So you have had a great new product idea, but what do you do next? 1000s of new releases are launched every year but the journey from concept to market is not as simple 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 not every not so good news. You can find Tech, like the dragons on Dragon’s Den, and also several investor funds which support inventors with new ideas. In addition there are companies who license new ideas from individuals and small enterprises. However these are generally serious business men and they demand a genuine business proposition not just a back of an envelope sketch before they element of their hard earned cash. How do you start turning your idea in to a viable, investable concept which will impress industry or investors?
Well, in all probability your funds will be limited when compared with what a company may spend money on cool product development. And, even if your funds aren’t limited, you will probably want to minimise the money you put in upfront until genuine commercial interest continues to be established. So what exactly is minimum requirement to turn your idea in to a viable commercial proposition? Well basically you will have 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, nor will an investor back it, unless it can be protected to avoid almost every other company producing the identical product. Additionally you don’t desire to risk your idea being taken with a potential licensee or investor and thus protecting the concept is essential.
In light of the last point, it is advisable to protect the idea yourself before presenting to potentially interested parties. A confidentiality agreement, an international patent search, patent pending status along with a registered design application are common potentially essential elements to protecting your idea. Professional advice, from Patent Help, concerning how to protect your specific idea is easily the most sensible route to go with this. (View the links after this article.)
2. Will it work?
In some instances the reply to this query is a straightforward yes, but sometimes you will need to prove that your particular brainwave is possible. The simplest way to answer this inquiry is so that you can present a working prototype. The prototype lacks to look attractive – it just must prove the functionality. If funds don’t stretch to some prototype, then this feasibility report detailing an unbiased viewpoint coming from a qualified professional on the viability of the idea may must suffice. Always ensure a confidentiality agreement is within place before revealing your idea to anyone in any way, besides Chartered Patent Attorneys.
3. Will anyone buy it?
This is the hardest question to answer. After you have proved your idea works, if required, and dealt with adequate protection you happen to be in a strong position to start out answering this inquiry. As seen on Dragon’s Den, the best solution to this question is 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 best way to achieve a letter of intent is always to present your idea to as numerous different buyers as you can. The problem is the fact that retailers and distributors will require more than your rough sketch, patent application or working model. They should astounded by the concept 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 features and benefits of the idea and includes images of your product as chances are it will look once it has been manufactured. You might need a professional product designer to either sketch and present your concept or ideally produce a 3D model using computer aided design (CAD) and render it to check like the final product.
Then you need to get your products or services before possible buyers. Trade shows, face-to-face meetings, and direct mailings are approaches to approach industry representatives. An excellent sell sheet can do most of the talking for you personally, so don’t be nervous.
The product is a device that fits within the boot of any car to hold equipment. (Any further detail than this can be still confidential at this time.)
The initial step ended up being to conduct an international patent search to make certain patenting was an alternative. The search came back relativity clear so the idea was developed to make sure it absolutely was possible utilizing 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 produce a product sell sheet which had been presented 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; an international patent search indicating the patent was apt to be granted; an amazing sell sheet describing the Inventhelp Inventor Service and 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 could have used these tools to pursue to licensing cope with a product or service manufacturer.
In summary, your work is just to spark the interest of any potential licensee or investor who can ensure your idea makes you a return. To achieve this you should answer three main questions: is it protectable, will it work and will anyone purchase it. Specialist help is going to be required, probably, to answer these questions however the process described in the following paragraphs need to keep these fees to a minimum while maximising your chance of success.