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Spanish inventors Michael Pérez and Luis Vaamonde believe that a better method was needed to hold screws in place during DIY projects for consumers as well as in industrial application. They invented the Magnet Driver® (www.micaton.com) , a magnetic bit holder, which consists of a rubber boot and a magnet holder designed to be used with both conventional screwdrivers and power bits. The product’s benefits include allowing you to screw faster, offering more flexibility, as you use the tool with only one hand),and enabling you to reach inaccessible places since you don’t need to hold the screw in place for the first few turns. The product has been selling in Spain since 2011 and has used partnerships with other companies to expand sales into major European retailers including Carrefour, Adeo Group – AKI, Bricoking , Leroy Merlin, Auchan and Castorama . Today (11-28-1017) they are getting to launch another Kickstarter Campaign to raise money for international launch.
Path to Success
Perez and Vaamonde followed a path to success.
- Create a marketable idea. Perez and Vaamonde saw there were many applications where it was impractical to use two hands , one to hold the screw, and one to hold the holder, when starting a screw. Their solution was an magnetic bit holder.
- Work through several prototypes to finalize a commercial design. Invention success depends not only having a good idea, but also an effective commercial design. The invention has to work well and meet consumer’s expectations. Perez and Vaamonde needed several redesigns to bring the product into a commercial state.
- Fund small local production to prove the design and construction of the product. The inventors’ initial production was in Spain, where they could work out production bugs. They self-funded this stage of the business.
- Find initial partners to help market the product and prove marketability. Micraton’s initial partner was Egamaster, one of the leading Spanish manufacturers and suppliers of special tools.
- Raise additional funds to secure large scale lower priced production units. With success in the Spanish market, the company was able to raise money through a Kickstarter campaign and funding from private investors, through a private placement, to move production to China, which lowered costs and allowed more aggressive pricing.
- Develop a network of partners to expand sales in an initial targeted geographic area. Micraton formed online relationships with Amazon Europe and several companies selling online including Brico-Privé, ManoMano and Toolboost.dk.
- Run publicity campaigns to build consumer awareness. Micraton’s campaign include publicity releases in several major European magazines, awards from several major trade show contests, including First prize for the BEST NATIONAL INVENTION, awarded by the Biennial Fair Ferroforma 2015, and Award for the BEST INNOVATION, granted in the Biennial Fair Ferroforma 2017, by AFEB Association of Spanish DIY and Hardware Manufacturers. The company also started major trade shows including the National Hardware Show in Las Vegas, NV.
- Secure additional funding for a broad product launch. Micraton has received funding from the inventors, an initial Kickstarter campaign, and two private placements. The company is now ready for a larger product introduction to markets around the world and is launching a new Kickstarter campaign in the next few days.