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Anyone know anything about PHATIDEA.COM?

Postby rifreede » Mon Jan 18, 2010 3:28 pm

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It appears this companies site recently became public after the new year. I have received a couple of emails from them. It looks like they are searching for inventions to sell on their internet site (like a Telebrands except for the Internet, or like a Sharper Image/Brookstone). It also appears they are free of charge, you just have to submit your invention to them. Reach the About Phat Idea section of their site.

This may be a good route for individual inventors who have a ready to sell packaged product but cannot get retailers or the like to carry their product. Or the often challenge of meeting the financial requirements they require (huge inventories, upfront fees).

Does anyone have any information on this company? Thoughts?
Note from the administrator: This user has been determined also to be the user "phatidea" and a representative of PhatIdea.

Re: Anyone know anything about PHATIDEA.COM?

Postby jackbnimble56 » Tue Jan 19, 2010 8:00 am

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I couldn't dig up anything on them but that may be because they're so new. When I check out their website and click on any of the product categories a message pops up saying "This category doesn't have anything in it, but check back soon." Not sure what to make of that. The entire text found under their "About Phat Idea" link appears below. In it they claim "PHATIDEA.COM will showcase your “Idea” with NO upfront charge/fee." It sounds good but there's no way of knowing at this point...

Jack

ABOUT PHATIDEA

Founder

During the summer of 2009 and America’s worst economic recession, PHATIDEA's President, New York educated, an Arizona transplant, stumbled upon an IDEA. The IDEA originated from countless years, months and days, working on his own IDEAS. A financial professional and entrepreneur, he experienced the challenges related to getting an IDEA to market. With great respect, appreciation and admiration for the IDEA crowd he began work on a new project. This new venture recognized the need to expose new products founded on Innovative IDEAS to the Internet consumer.

In the winter of 2010, PHATIDEA.COM was launched as a central location for IDEAS to be bought and sold. The PHATIDEA store is built on the creativity, entrepreneurial spirit, brilliance and drive of common Americans with PHATIDEAs. This store is his contribution to the INNOVATION PHATIDEA believes is the underlying strength of our Economy and Future.

Website

Do you have a PHATIDEA but run into challenges getting others to see it? If you are passionate about your product, are finding it at or near impossible to get the traditional brick and mortar retailers to LISTEN, PHATIDEA.COM is your outlet to the largest consumer audience…the INTERNET shopper. We want your idea, your product, your passion. Anyone can find a camera or a pair of shoes online, but where do the PHATIDEA people sell their stuff?

With our focused advertising, marketing and PR efforts, we are able to reach the masses efficiently and effectively on both sides of the deal. Our goal is to bring unique, creative, useful ideas to market. PHATIDEA wants your ideas to be WINNERS and your efforts to be REWARDED. Let PHATIDEA.COM serve as your retail site for what YOU know is a PHATIDEA.

PHATIDEA understands the constraints of obtaining financing, the challenges of fulfilling big box retailer inventory requirements. How about just getting someone at these retailers to answer your call and email? PHATIDEA is familiar with the promises “Invent-a…” businesses make and all the money they take. PHATIDEA.COM will showcase your “Idea” with NO upfront charge/fee. Why spend $10,000 on a website and countless hours maintaining shopping carts when PHATIDEA.COM has built a turnkey solution to matching buyers with sellers? With a central web address on the internet for all “Ideas,” PHATIDEA.COM will be THE recognizable portal to the world versus a single product website that has to originate traffic via expensive PR, Advertising and other media avenues that provide little guarantee of long term success for your PHATIDEA.

Many of you may have tried to sell your “Ideas” through online auction sites. These sites are the only current outlets to sell your “Ideas” outside of spending thousands on your own website. Unfortunately these sites cater to many demographics, have no product focus and do little to help sell your “Ideas.” They sell millions of items, listed for a set amount of time. How could anyone possibly locate, purchase and feel comfortable about your PHATIDEA when it’s buried amongst millions of used goods? PHATIDEA.COM is focused and the ONLY website of its kind.

When you think books, what website comes to mind? When you think auctions, what company do you think of? If you want cheap new items that retailers are liquidating, I know you think of the same site we do. We want you and the world to know PHATIDEA.COM as the world’s best new “Ideas.”

