So you have enjoyed a great new product idea, but what do you do next? Thousands of new items are launched every year nevertheless the journey from concept to advertise is not as effortless or as straightforward as it appears. Many individuals believe that there must be hundreds of people just waiting to offer inventors bucket loads of money to develop the next big thing, but in fact it’s not quite like that.
But it’s not all not so good news. You can find I Want To Patent My Idea, 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 businesses. However they are serious business men and they need a genuine business proposition not just a back of the envelope sketch before they a part of their hard earned cash. So how do you start turning your idea in to a viable, investable concept that will impress industry or investors?
Well, in all probability your funds is going to be limited in comparison to exactly what a company may invest in new product development. And, even if your funds aren’t limited, you should probably 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 need 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, nor will a trader back it, unless it can be protected to stop every other company producing the identical product. Additionally you don’t desire to risk your idea being taken with a potential licensee or investor and so protecting the idea is essential.
In light in the last point, it is best to protect the thought 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 potentially essential elements to protecting your idea. Professional advice, from How To Pitch An Invention Idea To A Company, concerning how to protect your unique idea is easily the most sensible route to go with this. (Begin to see the links at the conclusion of this short article.)
2. Will it work?
In some instances the reply to this inquiry is an easy yes, but in some instances you will need to prove that the brainwave is possible. The best way to answer this query is to be able to present a working prototype. The prototype lacks to appear attractive – it just must prove the functionality. If funds don’t stretch to your prototype, then this feasibility report detailing an independent viewpoint coming from a qualified professional on the viability of the idea may must suffice. Always ensure a confidentiality agreement is in place before revealing your idea to anyone in any way, apart from Chartered Patent Attorneys.
3. Will anyone purchase it?
This is actually the hardest question to answer. Once 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 query. As seen on Dragon’s Den, the best answer to this inquiry would be to have letter of intent that state a retailer or distributor is prepared to get x quantity of your product or service at x price. How you can gain a letter of intent would be to present your idea to as many different buyers as possible. The difficulty is that retailers and distributors will require more than your rough sketch, patent application or working model. They need to impressed by the idea and instantly see it’s potential. To achieve this you will likely need a product sell sheet.
An item sell sheet highlights the key 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 produce a 3D model using computer aided design (CAD) and render it to check like the final product.
Then you should get your products or services facing potential customers. Trade events, face-to-face meetings, and direct mailings are approaches to approach industry representatives. An excellent sell sheet is going to do most of the talking to suit your needs, so don’t be nervous.
The product is a device that fits within the boot of a car to hold equipment. (Any more detail than this is still confidential at this time.)
Step one was to conduct a worldwide patent search to make certain patenting was an alternative. The search came back relativity clear and so the idea was developed to make certain it absolutely was possible utilizing 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 produce a product sell sheet that was shown 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 amazing sell sheet describing the Inventhelp Commercial and 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 could 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 can make sure that your idea enables you to a profit. To do this you need to answer three main questions: is it protectable, can it work and definately will anyone buy it. Professional help is going to be required, more than likely, to respond to these questions nevertheless the process described in the following paragraphs ought to keep these fees as low as possible while maximising your chance of success.