Got a product Idea but no idea how to make it a reality?
This is the process I use to go from idea to product “Prove It, Protect It, Pitch It, and Profit”.
My product development model is built primarily around licensing. This allows you to spend your time on the next idea, not building a business around your idea. The licensing company does the heavy lifting, tooling, production, promotion and distribution. You get a percentage of the wholesale revenue.
- Find a common problem
- Do a market search to determine if it’s been solved before
- Solve the problem
- Conduct a patent search
- Figure out does the idea actually work
- Create a 3-D CAD model virtual prototype
- Possibly create a physical prototype
- File a provisional patent application that gives you one year to seek out a company to license
- You can claim “Patent Pending” status
- You’ll need some drawings to explain how the invention works
- You need to sell (pitch) your idea; no one will sell your idea for you!
- Find a company to license the invention
- Contact the company and send them a sell sheet with one line benefit statement
- You can also direct them to a password protected eBrochure website that showcases your invention
Profit:
- Secure a licensing deal with a performance clause for a guaranteed minimum and collect royalties on your invention
- The company does the heavy lifting of manufacturing, marketing, distributing, and selling
There are three approaches you can take:
- Do it yourself. I recommend getting the InventRight Course (~$397 basic-$797 deluxe) http://www.inventright.com/ (and no, I do not get a kick-back)
- Get help with parts of all or the process
- Enter into a revenue sharing agreement where you partner with someone to develop the project together
Thank you for reading. Comments are welcome and encouraged. Let me know what you think.
