So you’ve enjoyed a 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 effortless or as straightforward as it appears. Many people feel that there must be numerous people just waiting to give inventors bucket tons of money to produce the next big thing, but actually it’s not quite like that.
But it’s not every not so good news. You will find Inventors Helpline, like the dragons on Dragon’s Den, and also several investor funds which support inventors with new ideas. Additionally, there are companies who license new ideas from individuals and small businesses. However they are serious business men and they also require a genuine business proposition not just a back of your envelope sketch before they element of their hard earned cash. Exactly how do you start turning your idea right into a viable, investable concept that will impress industry or investors?
Well, in all likelihood your funds will be limited in comparison to what a company may invest in new product development. And, even in case your funds aren’t limited, you will probably want to minimise the amount of money you devote upfront until genuine commercial interest has become established. So what exactly is minimum requirement to change your idea right into a viable commercial proposition? Well basically you 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 an investor back it, unless it can be protected to avoid every other company producing the same product. You also don’t desire to risk your idea being taken by a potential licensee or investor therefore protecting the concept is important.
In light from the last point, it is recommended to protect the thought yourself before presenting to potentially interested parties. A confidentiality agreement, an international patent search, patent pending status as well as a registered design application are common potentially essential elements to protecting your idea. Professional advice, from Invention Ideas Website, on how to protect your specific idea is regarded as the sensible route to choose this. (See the links after this article.)
2. Will it work?
In some instances the answer to this query is an easy yes, but in some instances you need to prove that your particular brainwave is achievable. The best way to answer this query is so that you can present a working prototype. The prototype does not have to check attractive – it just has to prove the functionality. If funds don’t stretch to a prototype, then a feasibility report detailing a completely independent viewpoint coming from a qualified professional on the viability of the idea may need to 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?
This is actually the hardest question to answer. Once you have proved your idea works, if required, and sorted out adequate protection you might be in a strong position to start out answering this query. As seen on Dragon’s Den, the very best solution to this question is to have letter of intent that state a retailer or distributor is prepared to buy x variety of your product or service at x price. The way to acquire a letter of intent is always to present your idea to as numerous different buyers as is possible. The issue is that retailers and distributors will need a lot more than your rough sketch, patent application or working model. They have to surprised by the idea and instantly see it’s potential. To get this done you will probably need to have a product sell sheet.
A product or service sell sheet highlights the primary benefits and features of the idea and includes images of the product as it is likely to look once it has been manufactured. You will 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 appear like the final product.
Then you need to get your product or service facing potential customers. Industry events, face-to-face meetings, and direct mailings are methods to approach industry representatives. A great sell sheet is going to do most of the talking to suit your needs, so don’t be nervous.
The product is actually a device that fits inside the boot of a car to hold equipment. (Anymore detail than this can be still confidential at this point.)
The initial step was to conduct an international patent search to ensure patenting was a choice. The search came back relativity clear and so the idea was created to ensure it was possible using a product designer within 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 create a product sell sheet which was presented to Halfords among other retailers. Halfords wrote a letter of intent for the initial batch of a thousand units.
The inventor now had: patent pending on his idea; a worldwide patent search indicating the patent was likely to be granted; a remarkable sell sheet describing the Vibe Inventhelp along with 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 might have used these tools to pursue to licensing cope with an item manufacturer.
In conclusion, your job is just to spark the interest of a potential licensee or investor who will ensure your idea causes you to a nice gain. To achieve this you have to answer three main questions: is it protectable, will it work and can anyone buy it. Professional help will likely be required, probably, to respond to these questions but the process described in this post should keep these fees to a minimum while maximising your likelihood of success.