1.
The exit strategy I would adopt is selling the
idea to another company. I would consider patenting and selling the idea to a
larger company. The leading company in this industry would probably be Yeti,
who I would actually consider selling the idea to before production even began.
2.
I chose this exit strategy because it would
allow me to profit off my idea immediately and at a large amount. It will also
allow this company to make profit off of my idea and further modify the concept
in the future.
3.
At first, I would make my product and simple and
efficient as possible, so that any other company cannot copy the concept of the
idea and execute it in a different or better manner. Improving the product to its
greatest extent before production is key to preventing threatening competition.
If other companies recognize their inability to produce a competitive product,
it would increase the value of my product, as well as the price I could sell
the patent for.
max,
ReplyDeleteI like how you thought different in most people are thinking about what you want to do with your company in the future. Wanting to sell your company can help because it gives you money quickly. One thing I do recommend if you really believe in your product to do is to invest in your companies stock. This way you will be out of the business but if your company does take off then you will still be able to profit.
dear maxwell,
ReplyDeletei am not sure i would be willing to part with my company as willingly as some may but i definitely agree with your approach regarding the sale of your company. especially noting the constant drive to compete with other business', i agree with your interest in selling the company to someone of great size so as to make a quick buck and not worry about losing the patent or business to some other competitor.
Max,
ReplyDeleteSounds like you have a productive and well thought out exit strategy for your product. Yeti would be a great company to work with especially because of their success and the purpose of their products. I can tell you have confidence in the success of your product which I'm sure any other company can tell too. Great job and hope you make this a business one day!