Inventor Considerations and Suggestions: • Licensing versus Entrepreneurship - Give some thought whether you’re going to license your product, on a royalty basis, to an established company... Or, bring the product to the marketplace yourself. In the beginning they are parallel tracks requiring much of the same work from concept to first “proof of concept” model. Once a concept is well defined, however, the approaches are quite different, and the upfront costs of licensing is considerably less than taking a new product all the way to the marketplace yourself. • Learn About the Industry - Learn all you can about the industry your product falls into, and how the industry’s products are categorized, sold and marketed. Research the industry’s manufacturers and their channels of distribution. Don’t forget to learn about the industry’s retailers. Learn what it takes to successfully sell a new product to a retail buyer, by learning about their needs and problems. • Become an Expert on the Products & Product Category - Related to Your Product Idea (Both Past & Present) - Research current and past products, related to your new product idea. Learn the price points of the category, and how the products are merchandised at point of purchase (P.O.P.) • Look at Your Product Concept Objectively - Is it Adaptation or Innovation? Is your product based on well known and available components and/or product features?.. Or, is it a product based on a new material, technology and/or method? This will eventually impact your product’s ability to be protected and/or licensed in the future. • What is Your Product’s Point of Difference - Is it an Incremental improvement? i.e. Is your product idea a better mouse trap?... Or... Is it a “transformational” product idea?: i.e. A new approach to ensuring rodent free environments. • Do A Patent Search (Yourself or through a Patent Attorney) - “Reinventing the wheel” can be a waste of time and money. Although a patent search is not guaranteed to bring up all the prior art (patented products) that predate yours, it’s a good investment in your time and money. It’s also the precursor to filing a patent application. • Don’t Rush to Patent Your Idea Too Early - Patents are expensive. You don’t want to waste your money. After all, you’re paying for a patent application, not a validation that your product will be successful in the marketplace. Keep good records. Don’t publicly disclose your product idea. And go through all the background and research necessary to adequately define and validate your new product idea first. When it’s time to patent, learn the difference between a “design” patent and a “utility” patent. • Work with a knowledgeable industry professional - Define, research and learn all you can on your own. Then , whenever possible, take advantage of an industry professional’s “insider” knowledge and experience. Once you’ve learned all you can, work with an Industrial Design Firm. • Work with an Industrial Design Firm - Industrial designers are practiced innovators and creators of new products. Their knowledge of materials & processes, human factors & ergonomics, engineering & product development, the consumer marketplace, as well as appropriate product and packaging design can greatly expand the potential of your new product idea. Remember, ultimately your new product idea needs to be put into a presentation form appropriate for testing, concept presentation to potential licensees, sourcing through o.e.m. manufacturers, and future presentations to potential retail buyers. Depending on whether you intend to license your new product idea or market it yourself, the form and depth of these presentation materials will vary greatly. Industrial designers are experts at preparing effective and appropriate product presentation materials. Industrial design is a profession that provides the services to create and develop concepts that optimize the function, value, and appearance of products for the mutual benefit of both user and manufacturer. Industrial designers develop new concepts through collection, analysis and synthesis of data guided by the special requirements of their client, the marketplace and the end user. They are trained to prepare clear and concise recommendations through drawings, models and verbal descriptions. |