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Will your idea work - video transcript
In the case study video, Glen Riverstone of River Logic Pty Ltd talks about how he turned an idea into an award-winning business.
[Glen Riverstone, River Logic Pty Ltd]
Everything started not too long after I graduated as a registered nurse and was working in the hospitals.
I came across a workplace health and safety problem of sharps injuries, which was caused from cutting yourself opening medication vials in the hospital setting. The solution was quite clear. I had to develop something that reduced the occurrence of sharps injuries and protected the user while they opened the glass vial.
So then the task became developing that particular product that would fit a range of different sizes and could be used practically within the hospital setting. On the market or in a lot of the hospitals I've worked, there wasn't a lot of devices that were used to open the glass ampoules. On some occurrences there were disposable options that were just like plastic sleeves.
So the difference that I wanted to create was something that fits a range of sizes and could be used multiple times, making it a lot more practical for the user. I had a friend whose father owned a welding and machining business. So we took some samples in and I used his workshop and we sort of refined the design and worked on prototypes.
So in terms of intellectual property I actually used a couple of different options to strengthen the case. So I used registered designs, trademarks, and of course patents as well, and a combination of those is why we have good protection on it today.
In terms of getting the product to a point where I made money off it, like all entrepreneurs or product inventors, the road is quite long and there's a lot of barriers. So initially I was battling resource funding, keeping the money up to get the samples going, and keep the production work rolling while there was no income coming through from sales. So I had to exhaust quite a few options from funding to get it through to a saleable phase and a saleable stage, which we did.
And I started with some pretty raw marketing with flyers to hospitals, once the product was complete, and then moved on to supplying to distributors who then sell retail.
I was fortunate enough to win an $85,000 government grant from the state government, the Queensland state government. That was based on a business plan that was submitted to them, and basically that was for the implementation of a number of commercial milestones, including intellectual property, prototype development, and that funding became quite helpful in the start-off phases.
Watch the will your idea work case study video.
- Last reviewed: 18 Jul 2017
- Last updated: 28 Jun 2016