So you have had a new product idea, but what do you do next? 1000s of new products are launched each year but the journey from concept to advertise is not as simple or as straightforward as it appears. Lots of people think that there must be numerous people just waiting to offer inventors bucket loads of money to build up the next big thing, but actually it’s not quite like that.
But it’s not every bad news. There are Inventhelp Successful Inventions, like the dragons on Dragon’s Den, as well as 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 generally serious business men and they also demand a genuine business proposition not just a back of your envelope sketch before they element of their hard earned cash. So how do you go about turning your idea into a viable, investable concept which will impress industry or investors?
Well, most likely your funds is going to be limited when compared with exactly what a company may spend money on cool product development. And, even should your funds aren’t limited, you should probably minimise the cash you put in upfront until genuine commercial interest has been established. So what is minimum requirement to turn your idea 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. 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 want to risk your idea being taken by way of a potential licensee or investor and so protecting the idea is important.
In light from the last point, it is advisable to protect the idea 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 Patent Invention, concerning how to protect your specific idea is easily the most sensible route to choose this. (See the links after this post.)
2. Will it work?
In some cases the solution to this inquiry is a simple yes, but in some instances you will have to prove that the brainwave is achievable. The easiest method to answer this query 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 some prototype, then the feasibility report detailing a completely independent viewpoint coming from a qualified professional on the viability of the idea may must suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone at all, apart from Chartered Patent Attorneys.
3. Will anyone purchase it?
This is actually the hardest question to reply to. After you have proved your idea works, if required, and dealt with adequate protection you are in a strong position to start out answering this question. As seen on Dragon’s Den, the most effective solution to this inquiry would be to have letter of intent that state a retailer or distributor is ready to get x variety of your product or service at x price. How you can gain a letter of intent is always to present your idea to as numerous different buyers as is possible. The difficulty is the fact that retailers and distributors will need more than your rough sketch, patent application or working model. They have to impressed by the idea and instantly see it’s potential. To achieve this you will probably need to have a product sell sheet.
An item sell sheet highlights the primary features and benefits of your idea and includes images of the product as it is likely to look once this has been manufactured. You might need a professional product designer to either sketch and offer your concept or ideally produce a 3D model using computer aided design (CAD) and render it to look like the ultimate product.
Then you need to get your products or services facing possible buyers. Industry events, face-to-face meetings, and direct mailings are approaches to approach industry representatives. An excellent sell sheet will do a lot of the talking for you, so don’t be nervous.
The item is actually a device that suits within the boot of a car to hold equipment. (Anymore detail than this can be still confidential at this point.)
The first step ended up being to conduct a global patent search to ensure patenting was a choice. The search came back relativity clear so the idea was developed to make sure it was possible utilizing a product designer within 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 produce a product sell sheet that was shown to Halfords among other retailers. Halfords wrote a letter of intent to have an initial batch of a thousand units.
The inventor now had: patent pending on his idea; a global patent search indicating the patent was likely to be granted; an amazing sell sheet describing the I Want To Patent My Idea along with a letter of intent. He now had everything he needed ndefzr secure investment to manufacture his product and set up his own company. Alternatively he may have used these tools to pursue to licensing handle an item manufacturer.
In conclusion, your work is just to spark the interest of a potential licensee or investor who will ensure your idea causes you to a profit. To achieve this you have to answer three main questions: will it be protectable, could it work and definately will anyone purchase it. Specialist help is going to be required, more than likely, to answer these questions nevertheless the process described in the following paragraphs ought to keep these fees to a minimum while maximising your chance of success.