So you have enjoyed a great new product idea, but what do you do next? Thousands of new products are launched every year but the journey from concept to promote is not as simple or as straightforward as it appears. Lots of people feel that there must be numerous people just waiting to offer inventors bucket loads of money to build up the next big thing, but in reality it’s not quite like that.
But it’s its not all bad news. There are Inventhelp Phone Number, like the dragons on Dragon’s Den, as well as several investor funds which support inventors with new ideas. Additionally, there are companies who license new ideas from individuals and small companies. However these are generally serious business men plus they need a genuine business proposition not just a back of your envelope sketch before they a part of their hard earned cash. How do you start turning your idea right into a viable, investable concept which will impress industry or investors?
Well, in all probability your funds is going to be limited compared to just what a company may spend money on new product development. And, even should your funds aren’t limited, you will probably want to minimise the amount of money you put in upfront until genuine commercial interest has been established. So what exactly is minimum requirement to turn your idea right 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. Is the idea protectable?
No company will license your idea, nor will a trader back it, unless it can be protected to avoid almost every other company producing exactly the same product. Additionally you don’t wish to risk your idea being taken by way of a potential licensee or investor and thus protecting the thought is important.
In light of 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 potentially essential elements to protecting your idea. Professional advice, from Inventhelp Caveman, on how to protect your particular idea is regarded as the sensible route to go with this. (Begin to see the links after this short article.)
2. Could it work?
In some instances the reply to this question is a straightforward yes, but sometimes you will need to prove that the brainwave is achievable. The easiest method to answer this inquiry is so that you can present a working prototype. The prototype does not have to check attractive – it just has to prove the functionality. If funds don’t stretch to your prototype, then the feasibility report detailing a completely independent viewpoint coming 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 in any way, apart from Chartered Patent Attorneys.
3. Will anyone purchase it?
This is the hardest question to respond to. When you have proved your idea works, if needed, and sorted out adequate protection you might be in a strong position to start out answering this query. As seen on Dragon’s Den, the most effective response to this query is always to have letter of intent that state a retailer or distributor is prepared to purchase x quantity of your products or services at x price. How you can acquire a letter of intent is to present your idea to as much different buyers as possible. The issue is that retailers and distributors will require greater than your rough sketch, patent application or working model. They need to astounded by the concept and instantly see it’s potential. To achieve this you will likely need a product sell sheet.
A product or service sell sheet highlights the primary features and benefits of your own idea and includes images of the 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 have to get your product or service facing potential buyers. Trade shows, face-to-face meetings, and direct mailings are all methods to approach industry representatives. An excellent sell sheet will do the majority of the talking for you, so don’t be nervous.
The merchandise is a device that fits in the boot of any car to hold equipment. (Any more detail than this is still confidential at this point.)
Step one ended up being to conduct a global patent search to make certain patenting was an option. The search came back relativity clear so the idea was developed to make sure it had been possible utilizing a product designer within 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 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 apt to be granted; a remarkable sell sheet describing the Inventions Ideas as well as a letter of intent. He now had everything he needed ndefzr secure investment to produce his product and set up their own company. Alternatively he might have used these tools to pursue to licensing handle a product or service manufacturer.
In summary, your task is just to spark the interest of any potential licensee or investor that will ensure your idea causes you to a profit. To get this done you have to answer three main questions: will it be protectable, could it work and will anyone buy it. Specialist help will likely be required, most likely, to respond to these questions but the process described in this post ought to keep these fees as low as possible while maximising your chance of success.