantly be able to commit time and resource to the project.

You must ensure all participants have no skeletons in the closet as the media will dwell on these rather than success stories.

Take time to plan and set aside time for regular meetings.

Sort out tax obligations early and plan on at least 2 people dropping out in a group of 5 or more - with a partnership agreement flexible enough to draft in new talent as and when required.

Costs will need to be planned for and a fund setup in advance (escrow may be an option) so that the first hurdles can be overcome.

Make sure all suppliers are paid fully as soon as possible.

Most ventures fall apart due to the funding, and a sense of 'I am doing all the work now' mentality creeping in from some quarters.
eg (and not pointing fingers) Web Design - a visible aspect - is one of the first tangibles, whereas the planning and strategy comes in to play later on. The back end financing and reconciliation and the order processing really only come into play when products are being sold.

Most importantly - be honest with yourself - can you afford the time to commit to what could turn into a full-time job in itself if it goes to plan.

Be prepared for setbacks - every project has them

Finally - Communicate regularly - minute all meetings (even online)
Keep the transcripts safe so that you can call on them in the future if needed.

Indizine · #56 (**permalink**) 10-03-2008, 21:15

Totally agree Glenn, and dont worry you're not peeing on the bonfire! It's a reality check.

With our business expertise clubbed together and Stephen Doyle's £1m in the bank we stand a decent chance!

I think the reason it sounds like it could work is that we all think on the same level. We have high standards, we have had experiences good and bad, and made mistakes and learned from them.

People will get out what they put in.

Calibre Designs · #57 (**permalink**) 10-03-2008, 23:31

Hi Glen,

I am totally familiar with that procedure but have never taken on a venture as an entity. The foundations must be set with a written agreement taking away any grey areas so that we will not let this hinder the progression of the project. You have made some really good points and as Indi said, a reality check is needed.

With the variety of skills that are required to take on such a project, I strongly believe that we can form a good team here to make it all work.

RayB · #58 (**permalink**) 11-03-2008, 00:01

I think we need to agree if we're doing something, form the team, then choose the project and finally raise the cash.

Otherwise, we'll go around in circles

Happy to stick thread if people are serious

pvcprinting · #59 (**permalink**) 11-03-2008, 08:30

Agree with all the comments....I am definatly in for the whole stretch

Be nice to get it moving along

Busby · #60 (**permalink**) 14-03-2008, 09:28

Don't know if I am too late to muscle in on this but I love the idea, I have been trying to do a similar thing with my inventors forums but with me concentrating on a few other things I have not had time to promote or devote time to the forums (unless we could amalgamate my forums somehow

, quite happy to put that under the corporation, it has the perfect domain name also).

Anyway back to this thread, I have many many many ideas that I would be willing to contribute

, my most crazy one is a physical product that would cut supermarket cues by 98%, increase footfall through the store, improve the shopping experience and much more, that is just one of more technological ideas.

I also have some very simple catchy and unique ideas.

Let me know what happens with the outcome of this thread.

Craig.