Can you quit your job to start your own company based on the success of one product idea? Yes! Well, if you're Michael Perry that is.
Michael is the inventor of the Clean Hands Changing Pad and the entrepreneur behind the charming baby products company SnoofyBee. He ventured his first product onto the market. Mike attempted to license the Clean Hands Changing Pad first by contacting 60 companies, but he got a lot of no's. But, he persisted, because he knew how helpful his invention was for him personally with one his children — he's a dad of six! He made a prototype for himself first with the help of his mom, who can sew.
https://snoofybee.com/
https://snoofybee.com/collections/clean-hands-changing-pads
Then he started testing the market with a website and on social media. A video went viral because he had both haters and fans, and it grew. Then he launched on Kickstarter, where he did great! He felt safe enough to quit his job and do this full-time. In a month, he did $120,000 in sales, all before product. He's always been profitable as a result.
Mike shares some of the advice he got from Steve, resulting in a feature people like — loops to hang toys! Then Mike launched a teether toy, which also doubles as a way to make an impromptu bib! Then he shares another product he has invented and brought to market for dining out with your children! His wife is his partner and the person he bounces his ideas off of, because she's honest about whether she thinks it's a good idea or not. Two of his 5 Kickstarter campaigns weren't successful, which was helpful because he got feedback.
He says about his original product, "Like the dog cone of shame for babies, but they love it." Genius!
Kids grow up fast, so timing is important as far as manufacturing timelines and such. He's also in retail in small shops.
Mike and Steve also discuss copycats and knockoffs, which are persistent. He has a patent, but it still took him a long time to get Amazon to honor it. Mike reveals he was also on Shark Tank, which is what attracted the attention of copycats. Lori Greiner's advice was spot on in that regard. He has worked with our favorite brand protection company, Red Points. Now Mike has an Amazon guy who helps him out with knockoffs. Copycats can cause a lot of confusion in the market, so it's worth taking the time to deal with.
Bringing an invention to market? Let inventRight, the world's leading experts on product licensing, show you how. Cofounded by Stephen Key and Andrew Krauss in 1999, inventRight has since helped people from more than 60 countries license their ideas for products. Visit http://www.inventright.com for more information and to become their student.
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Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": https://www.amazon.com/gp/product/1653786256/
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