My exit strategy is definitely to sell my product to another company down the line. One of my industry experts was the CEO of an LED bike light company. He said that he would love to integrate my chirp technology into the housing for the lights. So already I have a buyer. My strategy would be to first build out the actual product and essentially have a proof concept and test it in the market to show that there is demand for a couple years and then sell the business to the LED bike light company. If I were to just sell the idea to another company it would not be worth nearly as much as a fully fleshed out product with a defined and actively aware market.
My exit strategy has definitely changed how I view the product. At first, I viewed it as its own stand-alone device that I sold to consumers but now that I see the potential for integration with other bike equipment I can shift my focus to being a B to B business. This drastic change of markets is drastic but necessary as selling in bulk to businesses allows me to have a steady and assured income.
Danny, great job mapping out your exit strategy. That is awesome that through an assignment in the class you got to discuss your product with a potential buyer and discuss how they can expand on it. I like your plan of working out all the details and expanding on your product before selling so you can make the most of it.
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