So you have a
great new product idea!
So you bolted awake at 3 a.m.
with a can't-miss new product
idea. Or it came to you in the shower, on your way to pick
up the kids at soccer or out of necessity while trying to
solve a problem. No matter what the inspiration, you have a
new product idea. And you've got the excitement and energy
to do something about it but you're not quite sure where to
start
Overcome the
Obstacles
In addition to setting aside
your false beliefs, taking action
involves shifting your approach to
challenges that develop along the way.
As an inventor, you're an
entrepreneur
who already thinks creatively. That
creativity will benefit you throughout
the inventing process. We encourage you
to tap into those creative thinking
abilities as you proceed through the
inventing process. When you're
confronted with a challenge, don't
change your goals but your plan of
action. Constantly create
new options
for yourself during all the steps as an
inventor and you will succeed.
About: New Product Development
In todays market, new
product development (NPD) is a term used to describe a
complete process of bringing a new product or service to
the marketplace. There are two similar paths involved in
any NPD process: one involves the idea generation,
product design, and finite engineering; the other
involves market research and marketing analysis.
Companies usually see new product
development as the
first and most important stage in generating and
commercializing new products within the overall
strategic process of product life cycle management which
is used to maintain or grow their market share.
About: Selling your idea
A sale is
the activity involved in
selling
products or services in return for money or other
compensation. It is an act of completion of a commercial
activity.
A sale is
completed by the seller, the owner of the goods. It
starts with consent (or agreement) to an acquisition or
appropriation or request followed by the passing of
intellectual
property or ownership in the item and the
application and due settlement of a fixed price, the
obligation for which arises due to the seller required
to pass ownership, being a price the seller is happy to
part with ownership of or any claim to the item. The
purchaser, though a party to the sale, does not execute
the sale, only the seller does that. The sale completes
prior to the payment and gives rise to the obligation of
payment. If the seller completes the first two above
stages (selling ownership) of the sale prior to
settlement of the price the sale is still valid and
gives rise to an obligation to pay.
Should you do your own
invention promoting?
Many people ask themselves should
I market or promote my invention myself or hire someone to do it for us?
Either way, whomever promotes your design concept should understand the
following: It is crucial to your
product presentation that you provide a quality Marketing Invention Analysis of your
design concept for maximum impact. Knowledge about your
market demographic, market trends and other information can greatly increase the value of your
presentation enabling you
to maximize you potential for sales or licensing your product idea
promoting.
Simply follow the step by step
marketing guide to create your Marketing Invention
Analysis directly from your dashboard. You will create a simple concise set of marketing details to show others that your design is exciting and has market potential. Lastly, if you have problems simply contact your
project manager who can answer any questions you may have.
About:
Advertising Your Invention
Advertising
is a type of communication that commonly attempts to
persuade potential customers to purchase more of a
particular brands product or
service. Many advertisements are designed to
generate increased consumption of those products and
services by creating and reinforcing of brand
image and brand
loyalty. Advertising
sometimes has a persuasive message combined with factual
information. Major mediums used to deliver these
messages include television, radio, cinema, magazines,
newspapers, video games, the Internet and billboards.
Advertising is often placed by
advertising agencies on behalf of a
companies or other
organizations.
Advertising is seen on
the seats of
shopping carts, on the walls of an
airport walkway, on the sides of buses, in telephone
messages and in-store public address systems.
Advertising is often placed where audiences can easily
and frequently
access
visual,
audio and
printed information.
Some organizations spend large sums of money on advertising that
sells what is not, strictly speaking, a
product or
service include
political parties,
interest groups,
religious organizations, and
military recruiters.
Non-profit organizations are not typical advertising
clients, and may rely on free modes of persuasion, such
as
public service announcements.
So what should your
very first action be:
-Getting a
servicepatent, perhaps?
-Going on a fact-finding mission to
manufacturers in China?
-Calling QVC?
While all these steps may be appropriate
down the line, it's critically important
that you first take action by shifting
your thought
serviceprocess. I know what you're
thinking. Thinking doesn't seem very
actionable, does it? Maybe not, but over
the years, countless
inventors make
devastating mistakes based on false
beliefs and inaccurate assumptions.
For this reason debunking some common
myths associated with inventing is
important. Myths and misperceptions can
be debilitating to your progress and
costly to your pocket book. Although it
may not seem very "actionable," it's
vital to begin the
inventing process
with a realistic understanding of some
of the basics for bringing an
idea to
market.
The following are
among the most common myths:mong the most common myths:
Myth #1: The
first thing an
inventor
should do is get
a
servicepatent.
Truth:
It's understandable why this is such a
commonly held belief. The topic of
getting a patent is so pervasive among
the inventing literature, conferences,
websites and tv commercials, it's no
wonder that many people feel they can't
move forward without getting a patent
first. Many
inventors spend 80 -100% of
their initial effort and money on
obtaining a patent because that is the
myth that's been sold and supported by
those who stand to profit from it.
