Advice on setting up

cesc77

Hi guys,I currently work for a government department in Northern Ireland and we are going through a period of change,where advisors are being brought in at great expense to make the workplace more efficient.

I have come up with an idea which is quite radical,involving many components which are currently on the market and one or two new ones of my own.I do NOT want to pass on this idea for someone else to take the credit.I want to set up my own company and sell this idea back to my present firm.

I have worked out that the savings will be roughly £30k per annum for the company I presently work for when my idea has been implimented and that it will cost around £70k to put it into practice(never mind the health and safety improvements which is a big thing in my workplace at the moment).Now,there are hundreds of similar offices around the UK which are there for the taking,should my idea be approved.

I have a few questions:

1.What are the chances that a government dept will take on a new business with such a costly scheme,especially when Im using inside information to formulate the savings?

2.Should I take on board someone I trust who will be the owner of the company in name only?

3.Do I go right to the very top person to sell the idea?

4.If it costs £70k to impliment this idea,what price do I offer to do the job for?£120k means £50k profit to me and the business will see their initial outlay paid off after 4 years.Or is this too much of a profit to expect?I figure aim high which leaves room for bargaining down.

5.My credit history is poor.Should I enquire about using the aforementioned person in question 2 to act as guarantor?

6.Who do I approach with the couple of new ideas of my own to design and develop?They involve electronics and robotics.

7.I know this idea is a certain moneysaver for the company but what sort of a guarantee do I offer that I will stand over my product and replace defective/worn products(3/4 years?).I know a 24hr callout will have to be offered due to the busy work environment that it is.

I know this sounds quite adventurous and optimistic but my present company is spending MILLIONS on modernisation techniques and I think they are faffing around with poor ideas here and there trying to save literally seconds around the workfloor when a significant investment would yield them major savings within 3-4 years.

The idea could be implimented and installed in a few days

I have no idea where to begin.

Sorry:othat was a long post.Any replies and/or advice would be much appreciated:)

Gloomtastic!

cesc77 wrote: »

The idea could be implimented and installed in a few days

And you want to charge them £120k for a 4-year return on investment?

What would you have to charge for a 60-day return on investment? <--- Sell this!

cesc77

Gloomtastic! wrote: »

And you want to charge them £120k for a 4-year return on investment?

What would you have to charge for a 60-day return on investment? <--- Sell this!

I said I wasnt sure what to charge them but was aiming high as Im aware of their immediate desperation in trying to cut out inefficiency.This company is one of the most established in British history,yet their wasting money right,left and centre so why wouldnt they pay over the odds for an idea which will see them £30k better off per annum in 3/4 years?(£30k per office with hundreds of offices...a saving of 10's of millions cumulatively per annum)

You could look at it that without my idea they are leaking £30k a year until someone proposes an idea that plugs that leak.Im looking to offer that plug straightaway.

Not sure if youre last statement was poking fun but Im taking the first tentative steps in an attempt to carve out a career for myself with what I consider a money making idea.

I know pretty much exactly how much money can be saved and how much investment is required in order for that to happen but hey,Im willing to give it a go.

Im on here for advice.If I knew what to do ,Id do it......believe me:)

Gloomtastic!

Ok, me again. Apologies, I thought you were selling a service, when I believe it's actually a product you've developed.

If this is a new product then you need to patent it. Anything less will mean your idea is worthless to you.

Patents are not cheap so you need to find someone with deep pockets who you can trust - a relative maybe?

Only when you have patented it (if your application is successful) should you try and sell it.

Richard

Just something to check - as you have come up with this product whilst being employed by your current employer, might they have some rights to it already? I have heard of this happening in other contexts.

I hope not, but might it be worth investigating first?

smcgiff

Agree with you Richard, think that's why he's asking his second question, which is very risky

cesc77

smcgiff wrote: »

Agree with you Richard, think that's why he's asking his second question, which is very risky

Granted,fair point but we have nothing like this in place within my company around the UK.There are similar methods used in other countries but are not being adopted here as my firm is a little medievel in their thought process....bring in brainstormers and ignore the front-line staff who know best

I have a process which will yield savings within 3/4 years.

They are a company which is looking at the long term.

My process envolves quite a few revolutionary methods within the business.

Im no Einstein but I know what is the most efficient way of going from A-B.