Category: Inventing 101
Your Challenge: Be Doubly Perfect
It’s hard enough for inventors to come up with a product or service that is a perfect fit for consumers. But satisfying the needs of potential investors adds to the challenge.
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The ABCs of Funding
Do not even consider venture capital unless you have experience and a qualified management team with credentials.
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Basics of a Licensing Deal
Licensing can provide an inventor with income for a long time, with much less financial risk and commitment than it takes to establish and own a company that produces and sells the product.
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Doing the Legwork
Discover competitive products that have been on the market by doing patent searches, checking trade publications and show directories, and conducting interviews.
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Going International
Whether you manufacture your product in another country, arrange for it to be shipped from one country to another, or ship raw materials or components that comprise your invention into a country that will assemble and/or manufacture your product, at one time or another you will employ the services of either a customs broker or a freight forwarder.
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Your Idea is Patented Elsewhere. Now What?
Inventors know the disappointment of coming up with what they think is a novel, profitable idea—only to learn it has been patented.
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Building a Distribution Strategy
Don’t overlook any of the 6 essential steps of building a distribution strategy and getting your innovative invention into retail stores.
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Making Products Customer Driven
Inventors frequently create a product that satisfies their needs without considering what target customers want. Even if you have one feature they want, be sure you aren’t missing other features that customers also feel are essential.
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Don’t Forget the Press Release
Press releases are a great tool for inventors because editors may publish information about your product in a new product section that might be read by key industry people.
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Go, or No?
Trade shows can be expensive, so it is wise to do some homework ahead of time to ensure they are a good fit for your product. Along those lines, consider these seven steps before you decide.
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10 Criteria for a Winning Product
These 10 criteria can help you decide which product could be your ticket to major success. You don’t need to satisfy all 10, but the more you meet the better chance you will have.
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Identifying the Right Target Market
Choose your target market carefully. There are many factors that determine the right target market, but two important ones are market size and pricing.
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