Young Entrepreneur Brands Products
Many of the products were born out of 31-year-old company president Craig Nabat's own frustration. For example, when he hit on the idea for FINDIT - a device that helps people locate items they tend to lose most - Nabat himself was searching for his remote control. Realizing that a device to help people like himself find such items quickly would be the perfect solution, he made one.
Since then, Ambitious Ideas has either created from scratch or completely revamped and repackaged a total of 24 such products, including the FINDIT Book Light, FINDIT Eyeglass Cleaner, FINDIT briefcase alarm and locator and FINDIT Car Locator. All are priced under $30 and available via a toll-free number, the FINDIT Web site, infomercials, print ads, the Home Shopping Network, mail order catalogs and other outlets.
Nabat's Web site was one of three nominated for an Electronic Retailing Association (ERA) "Best Retailing Internet Design" award in 2000.
For Nabat, a sociology major who minored in business and financed his company through business loans and family investments, the road to success has been bumpy. Originally, he figured on spending about $30,000 to get his product to market. "The majority of that was spent on research and development," Nabat remarks. "I never thought it would end up taking $700,000 to launch my company."
want to specialize in marketing new products through
Unaware of just how
complex the creation of an electronic device could be, Nabat, who outsources
work to outside contractors, worked consistently with a team of six engineers
through the design process, which started in 1992. To make things easier,
he recently partnered with an overseas injection molding manufacturer,
who plans to develop and market 20 new products a year with Ambitious
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