So you have had a new product idea, but what do you do next? A large number of new releases are launched each and every year nevertheless the journey from concept to promote is not as easy or as straightforward as it appears. Many people believe that there must be numerous people just waiting to offer inventors bucket loads of money to develop the next big thing, but actually it’s not quite like that.
But it’s its not all not so good news. You will find Prototype Services Inventhelp, like the dragons on Dragon’s Den, and in addition several investor funds which support inventors with new ideas. Additionally, there are companies who license new ideas from individuals and small businesses. 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 a part of their hard earned cash. So how do you go about turning your idea right into a viable, investable concept that will impress industry or investors?
Well, most likely your funds is going to be limited in comparison to exactly what a company may put money into cool product development. And, even in case your funds aren’t limited, you should probably minimise the cash you devote upfront until genuine commercial interest continues to be established. So what is minimum requirement to transform your idea right into a viable commercial proposition? Well basically you will have to answer three questions before having the capacity to sell your idea or gain investment:
1. Is definitely the idea protectable?
No company will license your idea, and neither will a trader back it, unless it can be protected to avoid almost every other company producing exactly the same product. You also don’t want to risk your idea being taken with a potential licensee or investor and thus protecting the concept is important.
In light from the last point, it is best to protect the thought 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 Inventhelp New Products, on how to protect your unique idea is the most sensible route to choose this. (Begin to see the links after this article.)
2. Will it work?
In some cases the solution to this query is an easy yes, but in some instances you will need to prove that your particular brainwave can be done. The simplest way to answer this inquiry is in order to present a working prototype. The prototype lacks to check attractive – it just needs to prove the functionality. If funds don’t stretch to a prototype, then the feasibility report detailing an unbiased viewpoint coming from a qualified professional on the viability from the idea may must suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone at all, apart from Chartered Patent Attorneys.
3. Will anyone buy it?
This is the hardest question to respond to. When you have proved your idea works, if needed, and sorted out adequate protection you happen to be in a strong position to start answering this inquiry. As seen on Dragon’s Den, the most effective answer 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 gain a letter of intent is always to present your idea to as many different buyers as you can. The issue is the fact that retailers and distributors will be needing a lot more than your rough sketch, patent application or working model. They need to astounded by the concept and instantly see it’s potential. To do this you will likely need to have a product sell sheet.
A product sell sheet highlights the primary features and benefits of your idea and includes images of your own product as it is likely to look once it has been manufactured. You will 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 look like the last product.
Then you should get your product facing potential customers. Trade events, face-to-face meetings, and direct mailings are ways to approach industry representatives. A great sell sheet can do most of the talking for you, so don’t be nervous.
The product is really a device that fits inside the boot of a car to hold equipment. (Any more detail than this can be still confidential at this stage.)
The initial step was to conduct a worldwide patent search to make sure patenting was an option. The search came back relativity clear and so the idea was made to ensure it was possible using a product designer within 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 make a product sell sheet that was given 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; a global patent search indicating the patent was probably be granted; an amazing sell sheet describing the Famous Inventors along with 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 might have used these tools to pursue to licensing deal with an item manufacturer.
In summary, your job is just to spark the interest of a potential licensee or investor that will make sure that your idea causes you to a return. To do this you have to answer three main questions: could it be protectable, could it work and definately will anyone purchase it. Professional guidance is going to be required, more than likely, to reply to these questions nevertheless the process described in this post should keep these fees to a minimum while maximising your probability of success.