So you have enjoyed a great new product idea, but what do you do next? 1000s of new products are launched each year but the journey from concept to market is not as easy or as straightforward as it appears. Many individuals believe that there must be hundreds of people just waiting to provide inventors bucket tons of money to build up the next big thing, but in fact it’s not quite like that.
But it’s not all not so good news. There are Inventors Corner, 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 companies. However they are serious business men plus they demand a genuine business proposition not just a back of the envelope sketch before they a part of their hard earned cash. Exactly how do you go about turning your idea right into a viable, investable concept which will impress industry or investors?
Well, most likely your funds will be limited when compared with what a company may put money into new product development. And, even in case your funds aren’t limited, you should probably minimise the money you put in upfront until genuine commercial interest has been established. So what is minimum requirement to change your idea in to 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, nor will a venture capitalist back it, unless it can be protected to stop 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 therefore protecting the concept is a must.
In light of 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 and a registered design application are potentially essential elements to protecting your idea. Professional advice, from Ideas For Inventions, on how to protect your particular idea is easily the most sensible route to choose this. (See the links after this post.)
2. Will it work?
In some cases the reply to this query is a simple yes, but in some cases you need to prove that your particular brainwave can be done. The easiest method to answer this inquiry is so that you can present a working prototype. The prototype does not have to appear attractive – it just must prove the functionality. If funds don’t stretch to a prototype, then this feasibility report detailing a completely independent viewpoint from a qualified professional on the viability in the idea may need to suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone at all, besides Chartered Patent Attorneys.
3. Will anyone buy it?
This is actually the hardest question to respond to. When you have proved your idea works, if needed, and taken care of adequate protection you might be in a strong position to start answering this inquiry. As seen on Dragon’s Den, the most effective answer to this inquiry is to have letter of intent that state a retailer or distributor is ready to purchase x number of your products or services at x price. How you can gain a letter of intent is to present your idea to as many different buyers as possible. The problem is that retailers and distributors will be needing a lot more than your rough sketch, patent application or working model. They need to impressed by the concept and instantly see it’s potential. To do this you will probably need to have a product sell sheet.
A product or service sell sheet highlights the key features and benefits of your own idea and includes images of your product as chances are it will look once this has been manufactured. You might 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 ultimate product.
Then you should get your products or services facing possible buyers. Industry events, face-to-face meetings, and direct mailings are common approaches to approach industry representatives. A good sell sheet is going to do most of the talking for you personally, so don’t be nervous.
The item is actually a device that matches inside the boot of the car to hold equipment. (Any further detail than this can be still confidential at this stage.)
Step one would be to conduct a worldwide patent search to make sure patenting was a choice. The search came back relativity clear and so the idea was created to make certain it was possible utilizing a product designer under 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 produce a product sell sheet which was presented to Halfords among other retailers. Halfords wrote a letter of intent for an initial batch of any thousand units.
The inventor now had: patent pending on his idea; an international patent search indicating the patent was probably be granted; an impressive sell sheet describing the Inventhelp Store 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 could have used these power tools to pursue to licensing handle a product or service manufacturer.
To conclude, your task is just to spark the interest of the potential licensee or investor who can ensure your idea makes you a nice gain. To get this done you need to answer three main questions: is it protectable, will it work and will anyone buy it. Specialist help will be required, most likely, to reply to these questions however the process described in this article need to keep these fees as low as possible while maximising your likelihood of success.