PHATIDEA promises to provide you with the best exposure using the largest Window Shop, selling the PHATTEST of all Ideas.
Send your PHATIDEA submission today. Give us a few days to kick it around. Your PHATIDEA staff will walk you through the process when your Idea is selected. Then we will share your PHATIDEA with the world. What a PHATIDEA!
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/

Re: Anyone know anything about PHATIDEA.COM?

Postby jackbnimble56 » Tue Jan 19, 2010 8:14 am

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I sent them an e-mail asking them to pretend that I've already submitted my idea and to walk me through their process. I won't be holding my breath...

Jack
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/

Re: Anyone know anything about PHATIDEA.COM?

Postby jackbnimble56 » Tue Jan 19, 2010 5:27 pm

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I have an update on PHATIDEA.COM. As previously posted, I sent them an e-mail. What follows is the text of their response. Please throw in your two cents worth!

Jack

Jack,

Thank you for the inquiry. PHATIDEA prides itself on marketing and sales. Our website is built to provide inventors, we call IDEA people, a one stop site to feature their IDEAS/Innovative Products to the Internet Consumer. It is also a site designed for those of us who LOVE to purchase innovative, cutting edge products.

The difference is in PHATIDEA’s FREE listing. We do not charge any upfront fees or require huge inventory levels like the big box retailers. We do require a small, on hand, package ready, inventory level. This can range from 10 to 100’s. So the initial investment is minimal yet shows the IDEA person’s dedication/belief in their product.

Once an IDEA is submitted, PHATIDEA uses its expertise in marketing and sales to determine the IDEAS salability to the consuming public. If PHATIDEA determines the product will be a success, we reach out to the IDEA person and formally enter into a contract based on negotiable terms.

The benefits of PHATIDEA to the IDEA person are as follows:

1. No need to build a fancy/expensive website and drive traffic to it
2. No need to enter into a merchant contract with a merchant processor
3. One site for all consumers seeking to purchase IDEAS/Innovative Products (it’s hard to find an IDEA on eBay when you don’t know what you’re looking for)
4. No expensive PR or Advertising that usually results in a one-time uptick in sales (short lived)
5. No need for a large initial investment
6. Synergies, featured with other PHATIDEAs
7. A Track record of sales that hopefully will launch their IDEA to the next level (A Big Box Retailer)
8. We have vested interest in your product selling, unlike many PR Firms/Advertisers who are contracted for a specific period of time and paid a flat fee upfront
9. Many others…

PHATIDEA did see your website featuring the MAGIC TOOB. Is this a product you have been working with for some time now?

PHTAIDEA hopes this helped answer your question.

Regards,

PHATIDEA
4647 E Roy Rogers Road
Cave Creek, AZ 85331
480-773-7073
http://www.phatidea.com
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/

Re: Anyone know anything about PHATIDEA.COM?

Postby rifreede » Fri Jan 22, 2010 9:34 pm

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Sounds interesting. Did you submit your idea and if so, any response? Anyone else try submitting an IDEA? Is it really FREE to list?
Note from the administrator: This user has been determined also to be the user "phatidea" and a representative of PhatIdea.

Re: Anyone know anything about PHATIDEA.COM?

Postby JoeWaisman » Sat Jan 23, 2010 2:58 am

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So basically this is a profit sharing situation where you provide the inventory, they provide the portal. The split, exclusivity, etc all need to be considered. Overall though it seems like a decent business model.
___________________________________________
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Re: Anyone know anything about PHATIDEA.COM?

Postby jackbnimble56 » Sat Jan 23, 2010 5:57 am

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Well I think we're about to find out as I just got the following message from them:

Jack,

Good evening. PHATIDEA wants to move forward featuring your product. How many of the Magic Toob do you have packaged and ready to be shipped?

When can we discuss our contract and terms with you?

Regards,
PHATIDEA
4647 E Roy Rogers Road
Cave Creek, AZ 85331
480-773-7073

www.phatidea.com

Months ago when I wqas feeling especially optimistic about the Magic Toob's prospects, I actually told people that one of my biggest concerns was that the idea would suddenly begin to catch on and I could suddenly be overwhelmed by demand for the product. It now looks like that could be starting to happen...

