Invention Ideas: 10 Steps to Bring Your Craft or Hobby Product to Market
Hobbyist and seamstress Diane created a unique invention called Seams Sew Fast. With the help of a product development and marketing company, her product has been sold in thousands of stores across the country. Make Diane’s dream come true and now she enjoys an exciting life as a successful inventor. These are the 10 steps she used with the product development company to bring her artisan sewing product to market.
#1 – Signing a confidentiality/non-disclosure agreement
If your invention is not patent pending or you have not received a patent, it is always a good idea to have a confidentiality/non-disclosure agreement. Decide how much information you can make public or disclose with the product development company you decide to work with.
#2 – Submit your product concept to the product development and marketing company
You need to choose the right product development company for your invention idea. Choose because of the connections they have with large manufacturing companies or large retail stores. For example, if your idea is a household item, choose a company that has experience developing and promoting household products. You do not want to choose a company that does not have experience in the market related to your invention.
#3 – Product review, notice of possible changes
Listen to the advice of the product development company and make the recommended changes. What you should listen for are changes and suggestions that help you position your invention within an existing family of retailer brands. For example, the product development company may suggest changing or adding a feature that would complement the look and feel of an existing brand.
#4 – Review of production and marketing possibilities
Here you may have to rely more on the advice of product development companies, which is if you are not yet aware of the marketing possibilities. Marketing possibilities include who the customer or end user lives. Also, how much the customer is willing to pay and where they buy.
#5 – Research Intellectual Property Protections
It is better to conduct market research before applying for provisional patents or full patents. Patents can be very expensive and time consuming, make sure you know what your final product will be and who will buy your invention before applying for a patent.
#6 – Making Mockup Samples
Create a model or prototype of the invention. A working prototype of an invention is the best way to solve any problem or function of the idea. Most problems will arise during prototyping and save a lot of money before the invention goes into full production.
#7 – Showcasing products to key account buyers
Select and meet with potential buyers such as manufacturing companies and large retail stores. Show the invention in person as much as possible.
#8 – Gauge general interest in product invention
Based on feedback and the account’s willingness to buy, buyers chose the right manufacturing capacity. If account buyers only want to try a small trial purchase first, it may be necessary to start manufacturing small before investing in expensive setup fees.
#9 – Refuse/continue production, or negotiate royalty payments
After assessing the general interest in the invention, make a decision to either manufacture the product yourself or license the invention to a retailer or manufacturing company. If you decide to make the invention yourself, you may need start-up capital or investment financing. If you decide the up-front costs are too high, consider licensing the invention and negotiating royalty payments.
#10 – Product Launch
Your invention is designed, manufactured, packaged, and ready for sale.
