The big fail here is lack of focus. The guy has not defined who he's creating the boots for. He just created them and hoped someone found a need for them. It's no wonder he's gotten nowhere.
Now that he has a working prototype, he needs to pick a market segment that can use his boots and tailor them towards that market. My first guess it that the army would find them useful for soldiers that need to carry heavy backpacks over long distances or abid outdoor sportsmen that carry lots of items over a long terrain.
This is a product without a defined need. If I'm an investor I need to know that I'm going to get my money back so I need to know someone will buy it. If I'm a buyer I need to know what problem it will solve.
A product that exists without a reason to exist is useless. It does not matter how cool it is.
Well, it's obvious it did not fill their need. If you look at the inventor's website you'll see that there is nothing that speaks to that target segment. It's just a bunch of random shots of him using the product. It's obvious that he has no idea what his target audience wants. What's the point of saying you are marketing towards a particular segment and yet you don't work towards marketing to that segment. You don't just say you are doing something. You have to act too.
If that's his segment then I would at least have a website showing how to use the product. I would have some athletes using it too. The demand is not automatic you have to build people's desire for the product.
He should have consulted a marketing expert even before he had his first prototype ready.
Now that he has a working prototype, he needs to pick a market segment that can use his boots and tailor them towards that market. My first guess it that the army would find them useful for soldiers that need to carry heavy backpacks over long distances or abid outdoor sportsmen that carry lots of items over a long terrain.
This is a product without a defined need. If I'm an investor I need to know that I'm going to get my money back so I need to know someone will buy it. If I'm a buyer I need to know what problem it will solve.
A product that exists without a reason to exist is useless. It does not matter how cool it is.