So you’ve enjoyed a new product idea, but what do you do next? A large number of new items are launched each 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 numerous people just waiting to give inventors bucket plenty of money to produce the next big thing, but in reality it’s not quite like that.
But it’s not every not so good news. You will find Invent Help Patent Information, like the dragons on Dragon’s Den, and also several investor funds which support inventors with new ideas. There are also companies who license new ideas from individuals and small businesses. However these are generally serious business men and they require a genuine business proposition not just a back of your envelope sketch before they element of their hard earned cash. So 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 when compared with just what a company may put money into new product development. And, even should your funds aren’t limited, you should probably minimise the cash you devote upfront until genuine commercial interest has been established. So what exactly is minimum requirement to change your idea in to a viable commercial proposition? Well basically you will have to answer three questions before being able to sell your idea or gain investment:
1. Is definitely the idea protectable?
No company will license your idea, and neither will a venture capitalist back it, unless it can be protected to prevent every other company producing the identical product. Additionally you don’t wish to risk your idea being taken by a potential licensee or investor and thus protecting the idea is a must.
In light from the last point, it is recommended to protect the idea yourself before presenting to potentially interested parties. A confidentiality agreement, a worldwide patent search, patent pending status as well as a registered design application are common potentially essential elements to protecting your idea. Professional advice, from How To Patent Something With Inventhelp, on how to protect your particular idea is regarded as the sensible route to go with this. (See the links at the conclusion of this post.)
2. Can it work?
Sometimes the reply to this question is a simple yes, but sometimes you will have to prove that the brainwave is achievable. The best way to answer this question is to be able to present a working prototype. The prototype lacks to appear attractive – it just needs to prove the functionality. If funds don’t stretch to a prototype, then this feasibility report detailing an independent viewpoint from the qualified professional on the viability from the idea may need to suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone whatsoever, other than Chartered Patent Attorneys.
3. Will anyone buy it?
Here is the hardest question to answer. After you have proved your idea works, if necessary, and taken care of adequate protection you are in a strong position to begin answering this inquiry. As seen on Dragon’s Den, the most effective solution to this query would be to have letter of intent that state a retailer or distributor is prepared to purchase x variety of your product at x price. The best way to achieve a letter of intent is to present your idea to as many different buyers as is possible. The difficulty is the fact retailers and distributors will be needing greater 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 require a product sell sheet.
A product or service sell sheet highlights the primary benefits and features of your own idea and includes images of your own product as chances are it will look once it really has been manufactured. You may need a professional product designer to either sketch and offer your concept or ideally create a 3D model using computer aided design (CAD) and render it to look like the final product.
Then you need to get your product or service in front of potential customers. Industry events, face-to-face meetings, and direct mailings are all methods to approach industry representatives. An excellent sell sheet is going to do a lot of the talking to suit your needs, so don’t be nervous.
The item is actually a device that fits inside the boot of any car to hold equipment. (Any more detail than this is still confidential at this time.)
The first step ended up being to conduct a global patent search to make certain patenting was an alternative. The search came back relativity clear and so the idea was created to make certain 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 that was shown to Halfords among other retailers. Halfords wrote a letter of intent for an initial batch of the thousand units.
The inventor now had: patent pending on his idea; a global patent search indicating the patent was probably be granted; an impressive sell sheet describing the How To Do A Patent Search With Inventhelp as well as 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 might have used these tools to pursue to licensing deal with an item manufacturer.
In conclusion, your work is just to spark the interest of the potential licensee or investor who can make sure that your idea makes you a nice gain. To get this done you should answer three main questions: will it be protectable, could it work and definately will anyone purchase it. Professional help will likely be required, probably, to reply to these questions but the process described in this article should keep these fees as low as possible while maximising your probability of success.