IF YOU HAVE A CONSUMER PRODUCT STARTUP, DON'T WASTE YOUR TIME AND MONEY. LEARN WHAT HAS WORKED SO YOU CAN APPLY IT TO YOUR COMPANY.
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My first effort with this project is to get it organized. I am using the Framework header document as a guide to help organize my ideas and plan my tasks. I am completing Section 1: Strategy of the University section. I am not doing any research initially to complete this section, but just getting my initial thoughts and ideas documented.
The Framework Header Document is something I will live in with this project, probably indefinitely. As I think about this project and move forward with it, I will be dumping in my ideas, research and plans. As it grows, I will have many other documents that are linked from it. That way, I always have a starting point where everything links from.
From my initial effort at documenting high level thoughts and ideas, I have come up with an initial set of tasks and goals to complete to move this startup forward. They are as follows:
- Develop initial product prototypes based on packaging (size, type, function) that I might use;
- Solicit end-user/customer feedback from the product prototypes – looking initially to test taste and texture and how customers feel after eating it;
- Obtain brand and product names (and URL) and make sure they are available with no intellectual property restrictions (existing use in same category or wordmarks/trademarks filed);
- Develop initial ballpark COGS and SRP models: (a) based on low volume production runs using my own facility and equipment; (b) based on high volume production runs using a co-manufacturer. The idea is if I come to market, I will be pricing SRP more based on high volume and economies of scale, unless I can come in below or near competitors even with a low-production volume model.
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