Jack
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/

Re: Anyone know anything about PHATIDEA.COM?

Postby Roger Brown » Sat Jan 23, 2010 7:47 am

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Jack, remember where I told you to you need to slow down so you don't get in to quick? This is another one of those times. Step back and look at their website. You posted a majority of it here. Before doing anything with them you need to consider these questions. As you yourself pointed out every link you went to and I tried also gives you a message " This category doesn't have anything in it, but check back soon. " I looked up when the site became active here are the results

Domain Name: PHATIDEA.COM

Created on..............: 2009-08-30 00:45:48 GMT
Expires on..............: 2010-08-30 00:45:49 GMT
Last modified on........: 2009-08-30 00:45:49 GMT

So since 8/30/2009 they have not gotten any clients. I would ask them why and why you should be the first? It looks like they are setting up the same type of posting site as these below. I do not recommend any of these I am just showing examples of these sites.

http://www.inventbay.com/
http://www.ideaconnection.com/new-inventions/
http://www.inventube.com/resource/index ... Itemid=110


Here is a post I put on Inventorspot that deals with the posting sites that charge a fee. It still applies to these others. viewtopic.php?f=29&t=3557&p=25088&hilit=posting+sites#p25088

I have a problem with any site that says for a fee we will post your idea for companes to see and hopefully contact you about licensing, investing or buying your product. Ask yourself this, do you really think that Black and Decker, Kraft, Mattel, Craftsman, Rubbermaid, and all the other mainstream companies spend their time surfing these idea buying sites? I put in the search topic on Bing "invention Buyers" my results were 1-10 of 748,000 results. I know a number of them are repeats of the same companies so lets say you only have actually 748 of thoses as the correct number. Do you think any business like Black and Decker has the resources or cares to have their staff look through 748 companies for a new product they can sell? Why should they even bother when they have Inventors contacting them daily wanting them to review their ideas? The answer is they don't.
You are wasting your money posting your idea on any site paying a monthly fee. A number of these sites also sell the service of making your spot on their site more professional looking in case the company happens to see your product.
Lets also take this into account Ideabuyer has 18 catergories of products you can look through. If the have a minimum of 10 per catergory you have 180 products to review. Now multiply that by the 748 companies offering this type of service and you get 134640 products to review. Now that number will not stay static since you are adding new products as more Inventors join. So, again I ask does any one company have the resources to review these products even monthly? Your chances of getting picked up from one of these sites is small at best. You would be better served pushing your product yourself and targeting the companies you want to go after.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: Anyone know anything about PHATIDEA.COM?

Postby jackbnimble56 » Sat Jan 23, 2010 8:23 am

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Okay Roger, consider me well advised! I did have the product on Idea Buyer but it was only for a few months. I quickly realized that it wasn't going to do me any good so I cancelled it. It was not immediately obvious to me that Phat Idea is that type of site. Perhaps I should confront them with same sort of questions you're asking. I guess one of the first questions would be "What makes you any different from Idea Buyer or ________ (fill in the blank)? I would not have rushed into anything with these guys anyway as that's something I've learned to avoid in the time I've spent on this forum thanks in large part due the input I've received from you and others. (BTW, the silence from Zevotek has been deafening!)

Jack
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/

Re: Anyone know anything about PHATIDEA.COM?

Postby bottleslingguy » Sat Jan 23, 2010 2:00 pm

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Where they say this: "So the initial investment is minimal yet shows the IDEA person’s dedication/belief in their product.", I have a philosophical problem with it.

They are the ones who should believe in each product they sell, otherwise what is their incentive to properly market the ideas? It sounds like just another pit people fall into while unwittingly signing away disproportionate rights to their product. I had a guy send me a contract giving him 10% of everything I made on the slings forever whether it had anything to do with him or not. That included anything I did on my own without his help. F-that. Look for the fine print with these snakes.

And I have a similar problem when I approach retailers and etailors. They have even approached me to sell them and I have to tell them I have no way to make them. The slings would be a perfect match with Walmart but we all know how tough it is to get into, especially without a track record and dependable inventory.
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