Don’t Get Hung Up on Wrong Thing
The idea for a portable, collapsible hammock came to stand-up comedian Lee Bayless out of frustration: He wanted to lie by his pool and write his comedy material but couldn’t find a place to tie up his rope-supported hammock. He drew up plans, got his patents and filed the paperwork for his invention, but when it came to funding and selling his product, he took a unique approach that has been successful. Bayless was interviewed by freelance writer Karen E. Klein.
I got great reactions to my prototype hammocks, but I knew I couldn’t pay for the advertising that would be needed to launch them nationally. I also knew that even if I could get them carried by some of the largest mass-marketers in the country, they would discount them to the point where I would make only pennies on each sale.
I looked at the hammock again, and I realized that there was something that might appeal to big corporations: a hammock print area 2 1/2 by 6 feet that would be perfect for a corporate logo. If I could get companies to use my product in their TV ads as a promotional tool, I would have a built-in market and get great free advertising.
So I had some hammocks custom-made with the corporate logos of Coors, Coca-Cola and Hawaiian Tropic on them. Then I called those companies’ corporate headquarters, asked for worldwide promotions and asked to speak to the top person in the department. I found that when I called during lunch time, the person I was trying to reach often answered the phone directly.
My approach was nice, friendly and polite. They told me they usually didn’t meet with inventors face to face, but I told them about my product and let them know I had my patents in place. I told them I admired their company, I was one of their customers and I was giving them the first chance to use my product as a promotional tool. I told them I would not sell to their competitors for one year if they wanted to purchase my hammocks.
After a few phone calls, I had meetings set up, and I was making plane reservations. When I showed them the pictures of my hammocks with their colors and their logos on them, their eyes lit up. Pretty soon suits were coming out of the woodwork to look at them.
Within two or three weeks, I had purchase orders in hand from all three corporations and a couple of catalog companies. I went to a manufacturer that was willing to work with inventors and showed them my $200,000 in purchase orders. They agreed to partner with me as investors and we began to fill the orders about a year ago.
Since then, the product has taken off, winning awards at trade shows and selling to other corporations. I get 20 calls a day from people interested in placing orders for it.
I learned that as an inventor you must check your ego at the door and check your greed factor. You’ve got a product that might sell a million, but you’ve got to be willing to reevaluate what you’re doing and include other professionals in your thinking when you need them. I partnered with Coors by giving them a better price if they placed the first order. I partnered with my manufacturers to get my orders filled.
Get your act together before you call anyone about licensing or purchasing your product. Put a business plan together, have your patents and your prototypes in place. Many companies told me they refuse to talk to inventors because they’re all flakes who think someone’s going to hand over a fistful of money for an idea.
Finally, never say “no” to opportunity. I got $200,000 in orders from corporations before I even had a manufacturer. I said yes until I was blue in the face and then I lost sleep over how I was going to fill the orders later. You have to put your feet to the fire sometimes and rise to the challenge, but don’t get caught in a lie! Tell them you can do it, and then back up your statement--no matter what.
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If your business can provide a lesson to other entrepreneurs, contact Karen E. Klein at the Los Angeles Times, 1333 S. Mayflower Ave., Suite 100, Monrovia, CA 91016 or at kklein6349@aol.com. Include your name, address and telephone number.
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At A Glance
Company: L.A.-Z-Dude
Owner: Lee Bayless, Ed Ellis, Jim Cheatham
Nature of business: manufacture and sales of collapsible hammocks
Location: 25852 McBean Parkway, Suite 337, Valencia 91355
Web site: https://www.lazdude.com cq
E-mail address: lee@lazdude.com
Year founded: 1998
Employees: 0
Annual revenue: $750,000
