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

  • Licensing

  • 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

  • Product launch

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

References:

Related posts:

#NewProductLaunch #Idea #NewMarketEntry #NPD #Startup

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