EPISODE 199
How to Successfully Bring a Product to Market
with Nick Barrett
When Nick Barrett launched his company in 2020, he had no experience in product development.
Just a few years later, his products have appeared on The TODAY Show, Good Morning America, ABC Secret Sales, and the Tamron Hall Show. They’ve also been endorsed by Sharks from ABC’s Shark Tank. His product, the CordBrick, was voted “Coolest Product” by attendees of the National Retail Federation BIG SHOW in NYC in 2023.
Creating a Unique Product
Nick built his first prototype of the CordBrick out of modeling clay from Michael’s. He knew the design needed to be simple, clean, and mass-market-friendly.
Nick recommends all product-based entrepreneurs find a unique angle or design to help differentiate from the competition–and that once you find that unique aspect, protect it. The CordBrick has multiple patents, including utility and intellectual property.
Share Your Idea as Much as Possible
Nick’s biggest advice to other entrepreneurs is to share your idea with as many people as possible. Some founders are worried about people stealing their ideas, but the benefits outweigh the risks. An outside perspective can help you see your product in a new light and come up with better solutions.
Another benefit is that the more information you give people, the more likely they are to introduce you to their network and connect you with the right people.
Likewise, Nick recommends consulting with other entrepreneurs who have done the thing you’re trying to accomplish. Look into what made those people successful. Read their biographies, and if you’re able, reach out and connect with them. But when you ask for advice, focus on the big picture. The industry and technology may have changed, but the principles remain the same.
Enjoy this episode with Nick Barrett…
Soundbytes
10:17-10:38
“How much would people really pay to solve this problem? Like $5? So one of the first things I did was I took these and I took them to a little shopping center near me, and people told me they would pay not just five, but $10. Some people even told me $20. Several people told me 20 and I was like, Wow, that’s crazy. I can’t believe people would pay that much to solve this. I might be able to have a business out of this.”
11:58-12:24
“Don’t be afraid to share your idea with a lot of people. I think people keep things too close to their chest for too long, and they either don’t do anything, or they get stuck on a couple of thoughts. They either haven’t diagnosed the problem correctly, or there’s a solution they haven’t considered, and just by talking to people, I would say I’ve gained so much more benefit from talking to people.”
Quotes
“Don’t be afraid to share your idea with a lot of people.”
“The more you share, the more information people can give you about how to help you better or introduce you to the right person.”
“It’s more work than you think, but that doesn’t mean not to do it.”
Links mentioned in this episode:
Connect with our Guest
CordBrick: https://cordbrick.com/
Connect with Nick on LinkedIn: https://www.linkedin.com/in/nick-barrett-0781491a/
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