How many times have you forgotten one of your numerous passwords? Do you groan every time a site requests a new password? Have you noticed that passwords are becoming more complex and much harder to remember? Here is a solution!
The device is called passwordsFAST. It is a cleverly created stand alone security device (the size of a credit card) that safely stores multiple passwords.
passwordsFAST is one of the featured exhibitors at the DaVinci Inventor Showcase, which takes place on Oct 13, 2012 at the Denver Merchandise Mart, so you can check out what all the buzz is about.
Inventor LeAnn Bell managed to free up some time recently to answer a few questions about the international struggle to remember passwords, selling millions of units worldwide and draining an IRA to fund the project…
What was the defining moment that led you to create this product?
I saw everyone struggling to remember all their passwords. Everyone was writing them down on sticky notes and excel spreadsheets. Or they were using the same password for everything. The experts kept telling everyone not to do this. We should be making our passwords stronger with upper case/lower case; special characters. Nobody can remember all of them and not everyone is technical enough to store them on technical devices.
What problem does it solve?
It solves the issue of having to remember multiple passwords. My device securely stores all passwords and all you have to do is remember one password to get into the device.
After you came up with the idea, how did you size up the market and decide who your customers would be?
This issue is worldwide. I know people in all countries that struggle with remembering multiple passwords.
How did you go about naming your product?
I just started coming up with “catchy” names that fit my product and weren’t taken already by someone. It just came to me one day!
How long did it take you to create you initial prototype, and what problems did you run into along the way?
It took 2 years to create the initial prototype. Our first prototype was the cadillac version. We realized we could never sell it at the correct price point if we kept it that way. It took an additional 8 months and collaboration with another company to re-design it in a way we could get it down to the selling price of $19.99.
Funding a new idea is always tricky. How did you go about lining up the money you needed?
My business partner and I used our own money. I had to completely drain one of my IRA’s to fund it. It was tough and scary but we truly believe in the product.
Is this a product you’d like to produce and sell yourself, or are you wanting to license it to someone else?
We would ultimately like to license the product and collect royalties.
And if so, who?
Anybody who can get it into the retail market such as CVS; Walmart; Bed Bath&Beyond; Best Buy etc.
What all channels are you using to market your product?
We basically just finished our product and now looking at all channels that can get it to market.
How many people do you currently have involved in your business?
It’s currently just my business partner and myself. I also have my manufacturing contacts. They do not have exclusivity to manufacture the product but they are ready to mass produce the product if needed.
How do you define success? What would hitting a “home run” look like in your mind?
Success to me is getting my product in all the retail stores and selling millions of units worldwide. It’s a simple product that anyone can use (and afford). I want to be known as the inventor that helped solve a big problem with a simple solution.
Where do people go to find out more about your product?
Unfortunately, there is no place to go at this point. I’m just starting to get out and make my product known!