So you’ve had a new product idea, but what do you do next? A large number of new releases are launched every year however the journey from concept to promote is not as effortless or as straightforward as it appears. Many individuals believe that there must be countless people just waiting to offer inventors bucket loads of money to build up the next big thing, but in reality it’s not quite like that.
But it’s its not all bad news. You can find Product Ideas, 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 companies. However they are serious business men and they require a genuine business proposition not just a back of an envelope sketch before they element of their hard earned cash. So 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 will likely be limited when compared with exactly what a company may put money into cool product development. And, even should your funds aren’t limited, you should probably minimise the cash you devote upfront until genuine commercial interest continues to be established. So what exactly is minimum requirement to transform your idea right into 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. Is 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. Additionally you don’t desire to risk your idea being taken with a potential licensee or investor therefore protecting the thought is essential.
In light of 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 and a registered design application are potentially essential elements to protecting your idea. Professional advice, from Inventhelp Commercial, concerning how to protect your particular idea is the most sensible route to select this. (View the links at the conclusion of this short article.)
2. Could it work?
In some instances the solution to this inquiry is a straightforward yes, but sometimes you will have to prove that the brainwave is possible. The easiest method to answer this inquiry is in order to present a working prototype. The prototype does not have to appear attractive – it just needs to 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 from the idea may must suffice. Always ensure a confidentiality agreement is at place before revealing your idea to anyone whatsoever, apart from Chartered Patent Attorneys.
3. Will anyone purchase it?
This is the hardest question to respond to. After you have proved your idea works, if required, and sorted out adequate protection you are in a strong position to start answering this inquiry. As seen on Dragon’s Den, the best solution to this question is always to have letter of intent that state a retailer or distributor is prepared to get x number of your products or services at x price. The way to gain a letter of intent would be to present your idea to as much different buyers as you can. The problem is the fact that retailers and distributors will require greater than your rough sketch, patent application or working model. They need to impressed by the thought and instantly see it’s potential. To achieve this you will likely require a product sell sheet.
A product or service sell sheet highlights the main features and benefits of your idea and includes images of your product as it is likely to look once it has been manufactured. You may 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 need to get your products or services in front of potential buyers. Industry events, face-to-face meetings, and direct mailings are common methods to approach industry representatives. A great sell sheet can do most of the talking for you, so don’t be nervous.
The merchandise is actually a device that fits in the boot of the car to hold equipment. (Any further detail than this can be still confidential at this stage.)
The initial step would be to conduct a global patent search to make sure patenting was a choice. The search came back relativity clear and so the idea was made to make sure it had been possible employing a product designer within 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 was shown 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 Inventhelp Successful Inventions and a letter of intent. He now had everything he needed ndefzr secure investment to manufacture his product and set up his very own company. Alternatively he could have used these tools to pursue to licensing handle a product manufacturer.
To conclude, your task is just to spark the interest of a potential licensee or investor that will ensure that your idea enables you to a nice gain. To achieve this you should answer three main questions: is it protectable, could it work and can anyone purchase it. Professional guidance will be required, probably, to respond to these questions but the process described in this article ought to keep these fees as low as possible while maximising your chance of success.