So you’ve enjoyed a great 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 advertise is not as effortless or as straightforward as it appears. Lots of people believe that there must be hundreds of people just waiting to offer inventors bucket plenty of money to develop the next big thing, but actually it’s not quite like that.
But it’s its not all bad news. There are Inventhelp Wiki, like the dragons on Dragon’s Den, as well as several investor funds which support inventors with new ideas. In addition there are 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 an envelope sketch before they part of their hard earned cash. 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 is going to be limited when compared with just what a company may invest in new 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 is minimum requirement to turn your idea into 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. Will be the idea protectable?
No company will license your idea, nor will a venture capitalist back it, unless it can be protected to avoid almost every other company producing exactly the same product. You also don’t wish to risk your idea being taken by a potential licensee or investor and thus protecting the concept is a must.
In light from the last point, it is best to protect the concept 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 all potentially essential elements to protecting your idea. Professional advice, from File A Patent, regarding how to protect your unique idea is easily the most sensible route to select this. (Begin to see the links at the conclusion of this article.)
2. Can it work?
Sometimes the reply to this inquiry is an easy yes, but in some cases you will have to prove that your brainwave can be done. The best way to answer this query is to be able to present a working prototype. The prototype does not have to look attractive – it just must prove the functionality. If funds don’t stretch to your prototype, then this feasibility report detailing an unbiased viewpoint from a qualified professional on the viability in the idea may have to suffice. Always ensure a confidentiality agreement is at place before revealing your idea to anyone in any way, other than Chartered Patent Attorneys.
3. Will anyone buy it?
This is actually the hardest question to respond to. Once you have proved your idea works, if required, and sorted out 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 is always to have letter of intent that state a retailer or distributor is ready to get x quantity of your products or services at x price. The best way to gain a letter of intent is to present your idea to as numerous different buyers as possible. The issue is the fact that retailers and distributors will need greater than your rough sketch, patent application or working model. They have 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 main benefits and features of your idea and includes images of your product as it is likely to look once this has been manufactured. You may need a professional product designer to either sketch and provide your concept or ideally create 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 possible buyers. Trade shows, face-to-face meetings, and direct mailings are all ways to approach industry representatives. A good sell sheet can do a lot of the talking for you personally, so don’t be nervous.
The item is actually a device that fits within the boot of the car to hold equipment. (Any more detail than this can be still confidential at this stage.)
The first step would be to conduct a global patent search to ensure patenting was an option. The search came back relativity clear and so the idea was made to make sure it had been possible using a product designer within 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 create a product sell sheet which was given 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 worldwide patent search indicating the patent was likely to be granted; a remarkable sell sheet describing the Invent Help Patent Invention as well as 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 could have used these power tools to pursue to licensing deal with a product or service manufacturer.
In conclusion, your work is just to spark the interest of any potential licensee or investor who can make sure that your idea enables you to a nice gain. To achieve this you should answer three main questions: is it protectable, can it work and can anyone purchase it. Professional guidance will be required, probably, to reply to these questions however the process described in the following paragraphs should keep these fees as low as possible while maximising your likelihood of success.