New Product Ideas..

So, a little light bulb inside you head has lit up and you are struck with the notion that you invented something. You are unsure yet how practical your idea is at this time, but something tells you that this might be the. Big break you were hoping to find. What you do next and how you approach your next steps is really important and will either lead you on to glory or will doom your undertaking. The steps that I will outline a little later might seem unnecessary; however I want to assure you that in the end you will be happy that you took my advice.

Before we proceed with all the discussion, I might like to offer a few words of wisdom. While caring for your idea you will come across people who will criticize your work and try to discourage from forging ahead. Some of the Inventhelp Office Locations will be deserved and must be considered. If you see that a valid point is raised that you simply never imagined of before – the higher off you are. It provides you with opportunity to pause and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism which is not based upon any facts.

Once you discover ways to separate those two, you will end up better of. My advice for you –

– Don’t hesitate to question professionals, because most experts is one-track minded and oblivious with other things

– Don’t be afraid to challenge other people’s ideas, stand by your principles and become firm

– Don’t be scared to find out that the own idea is faulty. Pause, make corrections, re-analyze and move ahead

When you find yourself prepared to promote your idea, you will need to deal with large corporations. Stay in mind that the larger the company is, the more bureaucratic it really is. Many big companies lose focus and quite often hire employees who are either not qualified for the job, or just not considering the things they are performing. If you discover these folks who are trying to cause you to feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged from this – chances are you will likely be happier working with smaller company that is certainly more focused and prepared to take risks!

Step 1 – Remain Focused and Clearly Document Your Idea

This method has huge benefits, because –

1. You are going to clearly define your idea/invention

2. While documenting your idea, you may find ways on how to expand your invention

Always try to put on paper what it is which you invented – precisely define your idea, its purpose, limitations and target market. If you fail to precisely define your idea, then this means that you ought to have a step back, re-analyze your thinking and simplify things. The most frequent error that people make at this time is finished-complicating their idea. A fast example will clarify this point:

Case Study 1

John K. comes with an idea on how to improve Automatic Knife Mechanism. While laboring hard on his invention, John K. produces technical drawings and decides that his future product will take advantage of the addition of extra items – a scissor along with a screw driver. However, incorporating these items helps make the Patenting An Idea larger and heavier. In order to help make knife lighter, John K. goes back for the drawing board – he compromises his original, Automatic Push/Pull mechanism design in make an effort to accommodate unnecessary extra features who have nothing to do with his unique design. If you take away features from his original design, John K. makes his final design very pedestrian plus it lacks in originality.

In the final analysis, John K. needs to have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself these – am I better off with the original mechanism or with pedestrian mechanism which includes extra features? Would be the additional features even necessary?

The above mentioned example clearly illustrates these – give attention to your original idea and ignore additional, superfluous features that might muddle your vision. Extra features should come into play later, once you clearly described and shaped your invention.

Step Two Exploratory Stages – See whether your idea is exclusive

Once you’ve documented your idea, you should start considering the following – how unique is my idea? In order to reply to these questions, you will need to do some legwork and hit your neighborhood library and internet. Unless you allocated a substantial amount of your financial budget to Patent Lawyers, who can carry out the research for you, you may be more satisfied doing initial research alone. Why? Because you may discover during your exploratory searches that your design is not unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged in the event you determine that this idea much like yours already exists and already patented. The fact that someone got to the similar conclusions when you, just a bit bit earlier is nice – you have a competition! Competition is good, level of competition is healthy! Carefully examine competing product, even bring it apart, if needed. Know what differentiates your idea from competitor’s, its limitations and how successful was another individual (or perhaps a company) with marketing it. As you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully aware of competition along with their limitations.

Step 3 – Product Safety Considerations

Whether you decided to generate a baby product or some kind of household appliance, a special care needs to be consumed in describing potential hazards associated with the use of your products or services. As an example, should you invented a whole new toy created for small children, try to create the list of parts that can potentially harm your little customers. Stay in mind that lots of people, unfortunately, disregard exploitation manuals. Figure out what can or may go wrong with the operation of your product and find out ways on how to improve product safety. The questions that you may consider are definitely the following –

1. Am I using proper materials?

2. Maybe the part that contains the most hazards needs to be redesigned?

Try to come up with a complete listing of parts that can be potentially hazardous and correct your design before you start marketing your product or service. You may consider this step as unnecessary, but let me warn you – most marketing companies will require that you describe all Safety measures of the idea, and you also might save yourself some time by doing preparations beforehand.

Step 4 – Demographics and Determining who can Make Use Of Your Product

Ones you have a clear picture of your product and you figured out all nuances of product design, try to determine who will make use of your product, where and when. Try to think about these questions –

1. What exactly is the age bracket of audience?

2. Is my product intended for Men, Women, or Both?

3. Where and once can it be used?

Correctly answering these questions can help you properly market your product and remain up to date with competition. Additionally, knowing solutions to the above mentioned questions will allow you to in putting finishing touches on your product. How? In case your product is designed for children, then it needs to be bright and colorful. Furthermore, should your product is ideal for cold climate, you should avoid marketing it in locations where it’s hot all year long.

