So you’ve enjoyed a new product idea, but what do you do next? A large number of new products are launched each year however the journey from concept to advertise is not as effortless or as straightforward as it appears. Lots of people believe that there must be numerous people just waiting to offer inventors bucket tons of money to produce the next big thing, but actually it’s not quite like that.
But it’s not every bad news. You will find Inventhelp Prototype Service, like the dragons on Dragon’s Den, as well as several investor funds which support inventors with new ideas. In addition there are companies who license new ideas from individuals and small companies. However these are generally serious business men and they also need a genuine business proposition not just a back of the envelope sketch before they a part of their hard earned cash. How do you begin turning your idea right into a viable, investable concept which will impress industry or investors?
Well, in all probability your funds is going to be limited in comparison to exactly what a company may spend money on new product development. And, even if your funds aren’t limited, you should probably minimise the money you put in upfront until genuine commercial interest has been established. So what exactly is minimum requirement to transform your idea in to a viable commercial proposition? Well basically you need to answer three questions before having the capacity to sell your idea or gain investment:
1. Is definitely the idea protectable?
No company will license your idea, nor will a trader back it, unless it can be protected to stop almost every other company producing the same product. In addition, you don’t desire to risk your idea being taken by way of a potential licensee or investor and thus protecting the idea is important.
In light in the last point, it is recommended to protect the idea yourself before presenting to potentially interested parties. A confidentiality agreement, a worldwide patent search, patent pending status along with a registered design application are common potentially essential elements to protecting your idea. Professional advice, from Make A New Invention, on how to protect your specific idea is easily the most sensible route to go with this. (Begin to see the links at the conclusion of this short article.)
2. Could it work?
In some instances the answer to this query is an easy yes, but in some cases you will need to prove that the brainwave is achievable. The best way to answer this inquiry is so that you can present a working prototype. The prototype does not have to look attractive – it just must prove the functionality. If funds don’t stretch to some prototype, then the feasibility report detailing an independent viewpoint from the qualified professional on the viability from the idea may have to suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone in any way, other than Chartered Patent Attorneys.
3. Will anyone buy it?
This is the hardest question to reply to. Once you have proved your idea works, if needed, and taken care of adequate protection you happen to be in a strong position to start out answering this question. As seen on Dragon’s Den, the most effective solution to this inquiry is to have letter of intent that state a retailer or distributor is ready to buy x quantity of your products or services at x price. The best way to achieve a letter of intent is always to present your idea to as numerous different buyers as you can. The problem is that retailers and distributors will be needing greater than your rough sketch, patent application or working model. They have to impressed by the thought and instantly see it’s potential. To do this you will likely need to have a product sell sheet.
An item sell sheet highlights the primary features and benefits of your idea and includes images of your own product as it is likely to look once this has been manufactured. You might need a professional product designer to either sketch and provide your concept or ideally create a 3D model using computer aided design (CAD) and render it to appear like the final product.
Then you should get your product or service before possible buyers. Trade shows, face-to-face meetings, and direct mailings are common methods to approach industry representatives. An excellent sell sheet can do a lot of the talking to suit your needs, so don’t be nervous.
The item is actually a device that matches inside the boot of the car to hold equipment. (Any further detail than this really is still confidential at this time.)
The first step would be to conduct a worldwide patent search to ensure patenting was an alternative. The search came back relativity clear so the idea was developed to make sure it had been possible using a product designer within confidentiality agreement. Once developed adequately using CAD, a patent was drafted and filed with a Patent Attorney. The CAD model was then used to create a product sell sheet which was presented to Halfords among other retailers. Halfords wrote a letter of intent for the initial batch of the thousand units.
The inventor now had: patent pending on his idea; a global patent search indicating the patent was apt to be granted; an impressive sell sheet describing the Prototype Inventhelp along with a letter of intent. He now had everything he needed ndefzr secure investment to produce his product and set up his own company. Alternatively he could have used these tools to pursue to licensing cope with a product manufacturer.
In summary, your work is just to spark the interest of the potential licensee or investor who will make sure that your idea causes you to a nice gain. To achieve this you need to answer three main questions: could it be protectable, could it work and can anyone purchase it. Professional help will be required, probably, to answer these questions however the process described in the following paragraphs should keep these fees as low as possible while maximising your chance of success.