So you’ve enjoyed a great new product idea, but what do you do next? 1000s of new items are launched each year however the journey from concept to advertise is not as easy or as straightforward as it appears. Lots of people believe that there must be hundreds of people just waiting to offer inventors bucket tons of money to develop the next big thing, but in reality it’s not quite like that.
But it’s its not all bad news. There are Inventhelp Office Locations, like the dragons on Dragon’s Den, and in addition several investor funds which support inventors with new ideas. There are also companies who license new ideas from individuals and small businesses. However these are serious business men and they require a genuine business proposition not just a back of your envelope sketch before they element of their hard earned cash. So how do you begin turning your idea into a viable, investable concept that can impress industry or investors?
Well, most likely your funds is going to be limited when compared with what a company may invest in cool product development. And, even should your funds aren’t limited, you should probably minimise the amount of money you put in upfront until genuine commercial interest continues to be established. So what is minimum requirement to turn your idea into a viable commercial proposition? Well basically you will need to answer three questions before having the ability to sell your idea or gain investment:
1. Is the idea protectable?
No company will license your idea, and neither will a venture capitalist back it, unless it can be protected to prevent almost every other company producing the identical product. In addition, you don’t desire to risk your idea being taken by a potential licensee or investor therefore protecting the concept is a must.
In light from the last point, it is advisable to protect the idea yourself before presenting to potentially interested parties. A confidentiality agreement, a worldwide patent search, patent pending status and a registered design application are potentially essential elements to protecting your idea. Professional advice, from Inventhelp Prototype Service, regarding how to protect your specific idea is easily the most sensible route to choose this. (See the links at the conclusion of this post.)
2. Can it work?
In some instances the answer to this query is a straightforward yes, but in some instances you need to prove that your brainwave is possible. The easiest method to answer this query is so that you can present a working prototype. The prototype lacks to check attractive – it just has to prove the functionality. If funds don’t stretch to some prototype, then a feasibility report detailing an independent viewpoint coming from a qualified professional on the viability in the idea may need to suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone at all, other than Chartered Patent Attorneys.
3. Will anyone purchase it?
This is actually the hardest question to respond to. Once you have proved your idea works, if required, and dealt with adequate protection you are in a strong position to start answering this inquiry. As seen on Dragon’s Den, the best answer to this inquiry would be to have letter of intent that state a retailer or distributor is ready to purchase x quantity of your products or services at x price. The best way to acquire a letter of intent is to present your idea to as much different buyers as is possible. The problem is the fact that retailers and distributors will be needing a lot more than your rough sketch, patent application or working model. They have to astounded by the concept and instantly see it’s potential. To get this done you will likely need a product sell sheet.
A product or service sell sheet highlights the main benefits and features of the idea and includes images of your own product as chances are it will look once it really has been manufactured. You may need a professional product designer to either sketch and provide your concept or ideally develop a 3D model using computer aided design (CAD) and render it to check like the last product.
Then you should get your product or service in front of potential customers. Trade shows, face-to-face meetings, and direct mailings are methods to approach industry representatives. A great sell sheet will do most of the talking for you, so don’t be nervous.
The product is really a device that matches within the boot of a car to hold equipment. (Any further detail than this can be still confidential at this time.)
The initial step would be to conduct a global patent search to make certain patenting was a choice. The search came back relativity clear so the idea was created to make sure it absolutely was possible using a product designer under a confidentiality agreement. Once developed adequately using CAD, a patent was drafted and filed by a Patent Attorney. The CAD model was then used to make a product sell sheet which had been presented to Halfords among other retailers. Halfords wrote a letter of intent for an initial batch of any thousand units.
The inventor now had: patent pending on his idea; an international patent search indicating the patent was probably be granted; an impressive sell sheet describing the How To Do A Patent Search With Inventhelp and a letter of intent. He now had everything he needed ndefzr secure investment to manufacture his product and set up their own company. Alternatively he could have used these power tools to pursue to licensing handle an item manufacturer.
In conclusion, your work is just to spark the interest of the potential licensee or investor who can ensure your idea causes you to a nice gain. To achieve this you have to answer three main questions: could 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 need to keep these fees as low as possible while maximising your probability of success.