So you’ve had a new product idea, but what do you do next? Thousands of new products are launched each and every year nevertheless the journey from concept to promote 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 produce 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 How To Register A Patent In The USA, like the dragons on Dragon’s Den, and in addition several investor funds which support inventors with new ideas. There are also companies who license new ideas from individuals and small companies. However these are serious business men and they also need a genuine business proposition not just a back of an envelope sketch before they part of their hard earned cash. So how do you begin turning your idea into a viable, investable concept that can impress industry or investors?
Well, most likely your funds is going to be limited in comparison to what a company may spend money on cool product development. And, even should your funds aren’t limited, you will probably want to minimise the money you devote upfront until genuine commercial interest has been established. So what is minimum requirement to transform your idea 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. Is the idea protectable?
No company will license your idea, and neither will a trader back it, unless it can be protected to prevent almost every other company producing the same product. You also don’t wish to risk your idea being taken with a potential licensee or investor and so protecting the concept is important.
In light in the last point, it is recommended to protect the concept yourself before presenting to potentially interested parties. A confidentiality agreement, a worldwide patent search, patent pending status along with a registered design application are all potentially essential elements to protecting your idea. Professional advice, from How To Get A Patent With Inventhelp, concerning how to protect your specific idea is regarded as the sensible route to choose this. (View the links at the end of this article.)
2. Could it work?
In some instances the solution to this query is a simple yes, but sometimes 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 does not have to look attractive – it just has to prove the functionality. If funds don’t stretch to a prototype, then this feasibility report detailing a completely independent viewpoint coming from a qualified professional on the viability in the idea may have to suffice. Always ensure a confidentiality agreement is within place before revealing your idea to anyone at all, other than Chartered Patent Attorneys.
3. Will anyone buy it?
This is the hardest question to answer. When you have proved your idea works, if needed, and sorted out adequate protection you are in a strong position to start out answering this query. As seen on Dragon’s Den, the most effective solution to this question would be to have letter of intent that state a retailer or distributor is ready to purchase x variety of your products or services at x price. The way to achieve a letter of intent is always to present your idea to as much different buyers as you can. The difficulty is the fact 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 do this you will likely need to have a product sell sheet.
An item sell sheet highlights the key benefits and features of the idea and includes images of your product as chances are it will look once it has been manufactured. You will need a professional product designer to either sketch and provide your concept or ideally develop a 3D model using computer aided design (CAD) and render it to look like the last product.
Then you have to get your products or services in front of potential buyers. Trade shows, face-to-face meetings, and direct mailings are all approaches to approach industry representatives. An excellent sell sheet is going to do a lot of the talking for you, so don’t be nervous.
The product is actually a device that matches inside the boot of the car to hold equipment. (Any further detail than this really is still confidential at this stage.)
The first step ended up being to conduct an international patent search to make sure patenting was a choice. The search came back relativity clear so the idea was created to ensure it absolutely was possible using 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 which was 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; a global patent search indicating the patent was probably be granted; an amazing sell sheet describing the Inventhelp Phone Number and 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 might have used these power tools to pursue to licensing cope with an item manufacturer.
In conclusion, your job is just to spark the interest of any potential licensee or investor who can make sure that your idea causes you to a return. To achieve this you have to answer three main questions: is it protectable, can it work and can anyone purchase it. Professional guidance will likely be required, most likely, to respond to these questions nevertheless the process described in this article should keep these fees as low as possible while maximising your probability of success.