So you have enjoyed a great new product idea, but what do you do next? A large number of new releases are launched each and every year however the journey from concept to market is not as easy or as straightforward as it appears. Many individuals think that there must be countless people just waiting to give inventors bucket plenty of money to develop the next big thing, but in fact it’s not quite like that.
But it’s not all bad news. You will find Inventhelp Product Licensing, 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 companies. However these are serious business men plus they 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 can impress industry or investors?
Well, in all probability your funds will be limited compared to what a company may invest in cool product development. And, even should your funds aren’t limited, you should probably minimise the money you devote upfront until genuine commercial interest has become established. So what exactly is minimum requirement to change 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. Is definitely the idea protectable?
No company will license your idea, nor will a venture capitalist back it, unless it can be protected to prevent every other company producing the identical product. You also don’t desire to risk your idea being taken by way of a potential licensee or investor and so protecting the thought is essential.
In light in 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 along with a registered design application are potentially essential elements to protecting your idea. Professional advice, from How To Get A Patent For An Idea, regarding how to protect your unique idea is easily the most sensible route to choose this. (View the links after this post.)
2. Will it work?
Sometimes the reply to this inquiry is an easy yes, but in some cases you will need to prove that the brainwave is possible. The easiest method to answer this query is so that you can present a working prototype. The prototype does not have to appear attractive – it just has to prove the functionality. If funds don’t stretch to a prototype, then the feasibility report detailing a completely independent viewpoint from a qualified professional on the viability in the idea may must suffice. Always ensure a confidentiality agreement is within place before revealing your idea to anyone at all, other than Chartered Patent Attorneys.
3. Will anyone buy it?
This is the hardest question to reply to. After you have proved your idea works, if required, and taken care of adequate protection you might be in a strong position to begin answering this question. As seen on Dragon’s Den, the best answer to this query is to have letter of intent that state a retailer or distributor is prepared to purchase x number of your product at x price. The best way to achieve a letter of intent is to present your idea to as numerous different buyers as you can. The problem is that retailers and distributors will require a lot more than your rough sketch, patent application or working model. They should impressed by the idea and instantly see it’s potential. To do this you will probably require a product sell sheet.
An item sell sheet highlights the main benefits and features of your own idea and includes images of your own product as it is likely to look once it really has been manufactured. You might need a professional product designer to either sketch and offer your concept or ideally develop a 3D model using computer aided design (CAD) and render it to check like the last product.
Then you should get your product facing potential buyers. Trade events, face-to-face meetings, and direct mailings are common ways to approach industry representatives. A great sell sheet is going to do a lot of the talking to suit your needs, so don’t be nervous.
The product is really a device that suits in the boot of the car to hold equipment. (Any more detail than this really is still confidential at this stage.)
The initial step would be to conduct an international patent search to make sure patenting was an alternative. The search came back relativity clear and so the idea was made 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 with 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 to have an initial batch of any 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 Get A Patent 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 very own company. Alternatively he could have used these tools to pursue to licensing handle an item manufacturer.
In summary, your task is just to spark the interest of a potential licensee or investor that will ensure that your idea enables you to a nice gain. To get this done you have to answer three main questions: is it protectable, can it work and definately will anyone buy it. Professional help will likely be required, probably, to respond to these questions but the process described in the following paragraphs should keep these fees to a minimum while maximising your likelihood of success.