To submit your idea now, please click here or scroll down to bottom of this page.
Frequently Asked Questions
Why would I give you my “million-dollar idea”?First of all, we have yet to see a million dollar idea, but people tell us about them all the time. The reality is that results and value are created by execution based on expertise. That is not to say that we don’t value ideas or intellectual property – we absolutely do. What most people submitting ideas to us underestimate is the amount of investment and effort that is required to successfully commercialize a product. These facets comprise our “recipe for success”:
Recipe for Success:
- Strategy: First and foremost, our team has the experience and skills to strategize a plan for an impactful product launch and ongoing success. - Product Development: Design, engineering, prototyping, and mass production of the product at a price that the market will accept.
- Investing: Tooling can be into the $100s of thousands of dollars, not to mention buying inventory, shipping it around the globe, and selling it to retailers on 60-day credit terms. Our business is VERY capital intensive.
- Marketing: Branding, packaging, images, copy, video, web, demos, trade shows and so much more.
- Logistics: We warehouse goods and ship them all over the world. Sometimes to distribution centers, retail stores or even directly to the consumer - all with the necessary packing materials, labeling, tracking and all other routing standards required by our customers.
- Systems: We maintain all of the systems required to electronically interface with our customers to facilitate business. These include EDI, Commerce Hub, Vendor Net, Commerce Interface, Mercury Commerce as well as a host of other retailer systems.
- Finance: Our financial systems integrate with the retailer systems above to facilitate invoicing and bookkeeping. We also work closely with lenders to ensure we have the working capital at all times to finance a rapidly growing business.
- Sales: Our sales force is world class and has worked for some of the most prestigious retailer and consumer product companies. A key differentiator for StoreBound is the relationships we enjoy with our customers.
- Customer Service and Aftermarket Support: We write and illustrate all of our instruction manuals and train a small army of USA-based customer service personnel who are equipped to answer a wide array of consumer questions by phone.
- Risk Management: While we make every effort to ensure product safety with certifications by UL, FDA and more, we also maintain all of the necessary product and liability insurance as a final resort.
Do you read all idea submissions?Absolutely. We try to respond to all of them within a few business days. We receive thousands of submissions so sometimes, it may take a bit longer for us to respond. If you haven’t heard from us within a week, reach out to us again at email@example.com to check on the status of your submission.
Is there a fee to submit my idea?Definitely not! While there are many platforms that require a fee for you to submit your idea, we believe that you shouldn’t have to pay to share your great idea!
How do I know you won’t steal my idea?Having worked with inventors and inventing products of our own, we understand the importance of intellectual property and strive to make you feel comfortable during this process. We are committed to protecting your ideas and intellectual property. We would not be able to continue our business if we were not a brand built on trust and honesty. Still unsure? Our process does not require you to initially divulge anything other than the following:
1) A very general statement of the problem the idea solves
2) The “category of business” – for example food prep, sporting goods, apparel, etc…
3) The type of stores where you envision the product
4) Whether technology already exists to bring your idea to fruition
This information can be shared in the most general sense. If we feel that the idea is a good fit for StoreBound, we can proceed to signing a Mutual NDA so that we can share more information with one another with a degree of formal protection.
What happens after my idea has been selected?We will work with you to formulate a plan to get your product StoreBound. To see a more detailed roadmap, click here or scroll down.
What is the financial model if we move forwards with my idea?We don’t believe there is any one-size-fits-all solution to compensation since there are so many factors that come into play. These include how far along you are in the process, whether the concept is patented, the type of product you are creating, where it will be sold, risk factors, competition, pricing model, development costs, investment needed and many many more. If we select your idea, we will be open and willing to discuss the financial options with you. We will only proceed to a development stage once we agree on a financial model.
What is the expected inventor involvement in the product development process?Since we are fully capable of designing, marketing, manufacturing, selling and distributing your product, we typically like to structure a deal where you will not be involved in the process. However, if you bring some unique skill-set or know-how we may entertain formalizing your continued involvement with the project.
How can I increase the chances of my idea being chosen?The most important thing that you can do to increase your chances of being selected is to make sure you do your research. Does this product exist? Do consumers want your product? What problem in the market are you solving? You’d be surprised how many people don’t do their research only to realize later on that the product already exists!
Do I need trademarks or patents on my idea to submit?Absolutely not! We can walk you through all the necessary stages in the product development process should we choose to move forwards with your idea.
Why wasn’t my idea selected?Of the 1,000s of product submissions we receive, only a fraction get selected for development by our team. This is often just based on what we find is a strong fit for the company so that we have the maximum chance of success when commercializing a product.
The most common reasons that we don't proceed are:
1) The idea already exists. Believe it or not, this is the most common reason we reject submissions. Make sure you Google it first!
2) Concerns over any of the following:
- Feasibility: Does the technology exist to quickly develop and commercialize the product?
- Competition: Are we able to create competitive advantages or barriers to entry?
- Safety: We take consumer safety very seriously. Sure we have product liability insurance, but we never want to use it.
- Complexity: – If a product requires too much explanation, we usually run in the opposite direction. The best ideas are the “Ah-ha! Why didn’t I think of that!” variety.
3) Pricing concerns. It is very challenging to manufacture a product at a price to allow it to be delivered to a highly competitive retail market and accepted by the consumer.
4) The idea is outside our areas of expertise or focus.
5) Boring! Yes, many great ideas make pretty boring products. We prefer to invest our time and resources on projects our team finds exciting and inspiring. It may mean missing some great business opportunities, but we believe we’ll come out ahead in the long run with a team that gets to have fun at work. And if we don’t come out ahead – at least we had fun :-)