A Billion Dollar Product Idea?
It's happened! You've done it! You've come up with a product idea! It's exciting because it is not just any run of the mill idea. It is not only brilliant and fantastic, but it will revolutionize the industry, disrupt existing marketplace, and not to mention the potential power to change lives. In fact, it's the idea of the century!
Okay, great! Now what? What should you do next?!
The next big step
Turning your idea into a reality is a bit more complicated than just handing your design over to a manufacturer or developer, and waiting for the purchase orders to roll in. There can be millions of major (and minor) steps from idea to market, so the first thing you need is a PLAN!
Here are the key elements of a winning plan:
1. Cost Analysis and Estimation
2. Create a Timeline
3. Identify Target Market and Perform Market Research
4. Patent and Copyright
5. Funding Strategies
6. Develop a Prototype
7. Protect your Intellectual Property (IP)
8. Choose your Business Model: Outsource, Licensing, or Startup
Outsource Entrepreneur Model
Find potential partners
Set up a proposed deal structure
Approach potential partners
Seal the deal
Find licensing candidates
Prepare a preliminary licensing proposal
Prepare a licensing presentation
Approach candidates and sign the legal contract or agreement
Startup: Create Your Own Company
Create a business, marketing and product introduction plan
Create a logo, sales Materials and packaging
Manufacture and massive production
Develop sales distribution channels
The road from concept to finished product can be a long one, and those who travel it often face numerous obstacles and setbacks. But armed with the right information and resources, you can be on a smoother path to bringing your invention to market.
"There is no million dollar ideas, only million dollar executions” ~ Chris Hawker