An Inventor’s Guide for taking an invention to marketTweet
Legitimate inventors will tell you that a successful product launch in the market is very hard to overcome. New product development or generating an idea requires dedication, dedication, and, most importantly, belief in one's self.
It is time to believe in yourself first if negative feedback quickly discourages you. Eventually, after you have built up enough self belief, you can hire an experienced 3D concept designer to help design and present your idea.
Your brain's chemistry changes when you adopt a growth mindset. Growth mindsets, or a mindset that activates your brain, and hard work can change your brain and grow it. Additionally, you will be able to find new solutions to existing problems when this occurs.
Right Time for Product Marketing
Most inventors wonder whether to market before or after production during the manufacturing phase. It may be necessary to pitch your new invention to potential licensees if you plan to license it. It might also take a few tries before you get a bite from a company, like with other pitches.
You may also need to conduct continuous product marketing if you plan on using a design-for-assembly product design firm to manufacture and sell your invention.
You may be better off licensing if you do not have marketing experience or are not interested in learning.
Market Research before Investing Money
While researching, look for patent numbers if you come across similar products. You can confirm that you won't infringe on other people's ideas by searching online because not all patented products are available in stores. Patents that are similar to yours may because you concern. The good news is that the way the patent is drafted can make a big difference. Obtain the opinion of a patent attorney if you need assistance at this point.
The price can also be calculated based on the cost of the materials and the manufacturing services. Based on the materials you use and what bells and whistles you add, the price of your new product can range from the highest to the lowest of similar competitor products. When it comes to pricing your product, you need to conduct careful research and develop a strategy.
Shell Sheet Creation
If you are serious about entering the world of invention, you must learn how to write a sell sheet. Inventions of your product idea are typically described in a sell sheet. You want trade show attendees, licensees, or buyers to get excited about your product.
Potential License Identification
You can license your new product idea to companies that will sell and manufacture it for you. You will receive royalties in the form of a percentage for every product sold. Since licensees handle most of the legwork, this is a good idea for serious inventors.
Their responsibilities include producing the item, shipping it, marketing it, and assuming liability. Look for similar products, such as those on the box of the manufacturer's product, to find potential licensees. You can make a list of these so you can get in touch with them after your patent is granted.
Consider the name, function, packaging, manufacturer, and price range of your product if your market research has revealed the presence of competitors. There are two ways to do this research: in person and online. The future store where your product will be sold should be visited. Determine where your product may be placed in the store by taking note of the products on the shelves.
Basically, you want to know if your product will be purchased or not by people. If you want to ensure you only receive honest and unbiased feedback, ensure you invite only those who can give objective answers.
The best way to find out who will respond is to sample your target audience, rather than just asking everyone. A non disclosure agreement is a good way to protect your idea and explain it more thoroughly to someone.
The NDA, or nondisclosure agreement, expresses the party's intention to keep the information confidential. You can also gauge interest through online surveys. If you do not have a patent yet, make sure you discuss your idea vaguely.
Product Idea Protection
Non Disclosure Agreement (NDA)
Those who share your idea with you will be bound by an NDA, which is a legally binding agreement between you and them. Before sharing your product with a third party, you should get an NDA if it has not been patented yet. The NDA must be signed by both you & the party receiving it to be legally enforceable. A lawyer can draft an NDA for you, or you can find templates online to do it yourself.
Provisional Patent Application (PPA)
Whether or not you intend to license your new idea, filing for a PPA gives you the benefit of a first to file date, a patent pending status, and two years to test and tweak it.
To get online demonstration, watch the following video tutorial.
Video Source: inventRightTV
A PPA requires you to file a patent within one year of submitting the application. Your product's PPA can be protected for a reasonable price. Part of this is due to the first inventor to file law that safeguards the person who files for patent protection first, even if another individual had the same idea decades ago.
In order to protect your new idea's name, you need to register a trademark. The trademark protects the name from being used on similar products by others. Additionally, trademarks protect phrases or logos associated with products. If you are going to license your idea, you may not need to patent your logo or market a slogan.
The company licensee probably already has a team that will handle the rest of the work for you. Unless there is a genuine need for extra payments, it is impractical to spend more money.
An inventor is granted a patent for his invention when the patent is granted. The most common type of patent is the utility patent, which can be awarded to anyone who invents or discovers a new and useful process, composition of matter, article of manufacture, or machine.