Before this retailer's phone call, I never wanted to think about this FINDIT Key Finder product ever again, because of all the personal turmoil it caused in my life.
Los Angeles, CA (PRWEB) September 17, 2009
In 2000, Los Angeles based Entrepreneur and owner of Ambitious Ideas, Inc., Craig Nabat, invented and marketed a product called the FINDIT Key Finder. Nabat came up with the idea when he was 19 years old, when he was unable to locate his lost TV remote control. A domino sized FINDIT device was attached to commonly lost household items and the consumer would clap 3-times to locate their lost item. The idea started out as a remote finder and eventually evolved into a key finder, and a multi-usage device to locate many other lost household items.
Starting at the age of 23, Craig developed the concept from only an idea to a sellable product, and then to the marketplace over a 7-year time period. It took him $1 million in family investments to bring this product to life. The FINDIT Key Finder appeared on Home Shopping Network, QVC, product placement in movies & TV, 1 & 2 minute short form infomercials, sold at gas stations, car washes, retail stores, mail order catalogs, internet, and internationally. In addition, Mr. Nabat was profiled on the covers of magazines, newspapers, news interviews, and talk shows. He learned through trial and error every aspect on how to bring a product invention to market without any engineering background to speak of, just a young man with an idea and ambition.
His entrepreneurial journey ultimately led him to partner with a 25-year old 700-employee International electronics manufacturing company with their factory based in China. Every major retailer in the country was interested in carrying the original FINDIT Key Finder due to all the positive media publicity, initial sales success & Craig's innovative marketing tactics; though at the final hour before mass distribution took place Nabat decided to discontinue manufacturing and distribution of the FINDIT. A large financial investment was made by his family to assist in creating this key finder product, which to this day he claims has caused family tension, despite the love they all have for each other.
Nabat felt unable to successfully distribute the original FINDIT to the mass market because of unforeseen problems. The retail cost of the FINDIT Key Finder would have needed to be too high and the consumer needed to clap to activate the unit in a specific 3-clap pattern. Craig had serious concerns that the consumer would not follow the directions properly, clap incorrectly, and assume the product was faulty. When in reality, the FINDIT Key Finder was designed quite intelligently, the device shut itself off for 15-seconds and resets itself, so it could not be triggered by other sounds, besides the specific 3-clap frequency.
Nabat's belief was that Ambitious Ideas would ultimately have ended up receiving too many customer returns due to the $19.95 retail price point. At a $9.95 retail price, he would have taken the chance, but with the high cost of the initial research, development, and marketing this low retail price point was not feasible. Craig really feared he would sell 1-million units and receive 15-20% customer returns upon distributing the FINDIT at the mass-market retail level. It was crushing for Nabat not to follow through on the process, because the product was selling well and he believe one million units would be sold globally. Craig knew he needed to completely develop a new & improved FINDIT Key Finder otherwise admit defeat.
Ambitious Ideas went forward in the process of development of a new & improved FINDIT key finder and totally discontinued the original key finder product. During the next year everything was going great, until out of nowhere someone was approved for a patent using the same electronic technology Ambitious Ideas was parallel developing. Nabat flew out to meet with the inventor, but they could not come to an agreement, that day he wrote off the FINDIT Key finder as an amazing life education and an amazing business pursuit.
Now fast forward almost a decade later, approximately nine months ago, Nabat received a telephone phone call at his Los Angeles office from a well-known nationwide retail chain. The retail chain wanted to purchase 13,000 new key finders to use internally to locate a commonly lost $1,000 portable inventory price scanner, which is used in all their stores. The patented sonic key finder product image that Ambitious Ideas never brought to market was still posted on their company website, and the retailer wanted to purchase it. Ambitious Ideas did not have this new key finder concept developed.
The retailer's call triggered Nabat to attempt to give this key finder product development another shot. Nabat claimed, "Before this retailer's phone call, I never wanted to think about this FINDIT Key Finder product ever again, because of all the personal turmoil it caused in my life."
Almost one decade since the original, Nabat has developed a new & improved FINDIT Key Finder and he says, "The product works amazing." The original invention idea came to Nabat one late night at 19 years old...he is now nearing 39. A FINDIT base unit sticks to a magnet or adhesive provided and adheres to a refrigerator or somewhere safe, and the other unit attaches to your commonly lost household item. It operates through walls, purses, drawers, and sofa cushions even up to 60-feet away. Nabat is thrilled and pleasantly surprised that his electronic engineers were able to work the manufacturing problems out of this product and he feels there is now a second opportunity at making this product idea into a huge success.
For the past 15 years, Nabat claims to have sacrificed personal relationships, excessive capital, time, sleep, and even a little sanity for his entrepreneurial pursuits. We'll soon learn if the American dream is still alive and well, keep your eye on Craig Nabat, and his nationwide TV launch of the new & improved FINDIT Key Finder.
http://www.ambitiousideas.com/pics/keyfinder-1.jpg (FINDIT product shot)
http://www.ambitiousideas.com/pics/craig_front_.jpg (FINDIT inventor/product)
SOURCE Ambitious Ideas
Ambitious Ideas, Inc.
7815 Beverly Blvd.
Los Angeles, CA 90036 USA