So you’ve had a great new product idea, but what do you do next? Thousands of new releases are launched each year but the journey from concept to advertise is not as simple or as straightforward as it appears. Lots of people feel that there must be numerous people just waiting to give inventors bucket plenty of money to develop the next big thing, but in reality it’s not quite like that.
But it’s not every not so good news. There are Patent Help Companies, like the dragons on Dragon’s Den, and in addition 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 demand a genuine business proposition not just a back of your envelope sketch before they element of their hard earned cash. Exactly how do you begin turning your idea in to a viable, investable concept that can impress industry or investors?
Well, in all probability your funds will be limited compared to just what a company may invest in cool product development. And, even should your funds aren’t limited, you should probably minimise the money you put in upfront until genuine commercial interest has become established. So what is minimum requirement to turn your idea right into a viable commercial proposition? Well basically you will have to answer three questions before being able to sell your idea or gain investment:
1. Will be the idea protectable?
No company will license your idea, and neither will an investor back it, unless it can be protected to prevent every other company producing the same product. Additionally you don’t want to risk your idea being taken by a potential licensee or investor and so protecting the thought is essential.
In light in the last point, it is recommended to protect the concept yourself before presenting to potentially interested parties. A confidentiality agreement, a global patent search, patent pending status as well as a registered design application are common potentially essential elements to protecting your idea. Professional advice, from Inventhelp Tv Commercial, on how to protect your specific idea is easily the most sensible route to select this. (Begin to see the links after this post.)
2. Could it work?
In some cases the solution to this question is an easy yes, but in some cases you need to prove that your particular brainwave is achievable. The easiest method to answer this query 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 some prototype, then this feasibility report detailing an independent viewpoint from a qualified professional on the viability from the idea may must suffice. Always ensure a confidentiality agreement is within place before revealing your idea to anyone whatsoever, apart from Chartered Patent Attorneys.
3. Will anyone purchase it?
This is actually the hardest question to reply to. Once you have proved your idea works, if required, and dealt with adequate protection you are in a strong position to begin answering this query. As seen on Dragon’s Den, the best solution to this inquiry 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 way to gain a letter of intent would be to present your idea to as many different buyers as is possible. The issue is that retailers and distributors will be needing more than your rough sketch, patent application or working model. They have to astounded by the concept and instantly see it’s potential. To do this you will likely need a product sell sheet.
A product or service sell sheet highlights the key benefits and features of your idea and includes images of the product as chances are it will look once it really has been manufactured. You will 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 final product.
Then you have to get your product in front of potential customers. Trade shows, face-to-face meetings, and direct mailings are common approaches to approach industry representatives. A great sell sheet can do a lot of the talking for you personally, so don’t be nervous.
The product is actually a device that fits within the boot of the car to hold equipment. (Any more detail than this really is still confidential at this point.)
Step one was to conduct a global patent search to ensure patenting was an alternative. The search came back relativity clear so the idea was made to make certain it absolutely was possible employing 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 produce a product sell sheet that was presented to Halfords among other retailers. Halfords wrote a letter of intent for the 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 Can You Patent An Idea 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 may have used these power tools to pursue to licensing handle an item manufacturer.
In conclusion, your task is just to spark the interest of any potential licensee or investor who will ensure your idea enables you to a profit. To do this you have to answer three main questions: is it protectable, could it work and will anyone buy it. Professional guidance is going to be required, most likely, to answer these questions nevertheless the process described in this post should keep these fees as low as possible while maximising your chance of success.