Inventors are creative, ambitious people. They are the individuals who see a problem and envision a solution to that problem. Too often, however, they take a difficult pathway as they strive to bring their invention to the attention of potential buyers.
Most inventions fail because the initial precious resources are misdirected and spent on inadequate prototype development and filings for full invention patents before the idea is developed into a viable business concept.
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An effective business planning process will address such issues as cost and potential return on investment, which should be at least two times the direct cost of manufacturing. In today's uncertain economy, a further goal must be to develop the idea in such a way as to minimize the risks to a licensing firm.
Without the services of an experienced product development and management (PDM) company, inventors may spend $15,000 or more on an invention patent and as much or more on ineffective prototyping of an invention that is not yet ready for commercialization, only to discover that the idea is impossible or too expensive to produce. Working with a PDM company, you can take the sketch you drew on a crumpled napkin and help develop it into a real product with potential readiness for the marketplace. Here are some of the steps to take along the way:
Your invention will be developed by a product designer or sculpted or modeled in 3D CAD. This step in the process enables the PDM Company to evaluate your idea for feasibility. The issue of feasibility has a number of dimensions: First, does the invention provide a clear-cut solution to a problem? You need to answer this question before spending large sums on prototyping and attorney fees.