PRODUCT DEVELOPMENT FAQ
Please Note: This page is intended as a 'general' source of useful
information for inventors and other visitors to our website. In
no instance should any information on this page be considered as
'legal' advice. Qualified legal counsel should be sought before
entering into contracts or agreements of any type.
How Do I Protect My Product or Invention?
How Long is the 'Development Cycle' for a New Product
or Idea?
What are the Key Elements of Success for a New
Product?
If a Product Gets on the Shelves of a Major Retailer,
does that Guarantee Success?
How Do I Know if a Marketing or Development
Company is Legitimate?
How Do I Protect My Product or Invention?
The best manner is through the United States Patent and Trademark
Office. Although it is not mandatory to use an attorney for this,
most people find the process very hard to work through on their
own. We suggest contacting an attorney that deals with Patents and
Trademarks. Most can give you estimates on the cost of the filing,
as well as information on the various steps of seeking a Patent,
time requirements, and other aspects of the Patent process. Your
chances of licensing your product to a marketing or development
company are much greater if you already have patent protection in
place.
You can find lots of useful information about this at the U.S. Patent
and Trademark office internet website.
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How Long is the 'Development Cycle' for a
New Product or Idea?
There are many variables that determine this, so there is no definitive
answer to this question. But, you should be prepared for a lengthy
process. The many steps involved in design, manufacturing, and marketing
of a new product can, and often do take much longer than what is
expected by most inventors.
It is not unusual for the period from concept to success to be measured
in years rather than weeks or months. The key is to be very thorough
in each step of the process, working with reputable and experienced
associates. If you choose to associate your product with a marketing
or development company, you should require some sort of ongoing
communications that keep you informed of the progress. If a company
is not willing to do this, beware.
Keep in mind that an effective, reputable marketing or development
company will move as quickly as possible to bring a product to market.
It is their money and time that is invested in most cases, and the
quicker the product is on the market...the more profit that is generated.
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What are the Key Elements of Success for
a New Product?
It's fair to say that most successful consumer items have the following
in common:
Solves a problem or performs a function in a new or better manner
than other products.
The perceived value of the product by the consumer supports the
retail selling price.
The product can be mass-produced in a cost efficient manner.
Effective packaging and labeling designs are developed.
The product receives adequate promotional and advertising support.
The product is readily available to the consumer market.
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If a Product Gets on the Shelves of a Major
Retailer, does that Guarantee Success?
No. That is only a start.
Major retailers maintain very demanding requirements, especially
for a new product. Once the product is placed with major retail,
it must sell quickly for the retailer to continue to handle it.
Also, retailers are very concerned about their customer's satisfaction.
What this means is if a new product has a customer return rate that
is unacceptable...that product is dropped quickly.
One of the worst things that can happen to a new product is to get
the product into major retail, and it sit on the shelves unsold.
So, great emphasis should be placed on the promotion, planning,
and timing of taking a new product to the retail market. Without
these efforts, a new product will have a very short life span in
the retail market.
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How Do I Know if a Marketing or Development
Company is Legitimate?
Research the company. Before entering into any agreement for your
product, demand information. Ask for references for other inventors
they have worked with. Ask for current credit information, Dun &
Bradstreet number, banking contacts, etc.
Also, require samples of other products they have worked with. Along
with a list of vendors, suppliers, manufacturers, or associates
that they have alliances with.
Don't fall victim to a lot of 'hype' about what a company can do
for you. Remember, it's your product and your creativity, and you
have every right to ask for and receive whatever information is
reasonable for you to feel comfortable that this company is the
right one for your product.
Have clear written agreements in place that cover all aspects of
your relationship. If a company is hesitant on this, or appears
uncomfortable when asked for background or credit information...proceed
with caution. You should consider anything less than full cooperation
and disclosure to be a warning sign.
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