When Does a New Product Idea Have Value to Others?
------
Ideas alone have little value to prospective manufacturers
and licensees, other than perhaps to say, "thank for your suggestion."
If you want your idea to be noticed and taken seriously, it has to
be fully developed and perfected, often with a working prototype.
The "what" is fine, but it's the "how" that turns a dreamer into
an inventor. Companies know from long experience that what might
look fine on paper has a way of not turning out that way when the
inventor is asked to prove it with a working prototype. Having a
working model to put into the manufacturer's hands is the quickest
way to earn his attention and receive the rewards that your creativity
entitles you to.
When You Have a New Product Idea, Here's What Your Very First Move Should Be
------
It's sad to say, but few product ideas are truly original. The chances that you're not
first are high, and so this is the time to gain the answer. What you learn might disappoint
you, but the bad news now can save you a great deal of money and heartbreak further down the road.
Before investing thousands with a patent lawyer or model maker
or engineer, this is the time to determine if your brilliant new
idea is really new and really brilliant after all. If your research
proves it is, then you can move on with enthusiasm, and if your
results prove it isn't, that's the time to put it aside and move
on. If you can think up one great idea, surely you can think up
another one. Second ideas are often better than first ones.
Doing the research is easy and free. A patent search can be done at the Patent Office web site
www.uspto.gov and a Google search is quick
and conclusive. |
Plus of course, visits to stores and chats with clerks can give you a fast idea
if the product you have it mind already exists. However you do your research, make sure it's
thorough. Moving forward means an investment in time and money. Here's where you determine if
it's being well spent.
When You Have a New Idea, Here's the
Very First Thing NOT to Do
------
When you have a new product idea the first thing to do is to determine if it's truly original.
The very first thing NOT to do is to go around telling folks about it. Don't blab! Don't talk
about your idea to anyone, not even to your favorite Uncle Vito who you trust with your life.
Uncle Vito is certainly not going to steal your ideas, but who knows whom he might mention it
to as he brags about his genius nephew?
Some people DO need to know about your ideas, like lawyers and model makers. Lawyers are legally
bound to keep your information confidential, and model makers and other suppliers will happily sign
your nondisclosure agreement that binds them to confidentiality as well.
I know you're proud of your accomplishment in dreaming up such a brilliant idea, but keep it to
yourself. You can start to brag when the check start rolling in.
|
How To Determine What Your Idea Is Worth in the Marketplace.
------Before you can determine what your idea is worth, you have to decide how you
intend to use it.
The idea has different worth if you intend to market it yourself than
it does if you intend to license it; and it can have yet another worth if you intend to sell
it or if you intend to use it to start a franchising operation.
These are all options open to the aspiring new inventor and each
one comes with its own risks and rewards. How you make the right
choice depends much on your own temperament, ambitions and goals.
For a full discussion on this matter, read my new book, The 12
Amazing Secrets of Million Inventors which discuses this matter
in great detail and can guide you onto the right path for your
own aspirations and circumstances. The book is now available through
any bookseller or online at BarnesandNoble.com ,
Amazon.com,
and other online book sellers.
Does Your Idea Have Enough Commercial Value to Warrant your Money and Your Energy?
------
You'll never get the answer to this burning question by asking your friends and relatives, or by asking
your patent attorney or model maker. Your friends and relatives will tell you what you want to hear,
and professionals know better than to offer opinions about an idea's commercial value.
If you pay a lawyer to get you a patent, that's what he'll do. He'll keep to himself any opinion he
might have about the product's value - and anyway, his opinion on matters other than legal ones has no
more value that those of the cabbie who drove you to his office.
Your best bet is to do your own research.
CONTINUED ->> |
