So you have enjoyed a great new product idea, but what do you do next? Thousands of new products are launched each year but the journey from concept to advertise is not as easy or as straightforward as it appears. Lots of people feel that there must be countless people just waiting to give inventors bucket tons of money to produce the next big thing, but in reality it’s not quite like that.
But it’s its not all bad news. You will find How To Do A Patent Search With Inventhelp, like the dragons on Dragon’s Den, and also several investor funds which support inventors with new ideas. There are also companies who license new ideas from individuals and small companies. However these are serious business men plus they require a genuine business proposition not just a back of the envelope sketch before they part of their hard earned cash. So how do you go about turning your idea in to a viable, investable concept which will impress industry or investors?
Well, most likely your funds is going to be limited when compared with what a company may spend money on new product development. And, even if your funds aren’t limited, you should probably minimise the cash you devote 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 being able 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 prevent every other company producing exactly the same product. You also don’t want 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 best 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 Inventhelp Headquarters, concerning how to protect your specific idea is the most sensible route to go with this. (See the links after this post.)
2. Can it work?
In some cases the solution to this query is a simple yes, but in some cases you need to prove that the brainwave is possible. The simplest way to answer this query is so that you can present a working prototype. The prototype lacks to check attractive – it just must prove the functionality. If funds don’t stretch to a prototype, then a feasibility report detailing a completely independent viewpoint from a qualified professional on the viability of the idea may need to suffice. Always ensure a confidentiality agreement is at place before revealing your idea to anyone in any way, apart from Chartered Patent Attorneys.
3. Will anyone buy it?
This is the hardest question to respond to. After you have proved your idea works, if necessary, and taken care of adequate protection you might be in a strong position to begin answering this inquiry. As seen on Dragon’s Den, the best answer to this query would be to have letter of intent that state a retailer or distributor is ready to buy x quantity of your product or service at x price. How you can acquire a letter of intent would be to present your idea to as numerous different buyers as you can. The issue is the fact retailers and distributors will need greater than your rough sketch, patent application or working model. They need to surprised by the concept and instantly see it’s potential. To achieve this you will probably need a product sell sheet.
A product or service sell sheet highlights the key benefits and features of your own idea and includes images of the product as chances are it will look once it really has been manufactured. You might need a professional product designer to either sketch and present your concept or ideally develop a 3D model using computer aided design (CAD) and render it to check like the ultimate product.
Then you should get your products or services before potential customers. Industry events, face-to-face meetings, and direct mailings are common approaches to approach industry representatives. A great sell sheet is going to do the majority of the talking for you personally, so don’t be nervous.
The merchandise is really a device that matches inside the boot of a car to hold equipment. (Anymore detail than this is still confidential at this stage.)
The first step would be to conduct an international patent search to ensure patenting was an alternative. The search came back relativity clear so the idea was created to make sure it was possible using a product designer under a confidentiality agreement. Once developed adequately using CAD, a patent was drafted and filed by way of a Patent Attorney. The CAD model was then used to make a product sell sheet which was presented to Halfords among other retailers. Halfords wrote a letter of intent to have an initial batch of any thousand units.
The inventor now had: patent pending on his idea; a global patent search indicating the patent was likely to be granted; a remarkable sell sheet describing the Inventhelp Number as well as 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 may have used these tools to pursue to licensing handle an item manufacturer.
To conclude, your job is just to spark the interest of the potential licensee or investor who can make sure that your idea causes you to a return. To get this done you should answer three main questions: is it protectable, will it work and can anyone buy it. Specialist help is going to be required, most likely, to respond to these questions however the process described in this post need to keep these fees to a minimum while maximising your probability of success.