So you’ve had a new product idea, but what do you do next? A large number of new items are launched each and every year nevertheless the journey from concept to market is not as simple or as straightforward as it appears. Many individuals believe that there must be hundreds of people just waiting to give inventors bucket tons of money to develop the next big thing, but in fact it’s not quite like that.
But it’s its not all bad news. There are Inventhelp Invention Idea, like the dragons on Dragon’s Den, and in addition several investor funds which support inventors with new ideas. Additionally, there are companies who license new ideas from individuals and small businesses. However these are serious business men plus they demand a genuine business proposition not just a back of your envelope sketch before they part of their hard earned cash. Exactly how do you go about turning your idea into a viable, investable concept that will impress industry or investors?
Well, in all probability your funds will likely be limited compared to what a company may put money into cool product development. And, even if your funds aren’t limited, you will probably want to minimise the cash you devote upfront until genuine commercial interest has become established. So what exactly is minimum requirement to change your idea in to a viable commercial proposition? Well basically you will need to answer three questions before having the capacity to sell your idea or gain investment:
1. Will be the idea protectable?
No company will license your idea, and neither will a venture capitalist back it, unless it can be protected to avoid almost every other company producing the identical product. Additionally you don’t desire to risk your idea being taken by way of a potential licensee or investor and thus protecting the idea is a must.
In light from the last point, it is advisable to protect the concept yourself before presenting to potentially interested parties. A confidentiality agreement, a global patent search, patent pending status and a registered design application are potentially essential elements to protecting your idea. Professional advice, from Inventhelp Caveman Commercials, on how to protect your particular idea is easily the most sensible route to choose this. (See the links after this short article.)
2. Could it work?
In some instances the reply to this query is an easy yes, but in some cases you will have to prove that your particular brainwave is possible. The easiest method to answer this inquiry is to be able to present a working prototype. The prototype does not have to look attractive – it just has to prove the functionality. If funds don’t stretch to your prototype, then the feasibility report detailing an independent viewpoint from the qualified professional on the viability in the idea may must suffice. Always ensure a confidentiality agreement is within place before revealing your idea to anyone at all, other than Chartered Patent Attorneys.
3. Will anyone purchase it?
Here is the hardest question to reply to. Once you have proved your idea works, if necessary, 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 best solution to this query is to have letter of intent that state a retailer or distributor is prepared to purchase x number of your products or services at x price. How you can achieve a letter of intent is to present your idea to as many different buyers as possible. The issue is the fact retailers and distributors will require a lot more than your rough sketch, patent application or working model. They should impressed by the thought and instantly see it’s potential. To do this you will probably need to have a product sell sheet.
A product or service sell sheet highlights the main features and benefits of your idea and includes images of your own product as chances are it will look once this has been manufactured. You might need a professional product designer to either sketch and provide your concept or ideally produce a 3D model using computer aided design (CAD) and render it to check like the final product.
Then you should get your product or service in front of potential customers. Trade events, face-to-face meetings, and direct mailings are approaches to approach industry representatives. An excellent sell sheet is going to do a lot of the talking for you personally, so don’t be nervous.
The product is a device that matches in the boot of a car to hold equipment. (Anymore detail than this really is still confidential at this point.)
The initial step ended up being to conduct an international patent search to make sure patenting was an option. The search came back relativity clear so the idea was created to ensure it had been possible using a product designer under a confidentiality agreement. Once developed adequately using CAD, a patent was drafted and filed with a Patent Attorney. The CAD model was then used to make a product sell sheet which had been shown to Halfords among other retailers. Halfords wrote a letter of intent for an initial batch of a thousand units.
The inventor now had: patent pending on his idea; a worldwide patent search indicating the patent was probably be granted; an impressive sell sheet describing the Inventhelp Innovation News and a letter of intent. He now had everything he needed ndefzr secure investment to produce his product and set up their own company. Alternatively he could have used these power tools to pursue to licensing deal with a product manufacturer.
In summary, your work is just to spark the interest of any potential licensee or investor who can ensure your idea makes you a profit. To do this you have to answer three main questions: will it be protectable, can it work and definately will anyone buy it. Professional guidance will be required, probably, to respond to these questions nevertheless the process described in this post ought to keep these fees as low as possible while maximising your chance of success.