It is extremely likely that your product is tailored for certain industry (as an example, agricultural); then think of those who will benefit the best from your invention! Should your product is designed to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As you can see, this step needs a thorough research, planning and leg work; the advantages, on the other hand, is going to be payoff rewarding!

Step 5 – Produce Full or Small Scale Model of Your Product

It is extremely important to produce a working model away from your idea. Why? Having a real-life type of your idea (or even a scaled-down version of it), will help you –

1. Identify its limitations and offers you a chance to re-think some aspects of your initial design to make necessary corrections

2. Enhance your final design

Along with the above mentioned items, the last model will allow you to psychologically. There is no better feeling then so that you can physically see and touch the creation of your very own mind! Because you are touching the true-life model of your final design will provide you with positive psychological boost comparable to not one other you’ve experienced during design process, motivating you even more to succeed!

The easiest method to approach this method is to try to draw on a piece of paper the ultimate version of your own product, how you view it at this point in time. Your drawings should show one last idea/product under different angles, in a 2-D and 3-D. The picture might not pretty because not most of us hold the necessary drawing skills. However, this drawing task will allow you to immensely solidify your design and pin-point things that you continue to need to work on. Additionally, I strongly suggest that you generate your initial product prototype from clay or any other material that is readily available. Why? Because this prototype in addition to initial drawing will allow you to explain your idea to technical person who, in turn, will transform your design into highly technical engineering drawing.

When you prepared your model, try to determine what materials should go in into construction of real-life product. Will your products or services be build of plaster or metal? If metal, then what kind of metal – will it be aluminum, copper or some kind of alloy? When you determined the essential materials, estimate production cost since the price that you’ll charge for the product will be based on the production price of every individual unit. You don’t have to be 100% correct at this point together with your material selections, but it’s very good to know what materials goes into production of your product or service so that you have a ball-park figure on the final cost of your product or service.

Step 6 – Estimate Cost and Gross Profit

Once you determined who can make use of your product and where (or perhaps your product’s market), it really is time for you to think “big” – attempt to work out cost/benefit analysis of the product. Below is actually a case study –

Mary A., a homemaker with three little children, created a plastic bottle holder for babies and small toddlers. Her bottle holder was designed in a way it would hold both bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and through the help of her husband managed to produce a full-scale version of How To Patent Your Idea manufactured from clay. Before involving an engineer, Mary A. estimated that her product is going to be made entirely from plastic. The estimated production price of 1 bottle holder is $3.00 (we presume that this manufacturing plant is found in China and shipping costs are already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts of Baby Holders can sell around $15 dollars. Furthermore, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); in addition, each stores requires a 40% commissions per each purchase – which means $6 pays being a commission towards the store for each $15 purchase. Mary A. immediately worked out that her total profit will likely be $6 per each bottle holder ($15 – $6 – $3). Presume that certain third of shoppers in each store have either babies or toddlers who still need bottle holders (approximately 330 consumers per store), Mary A. can generate profit in the quantity of 330 X 3 X 6 = $5940.

Step 7 – Product Marketing

Correct marketing plan is totally important to the success of your idea. Partnering with marketing company that you can trust and depend on will pay big dividends within the long run and really should not be overlooked. What in the event you know about marketing companies? Most of these companies are divided into two groups (I will contact them groups A and B) –

1. Group A: These businesses claim they may have specific knowledge and inside connections in a broad range of industries. As well as been expensive, a lot of companies that are part of this group are charged with fraud and inventor should carefully consider who they are working with. Within the best case scenario, you might potentially lose all your money and time; in worst-case scenario, as well as losing money another person may take advantage of your invention (unless, of course, you had been lucky enough to patent it!!)

2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose what you should say and concentrate on emphasize areas that they believe are most pertinent for their invention. I might like to point out IdeaJets website (www.ideajets.com):

IdeaJets is really a marketplace where people who have ideas and corporations who look for sharp minds meet. In addition to helping you discover a right partner who can enable you to realize your ideas and dreams, IdeaJets also brings inventors in touch with other ambitious people to cultivate and promote the culture of inventiveness and success. You can meet your fellow inventors using IdeaJets messaging system or perhaps in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define these to further enhance their chances to succeed. As of right now, IdeaJets is entirely free!

Conclusion and some Final Thoughts:

As one can see, it requires a lot of patience, preparation and perseverance on the part of inventor to achieve success. The most important thing is always to not get discouraged by the existence of competition and potential rejections. When I mentioned within my article, level of competition is good and healthy. If your competitor is going for a positive results with all the product comparable to what you’ve developed, then which means that the item that you are working on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, of course, presumes that you simply finalized your initial design, resolved each of the kinks and produced a full-scale (or scaled-down) version of the product. As soon as you know enough about competitor’s product, carefully study your market and demographics – this should help you in designing marketing strategy specifically tailored towards your product. Wear paper and document your findings since you may forget some details later on and realize that the info you painfully should get is gone. In general, attempt to incorporate all of your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! A lot of companies you may try to work or partner with will require that you produce Strategic Business Plan documentation. Not having you will force you to produce Business Plan documentation almost overnight and this may not be a simple task. My suggestion to you – begin working on the Strategic Business Plan from the start and save yourself from having sleepless nights! And a final word of wisdom – don’t be afraid to become over-confident, because confidence and belief in one’s own powers are a great recipe to success!