Commercialising a New Product
The First Steps
Before you spend too much money you must do the following in the first instance.
See a Patent Attorney as soon as you have a working prototype
Drawings are not enough - you need to prove that the product works.
A patent attorney will give you advice on what is necessary to protect your product and the costs (you will never make any money if your idea is copied by someone else). Remember, a WORKING PROTOTYPE is necessary in product commercialisation and you can't proceed without it.
Identify who are the big players in your market segment. This can be done by searching the Internet. Hopefully this will give you an idea of what is around and what companies dominate. In the USA companies are spending a minimum of $250,000 to see if a market exists for new products. No one expects this amount of money to be spent, but you can certainly spend your time seeing if the need exists for your product and what else is in the market like it. One or two hours searching on the Internet or talking to a few people about your product is not market research. Looking at a day in the life of your proposed customer will help you see clearly the market potential of your product.
Very few inventions or products don't have a competitor and experience with many clients has shown us this. If your product cures a "pain" you will be more likely to make money rather than if it is a "vitamin pill" or "add on". It pays to check the market to see if there are any like type products, what they sell for and why people are purchasing them.
Do a competitor analysis of your product
Write down a list of all the benefits of your product compared with any competitors and work out why people are going to buy your product rather than others already in the market. Can this be sustained over a long period of time?
If in the unlikely event you find no competition do a benefit analysis of your product
You need to prove that your product has a need and that people understand the benefits of it.
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