2016 Bill Gillette. Welcome!
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1 Welcome!
2 13th Annual Inventors Conference October, 1, 2016 U.S. Senator Michael Enzi (R-WY) Gillette College Gillette, WY
3 Keynote Speaker Bill Gille'e Founder, CEO Log lube TM SmartOil SmartLab SmartData SmartSecurity
4 invent Definition of invent verb invent \in-ˈven\ 1. archaic: FIND, DISCOVER 2. to devise by thinking: FABRICATE 3. to produce (as something useful) for the first time through the use of the imagination or of ingenious thinking and experiment - inventor \-ˈven-tər\ noun - inventress \-ˈven-trəs\ noun Source: Merriam-Webster
5 invention noun in ven tion \in-ˈven(t)-shən\ Definition of invention 1. discovery, finding 2. productive imagination : inventiveness 3. a. something invented: as (1): a product of the imagination especially: a false conception (2): a device, contrivance, or process originated after study and experiment b. a short keyboard composition featuring two- or three-part counterpoint 4. the act or process of inventing Source: Merriam-Webster
6 What
7 service
8 process
9 product
10 product consumable? hard good? intended design life? disposable? reusable? recyclable?
11 Need
12 Does it meet a need, solve a problem, address a pain point, or satisfy a desire?
13 Who
14 Who will buy? Who will use?
15 Know your customer!
16 Price
17 What will they pay?
18 price one time purchase subscription membership margins volume-based value-based
19 Revenue
20 Revenue model?
21 revenue sell outright subscription software-as-a-service (SaaS) lease/rent licensing recurring vs. individual
22 How
23 How will you make?
24 make manufacturing local/regional suppliers outsourced, foreign assembly, labor materials, sustainable tooling, fixtures volume-based, minimum lot
25 Works
26 Does it work?
27 research & development competitors feature set points of differentiation valued features technology novel, unique
28 research & development prototype, 3D printing proof-of-concept models fail fast integrate quickly hands on, experiential get physical fast customer trials
29 Customer feedback is critical.early and often!
30 Listen to the customer
31 Don t drink your own Kool-Aid!
32 Cost
33 Operational costs Product costs
34 operational overhead rent utilities internet phone insurance salaries fixed costs
35 product product development parts ~ materials assembly ~ labor inventory tooling variable costs
36 Spreadsheets are critical.master Excel!
37 Bill-of-materials (BOM).know your costs! DETAILS, DETAILS
38 Promote
39 Marketing Advertising
40 marketing establish brand control message define the product packaging
41 advertising gain awareness create demand target specific audience
42 Sell
43 How to sell? Who sells what? Where to sell? When to sell what?
44 how online retail wholesale direct-to-consumer
45 who company distributors single vs. multi-channel distribution independent reps retailers
46 where regional national global
47 when soft launch staged launch good/better/best competitive strategy
48 Protect
49 Intellectual Property Confidentiality
50 IP patents US, foreign provisional, utility, methods first-to-file, public use trademarks copyright trade secrets ~ shhh!!
51 Money
52 Debt $$ - borrow Equity $$ - share %
53 money sweat equity - self funded friends & family investors (OPM) customer funded pilot early sales - incentive licensing grants
54 Structure
55 Sole proprietorship? Partnership? Limited Liability? Corporation?
56 structure legal protection taxation other people s money governance
57 Plan
58 plan budget burn rate development costs overhead costs revenue projections time line growth
59 Help
60 help professional legal - formation legal - IP CPA, accounting, bookkeeping market research insurance
61 Wisdom
62 Commitment Passion Consistency Perseverance Faith in self Delegate Pick team well Be realistic Go do it!!
63 Thank you!
64 Contact Info Bill Gillette M (970) bgillette@logilube.com
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