So you have had a great new product idea, but what do you do next? 1000s 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 believe that there must be hundreds of people just waiting to provide inventors bucket tons of money to build up the next big thing, but actually it’s not quite like that.
But it’s not all bad news. You will find Can You Patent An 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 these are serious business men and they also demand a genuine business proposition not just a back of the envelope sketch before they part of their hard earned cash. Exactly how do you go about turning your idea in to a viable, investable concept that can impress industry or investors?
Well, in all likelihood your funds will be limited in comparison to just what a company may invest in cool product development. And, even if your funds aren’t limited, you will probably want to minimise the amount of money you put in upfront until genuine commercial interest has become established. So what is minimum requirement to transform your idea right into a viable commercial proposition? Well basically you need 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 a trader back it, unless it can be protected to stop every other company producing exactly the same product. Additionally you don’t want to risk your idea being taken with a potential licensee or investor and so protecting the idea is a must.
In light of 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 along with a registered design application are common potentially essential elements to protecting your idea. Professional advice, from Product Licensing Inventhelp, concerning how to protect your particular idea is regarded as the sensible route to go with this. (See the links at the conclusion of this short article.)
2. Could it work?
Sometimes the solution to this inquiry is an easy yes, but in some cases you will have to prove that the brainwave is achievable. The easiest method to answer this question is to be able to present a working prototype. The prototype does not have to look attractive – it just must prove the functionality. If funds don’t stretch to a prototype, then the feasibility report detailing an unbiased viewpoint from the qualified professional on the viability from the idea may must suffice. Always ensure a confidentiality agreement is at place before revealing your idea to anyone in any way, besides Chartered Patent Attorneys.
3. Will anyone purchase it?
This is actually the hardest question to respond to. When you have proved your idea works, if required, and dealt with adequate protection you might be in a strong position to begin answering this inquiry. As seen on Dragon’s Den, the best answer to this question would be to have letter of intent that state a retailer or distributor is prepared to get x variety of your product at x price. How you can gain a letter of intent would be to present your idea to as numerous different buyers as is possible. The issue is the fact that retailers and distributors will need more than your rough sketch, patent application or working model. They should impressed by the idea and instantly see it’s potential. To achieve this you will likely need to have 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 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 check like the ultimate product.
Then you should get your product or service before possible buyers. Trade shows, face-to-face meetings, and direct mailings are ways to approach industry representatives. A good sell sheet is going to do a lot of the talking to suit your needs, so don’t be nervous.
The product is a device that matches in the boot of the car to hold equipment. (Anymore detail than this is still confidential at this stage.)
Step one was to conduct a global patent search to make certain patenting was an option. The search came back relativity clear and so the idea was made to make certain it absolutely was possible using a product designer within 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 make a product sell sheet which had been presented to Halfords among other retailers. Halfords wrote a letter of intent for the initial batch of a thousand units.
The inventor now had: patent pending on his idea; an international patent search indicating the patent was likely to be granted; a remarkable sell sheet describing the I Have An Invention Idea Now What along with a letter of intent. He now had everything he needed ndefzr secure investment to produce his product and set up his own company. Alternatively he may have used these tools to pursue to licensing handle a product manufacturer.
To conclude, your work is just to spark the interest of a potential licensee or investor that will make sure that your idea makes you a nice gain. To do this you have to answer three main questions: is it protectable, could it work and will anyone purchase it. Professional help is going to be required, probably, to answer these questions however the process described in the following paragraphs need to keep these fees as low as possible while maximising your probability of success.