Question 1: Is it mass market?. TVGoods' Example:
As a "shark" on the ABC hit "Shark Tank," Kevin Harrington has the chance to invest in a lot of unusual and interesting products. In his real job as founder and chairman of TVGoods Inc. and the new owner of the domain address AsSeenonTV.com, he spends a lot of his life considering what products will be the next big thing.
In an exclusive interview with BusinessNewsDaily, Harrington reveals the five things he looks for in a winning new product and gives us examples of TVGoods products he launched because they fit the bill.
"It can't be too niche," Harrington said. "If someone walks in with golf product, I say no. It's too male, too seasonal, too regional."
Pummagic stain remover. Who doesn't need to get a stain out, after all.
Question 2: It is unique in market? TVGoods' Example:
"I want to know that there's nothing that already does what this product does," Harrington said.
Pocketchair. When's the last time you saw a chair that fit in your back pocket?
Question 3: Is it a problem solver? TVGoods' Example:
"I want to see that it's solving a problem that's not currently being solved by something else in the market," Harrington said.
Instant Zipper. According to the web site, the average home has more than 500 zippers. Getting them fixed at the tailor or dry cleaning isn't cheap, either.
Question 4: Is there any magical transformation with this product? TVGoods' Example:
"A product that changes the way a person lives. That's when it gets exciting," Harrington said.
Love That White Smile.Judging by the lengths people go to to get white teeth, this one could be really be a life changer.
Question 5: Is it multifunctional? TVGoods' Example:
"If it serves more than one function, that's even better," Harrington said.
MacBond. A solid, no-mess glue that can be used for nearly anything. What mother wouldn't love that?