Submitting Inventions to Industry
Submit Your
New Invention Idea with our electronic submission
platform. We connect you directly to distributors and
manufacturers with confidential email listings and
direct presentation software. Submitting has never been
easier because we've taken the guess work out of connecting with
companies. With over 500 point of contacts we put you in the driver
seat. Submit your designs direct at Protomine!
About: New Product Development
In today's market, new
product development (NPD) is a term used to describe a
complete process of bringing a new product or service to
the marketplace. There are two similar paths involved in
any NPD process: one involves the idea generation,
product design, and finite engineering; the other
involves market research and marketing analysis.
Companies usually see new product
development as the
first and most important stage in generating and
commercializing new products within the overall
strategic process of product life cycle management which
is used to maintain or grow their market share.
About: Selling your idea
A sale is
the activity involved in
selling
products or services in return for money or other
compensation. It is an act of completion of a commercial
activity.
A sale is
completed by the seller, the owner of the goods. It
starts with consent (or agreement) to an acquisition or
appropriation or request followed by the passing of
intellectual
property or ownership in the item and the
application and due settlement of a fixed price, the
obligation for which arises due to the seller required
to pass ownership, being a price the seller is happy to
part with ownership of or any claim to the item. The
purchaser, though a party to the sale, does not execute
the sale, only the seller does that. The sale completes
prior to the payment and gives rise to the obligation of
payment. If the seller completes the first two above
stages (selling ownership) of the sale prior to
settlement of the price the sale is still valid and
gives rise to an obligation to pay. Submitting
Inventions to Industry
Should you do your own
invention promoting?
Many people ask themselves should
I market or promote my invention myself or hire someone to do it for us?
Either way, whomever promotes your design concept should understand the
following: It is crucial to your
product presentation that you provide a quality Marketing Invention Analysis of your
design concept for maximum impact. Knowledge about your
market demographic, market trends and other information can greatly increase the value of your
presentation enabling you
to maximize you potential for sales or licensing your product idea
promoting.
Simply follow the step by step
marketing guide to create your Marketing Invention
Analysis directly from your dashboard. You will create a simple concise set of marketing details to show others that your design is exciting and has market potential. Lastly, if you have problems
submitting simply contact your
project manager who can answer any questions you may have.
So what should your
very first action be:
-Getting a
patent, perhaps?
-Going on a fact-finding mission to
manufacturers in China?
-Calling QVC?
While all these steps may be appropriate
down the line, it's critically important
that you first take action by shifting
your thought
process. I know what you're
thinking. Thinking doesn't seem very
actionable, does it? Maybe not, but over
the years, countless
inventors make
devastating mistakes based on false
beliefs and inaccurate assumptions.
For this reason debunking some common
myths associated with inventing is
important. Myths and misperceptions can
be debilitating to your progress and
costly to your pocket book. Although it
may not seem very "actionable," it's
vital to begin the
inventing process
with a realistic understanding of some
of the basics for bringing an
idea to
market.
The following are
among the most common myths:mong the most common myths:
Myth #1: The
first thing an
inventor
should do is get
a
patent.
Truth:
It's understandable why this is such a
commonly held belief. The topic of
getting a patent is so pervasive among
the inventing literature, conferences,
websites and tv commercials, it's no
wonder that many people feel they can't
move forward without getting a patent
first. Many
inventors spend 80 -100% of
their initial effort and money on
obtaining a patent because that is the
myth that's been sold and supported by
those who stand to profit from it.
Certainly a patent can be a valuable
tool later in the process, but you
should first determine the viability of
your
invention as a business before
moving forward. Remember that filing a
patent has little impact on a successful
product launch & cost $10,000 or more-so
unless getting a patent for its own sake
is your end goal, it doesn't usually
make good business sense to apply for a
patent first thing off the bat. Most
importantly- if you file a patent first,
then encounter overwhelming obstacles
later on, you may have invested in a
patent for nothing.
Myth #2: If I
tell people my idea, they'll steal it.
Truth:
The theft of a new invention idea is
actually very rare. A lot of sweat
equity goes into
developing an invention
and this is a big barrier to most
potential "thieves." That doesn't mean
ideas are never stolen. Keep in mind,
copying and competition are facts in any
business. However, once you have an
understanding of how much work goes into
taking an idea to
market, you'll
understand why most ideas are stolen
only after a product's proven
successful. It's like betting on a
horse. You're more likely to win by
betting on a horse with a winning record
than you are by backing an unproven long
shot. That being said, don't be
careless.
Myth #3: My idea is worth a million dollars!
Truth:
Earning a million dollars with an
invention is less likely than making
slightly lesser amount depending on the
depth of your invention. Study the
process, set realistic expectations,
take action, work hard and you can find
success, especially if you have more
than one marketable idea.
Why use the
Protomine Process?
The Protomine process
was created to offer an alternative to expensive
invention submission companies that offer so much
and produce so little. Do the research and we know
you'll see the difference.
What
does it cost to develop a product?
Manufacturers follow a complicated and costly
product development process called
product lifecycle management (plm). This approach
encompasses the complete lifecycle from
concept
design through
manufacturing and
disposal
of a product. The typical cost for product
development starts at around $100,000 for simple
concepts and rises dramatically for more complicated
concepts.
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