So you’ve had a new product idea, but what do you do next? A large number of new items are launched every year nevertheless 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 tons of money to produce the next big thing, but in reality it’s not quite like that.

But it’s its not all not so good news. You will find Can I Patent An Idea, like the dragons on Dragon’s Den, as well as several investor funds which support inventors with new ideas. In addition there are companies who license new ideas from individuals and small businesses. However these are serious business men plus they need a genuine business proposition not just a back of an envelope sketch before they element of their hard earned cash. Exactly how do you start turning your idea into a viable, investable concept that can impress industry or investors?

Well, most likely your funds will be limited when compared with just what a company may put money into cool product development. And, even in case your funds aren’t limited, you will probably want to minimise the money you put in upfront until genuine commercial interest has been established. So what exactly is minimum requirement to transform your idea into a viable commercial proposition? Well basically you need to answer three questions before having the ability to sell your idea or gain investment:

1. Will be the idea protectable?

No company will license your idea, and neither will a venture capitalist back it, unless it can be protected to avoid every other company producing the identical product. Additionally you don’t desire to risk your idea being taken with a potential licensee or investor therefore protecting the concept is a must.

In light in the last point, it is advisable to protect the thought yourself before presenting to potentially interested parties. A confidentiality agreement, an international patent search, patent pending status as well as a registered design application are all potentially essential elements to protecting your idea. Professional advice, from Patent Filing Services, concerning how to protect your specific idea is regarded as the sensible route to go with this. (View the links after this short article.)

2. Could it work?

Sometimes the solution to this query is an easy yes, but in some cases you need to prove that your particular brainwave can be done. The simplest way to answer this question is so that you can present a working prototype. The prototype does not have to check attractive – it just must 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 of the idea may need to suffice. Always ensure a confidentiality agreement is within place before revealing your idea to anyone in any way, besides Chartered Patent Attorneys.

3. Will anyone buy it?

Here is the hardest question to respond to. After you have proved your idea works, if required, and taken care of adequate protection you happen to be in a strong position to start answering this question. As seen on Dragon’s Den, the most effective answer to this inquiry is always to have letter of intent that state a retailer or distributor is ready to purchase x variety of your product at x price. The best way to gain a letter of intent is to present your idea to as much different buyers as possible. The difficulty is the fact retailers and distributors will be needing greater 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 require a product sell sheet.

An item sell sheet highlights the main benefits and features of your own idea and includes images of the product as chances are it will look once it has been manufactured. You might 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 appear like the last product.

Then you should get your products or services in front of potential buyers. Trade events, face-to-face meetings, and direct mailings are all methods to approach industry representatives. A good sell sheet will do the majority of the talking for you, so don’t be nervous.

Case Study

The product is really a device that fits in the boot of the car to hold equipment. (Any further detail than this is still confidential at this stage.)

The initial step ended up being to conduct a global patent search to make sure patenting was an option. The search came back relativity clear so the idea was made to make certain it had been possible employing a product designer under 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 make a product sell sheet which was presented to Halfords among other retailers. Halfords wrote a letter of intent for an initial batch of any thousand units.

The inventor now had: patent pending on his idea; a global patent search indicating the patent was apt to be granted; an amazing sell sheet describing the File A Patent 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 might have used these tools to pursue to licensing deal with a product or service manufacturer.

In summary, your task is just to spark the interest of any potential licensee or investor that will make sure that your idea makes you a profit. To achieve this you need to answer three main questions: will it be protectable, can it work and will anyone buy it. Specialist help will be required, probably, to answer these questions however the process described in the following paragraphs should keep these fees to a minimum while maximising your likelihood of success.

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