Paul Odom
Lake Zurich, IL (USA)
Role(s):
Founder/Owner/Principal
Posolutions Product innovation
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Startup
Location:
Lake Zurich
Industry:
Manufacturing
Year Founded:
2010
Number Employees:
1-10 people
Business Stage:
Creation/Idea
Entity Type:
Not Incorporated
Description:
Starting process of creating a manufacturing company to commercialize a product invention. Key asset is IP related to a significant functional improvement for class of items, at least two of which are already in almost every home in most developed countries worldwide. Actual manufacturing to be contracted out domestically, based on RFP response. Product is low tech requiring minimal development. Manufacturing is very straightforward and almost completely automated with standard equipment.
At the low end of the product line, there is approx. 4 times the profit in manufacturing it than licensing it. (Ex: $3.00 vs. $0.75/unit) Annual global market estimate is 34mm units (excluding low retail price markets like China). Profit per unit is even higher with higher price points. I have a verbal offer from a potential vendor to line up the funding required for tooling/manufacturing. It would be better to have a backup or alternative, but ideal would be an angel/business consultant with startup expertise related to non-consumable kitchenware or bathroom utility products.