How To Pitch An Idea To A Company..
Hobbyist and seamstress Diane created a unique invention called Seams Sew Fast. Through the help of a marketing and product development company, her product has been sold in thousands of stores throughout the country. Making Diane’s dream come true and now she is enjoying an exciting life as a successful inventor. Listed below are the 10 steps that she combined with the product development company to take her sewing hobby craft product to market.
#1 – Signing of any confidentiality / Non-disclosure agreement
If your invention will not be patent pending or has not received a patent it will always be smart to use a confidentiality / Non-disclosure agreement. Decide how many details you can make public or divulge using the Inventhelp Invention News that you decide to work with.
#2 – Send your product or service concept to the product development and marketing company
You should select the right product development company to your invention idea. Have the choice through the connections they may have with big manufacturing companies or big box retail stores. Foe example, in case your idea is really a household item, then select a company that has experience developing and promoting products in the home. You wouldn’t wish to choose a company that does not have expertise in the related market of your invention.
#3 – Overview of product, advising of possible changes
Pay attention to the product development company’s advice, to make recommended changes. What you ought to listen for are changes and suggestions that would enable you to place your invention inside a retailers existing brand family. For example, the item development company may suggest changing or adding a feature that will complement an existing brand’s look and style.
#4 – Report on production and marketing possibilities
This maybe where you’ll need to rely on the product development companies advice probably the most, that is if you don’t already know the marketing possibilities. The marketing possibilities include who the consumer, or consumer lives. Also, exactly how much the customer is prepared to pay and where customer shops.
#5 – Investigate intellectual property protections
It is best to conduct researching the market before applying for provisional patents or full blown patents. Patents can be very costly and time-consuming, make sure you know what Reviews For Inventhelp will likely be and who will purchase your invention before obtaining a patent.
#6 – Fabrication of mock-up sample
Develop a model or prototype in the invention. A working prototype of the invention is the simplest way to work out any problems or functions of the idea. Most problems will surface while creating the prototype and save a lot of money before the invention enters into full manufacturing production.
#7 – Showing of items to key account buyers
Chose and meet with possible buyers, such as manufacturing companies and large box retail shops. Show from the invention face-to-face as much as possible.
#8 – Gauge overall interest in product invention
Depending from the feedback and willingness to get from your account buyers select the appropriate manufacturing capacity. In the event the account buyers simply want to use a small test purchase first, it may be required to start manufacturing small xqvfcq investing in expensive setup fees.
#9 – Decline / proceed with production, or negotiate royalty payments
After gauging the entire interest in the invention make a decision to produce the Make A New Invention yourself or license the invention to some retailer or manufacturing company. If you wish to manufacture the invention yourself you may need start-up capital or investment funding. In the event you determine that the start-up pricing is too much consider licensing the invention and negotiating royalty payments.
#10 – Product launch
Your invention was created, manufactured, packaged, and ready for sale.