Also in this playlist...
This transcript is automatically generated
Thinking of starting your own business would -- be nice you've got a product or service that you think as the next big thing well.
If you -- Oxford or email us your idea we might give you -- shot.
At facing our most valuable panel tonight's entrepreneurs attorney and mother of three.
Parent Nadler Sachs she came up with her business idea after doctors spilled jam.
On a chair she joins us now to tell us all about it and here to let us know what they think -- power panel AOL executive editor rod -- small business -- million Connecticut Wall Street Journal's Lee Hawkins Kara great to see effective recovered by the -- -- an attorney you gave up that -- -- were it not about -- okay see you have to lives yes I have actually double life that credit itself various people so you literally this happens so often by the -- something happens at home that gives somebody whom the idea -- starting business.
Necessity is the mother of invention and -- could not stand cleaning up after my daughter.
So there's one area that I knew I -- wrap my arms around.
I have -- law school -- was licensed in new York and New Jersey.
And I always wanted to be a designer so I -- at 20 good -- that -- -- fresh and it's it's actually it's a guest today -- And so I haven't tailoring backgrounds and so when I have a problem I tend to try to devise ways to fix that to -- My while -- what did you have a business plan or did you have somebody help -- I wonder what you know I have a business plan and I think I have one in the true sense of what a business plan as it was ever changing so in the beginning it was all about trying to get -- -- -- together.
And then after I had one that was suitable for my purposes going to professional -- hyper.
And then -- -- design engineers and -- trying to source in China -- also like a lot of money it's a lot.
Work I think because I was willing to do so much for myself that wasn't a lot of how much at a cost to put all this together.
I think probably today it has -- about 50000 dollars which is.
Yeah which hasn't really start a big business really how did you pay for -- -- -- in cash fugitive max out your credit cards or what not -- summit credit cards and there's always that risk and that balance and you have children and you have a career -- to start a business.
Where you pick your money -- -- your time right.
And by the way go to a two shot again and you'll see what we're talking about -- these -- the slip covers its one size fits all these cell for what about forty barks out.
Forty bucks and it's manufactured in China accidents are right I think we got enough details panel free to chime in in your opinion.
What do you think Greider I think I think Karen is a great example see you know a time of what I call mothers of invention she is literally -- that's -- -- prowling date they supply -- -- -- the rest of -- don't see they're funny moms out there watching in this is evidence you can get out there and start your business.
You know I think what she has gone for her is how many times you walked into Bed, Bath & Beyond it's at white and I think that -- -- something that's great.
The problem is there's a lot of stuff out there and how do you stand out from the crowd imagine that might be concerns here million.
Exactly so tell me with -- -- back on what kind of protections you have on the design and the the use I actually started out with an application for utility patent.
Not just -- a -- and if there is utility that thinks remember about the chair covers.
Is that they do two things that no other slip -- that are gonna -- affect almost any size chair it fits into pieces -- -- -- to do that.
And I think it's -- -- -- Permian all so any juice stains wine -- -- are not going to -- But thrilled because best line -- where did you get with the utility patent.
-- -- Pot to -- -- -- that pay for anymore right right so so from meaning that.
You know when I look at making investments yes the value of that is if you could own the utility gas on the second would be if you -- own the design because it is into pieces and -- aren't living.
The latest movie on though Mary if if she does get that patent if she gets.
-- investor to come -- -- enough money for the patent.
Would you be forth then.
Well the investor won't give her money for the utility she has to get the utility -- investor will invest so that -- it onto -- -- -- to go farther out on the left in order to get it right.
I think if you market this product and get it out there does you don't necessarily need the patent you need to get it into a distribution.
Like knock her off at around gain end I feel their home shopping network or retail stores.
That's what you need I mean there are I would say Iraq I mean there are a lot of companies lot of startup entrepreneurs they get.
The get hung up in trying to spin their wheels -- the patent make sure it's protected yet have a market for -- -- -- -- customers -- I think the least point to get out there and start selling -- sometimes that's first mover advantage see on TV right now exact.
Don't expect it not as a commodity though I mean that's where the rules -- and don't apply because this is -- this is such an.
Low barrier to entry the only thing she has is to be able say I've got a -- right I got a trademark I get a catchy name are you worried about copycat.
I am I think any good products regardless of having a patent is going to be copied absolutes -- how do you defend against that if you can't get this utilities -- -- first the other side of the -- an attorney for twenty years and I do a lot of the stuff that's on your advantage that your yes it is it an advantage.
But -- you know how that no matter where I get a patent no matter where in the world.
I would never have the funds -- to go chase down every one and that's why I'm asking you get it I'm asking you to get it to get the money to be able to do that I -- We got ten seconds is -- gonna succeed yeah I I think she's off to a fast start I'm already thinking about what are the logical product extensions where else can she familiar we know your concerns will succeed I like what she's doing she's an attorney she got lazy go farther -- he pushing into grandmother's plastic 2.0.
I don't know that are not associating lazy about it and I hear you gonna benefit as far as -- it's and thank you very much for come.
Filter by section