Certainly a patent can be a valuable
tool later in the process, but you
should first determine the viability of
your
invention as a business before
moving forward. Remember that filing a
patent has little impact on a successful
product launch & cost $10,000 or more-so
unless getting a patent for its own sake
is your end goal, it doesn't usually
make good business sense to apply for a
patent first thing off the bat. Most
importantly- if you file a patent first,
then encounter overwhelming obstacles
later on, you may have invested in a
patent for nothing.
Myth #2: If I
tell people my idea, they'll steal it.
Truth:
The theft of a new invention idea is
actually very rare. A lot of sweat
equity goes into
developing an invention
and this is a big barrier to most
potential "thieves." That doesn't mean
ideas are never stolen. Keep in mind,
copying and competition are facts in any
business. However, once you have an
understanding of how much work goes into
taking an idea to
market, you'll
understand why most ideas are stolen
only after a product's proven
successful. It's like betting on a
horse. You're more likely to win by
betting on a horse with a winning record
than you are by backing an unproven long
shot. That being said, don't be
careless.
Myth #3: My idea is worth a million dollars!
Truth:
Earning a million dollars with an
invention is less likely than making
slightly lesser amount depending on the
depth of your invention. Study the
process, set realistic expectations,
take action, work hard and you can find
success, especially if you have more
than one marketable idea.
Why use the
Protomine Process?
The Protomine process
was created to offer an alternative to expensive
invention submission companies that offer so much
and produce so little. Do the research and we know
you'll see the difference.
What
does it cost to develop a product?
Manufacturers follow a complicated and costly
product development process called
product lifecycle management (plm). This approach
encompasses the complete lifecycle from
concept
design through
manufacturing and
disposal
of a product. The typical cost for product
development starts at around $100,000 for simple
concepts and rises dramatically for more complicated
concepts.
What
are they promising you?
Organizations such as invention
submission companies offer costly services promising
to develop your concept for $5-$20,000 (a fraction of
what it really costs) while delivering very little in
return and producing very
poor success rates.
The
Reality
Paying high prices to
outside companies to "develop"
or "patent"
your product is often unnecessary if you just want to
license
your
concept. Ultimately the distributor incurs the real
costs of development and in return offers a
licensing
contract. Your job is to present an appealing product
presentation and deliver it to the right people!
proprietary
process contains a complete checklist of items companies
want in order to make informed decisions on whether or
not to carry your product design. So forget about
expensive
invention submission companies and everyone else
trying to take your money and
do-it-yourself
About:
Assistance for
Your Invention
Protomine has created a platform
designed to give
inventors assistance in the
development
process. With our 3 step process new
idea
inventors can easily bring their concepts to life
without braking the bank. We know what it is like to be
offered assistance by large corporations only to be left
unsatisfied with the results. At Protomine you guide the
process so you get a product
you're happy with.
About:
Consulting for
Your Invention
A consultant is usually an
expert or a professional in a specific field and has a
wide knowledge and thus advice of the subject matter. Thus, clients have
access to deeper levels of expertise than would be
feasible for them to retain in-house, and to purchase
only as much service from the outside consultant as
desired. A consultant
usually works for a consultancy firm or is
self-employed, and engages with multiple and changing
clients. It is generally accepted
good corporate governance to hire consulting agents.
A consultant is a
professional who provides advice in a particular
area of expertise such as
accountancy, human resources, marketing, medicine,
finance, the
environment,
technology,
law, economics,
public affairs,
communication,
engineering,
sound system design,
graphic design, or
waste management.
About: Product
Royalties
Royalties are payments
made by one party (the
"licensee") to another
(the "licensor") for
ongoing usage of an
asset, usually an
intellectual property
(IP) right. The royalty
for a given case is
determined by many
factors including:
market drivers and
demand structure,
territorial of rights,
exclusivity of rights,
inherent risk, strategic
need, fundability, deal
structure, level of
innovation, stage of
development,
sustainability of the
product, and
availability of similar
technologies.
Navigating through the
royalty terms is
important. You commonly
have both an advance
royalty, which is a flat
fee paid upfront, and
ongoing royalties, which
are paid as a percentage
of every sale you make.
The advance
royalty is
basically a
guarantee
that the
licensor will
get some money even if
your product does not
sell. Then, if and when
your
product
sells, the
licensor will get a
percentage of the
sale on average, about
5 percent of the
wholesale price of each
product sold.
The licensor usually
decides what the
royalties will be, and
those rates are pretty
firmly set. So make sure
you understand what they
are and that they are
spelled out in your
licensing agreement to
avoid any surprises
later. In fact, that
agreement is crucial in
determining not only
what the licensor
receives, but also what
rights you get.
So Easy
Anyone Can Do It!
Questions?
Can't find the answers?
Don't worry about it.
Call us for help.
1(877)897-8804
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