When inventors contact my company about Research I like to explain the concept using a simple example. Look at it in this way, if your manufacturer is about to make the decision to develop, manufacture, and market a new merchandise that could potentially cost $50,000 to $150,000 to create plus inventory costs, they would undoubtedly get their time to ensure they are building a good business decision in continuing to move forward using the product (i.e.: they have done their homework about the product). Therefore, you are able to sum up “research” as the entire process of gathering all the details necessary to create a good business decision before making the big financial expenditure. It could generally be assumed how the additional time, effort and cash (i.e.: “risk”) that the company must spend to build up an invention, the more they will likely measure the potential license. Keep in mind that even when a product or service is apparently basic and affordable, the entire process of developing and manufacturing is rarely simple and affordable. Companies will evaluate such criteria as customer feedback, retail price points, unit cost to manufacture, competitive landscape, manufacturing feasibility, market opportunity, etc.
Option 1 – Manufacturing all on your own – If you are planning on navigate to this website, then yes you need to perform homework. Essentially, you feel the company of the product and thus you ought to perform research on your own invention just like other manufacturers would. The problem that we are finding is that many inventors who opt to manufacture their own inventions do little, if any marketing due diligence, and that is a big mistake.
Option 2 – Licensing for Royalties – if you are intending on licensing for royalties, i believe it is possible to minimize your due diligence efforts, because before any organization licensing your invention, they may perform their very own homework. When you are working with a company for example Invention Home, the expenses to showcase your invention to companies may be minimal – therefore it might cost you more to really perform the due diligence than it would to simply InvenitHelp the invention to companies (which, is ultimately your best form of research anyway). Remember, you have to have taken the time to complete your basic researching the market along with a patent search earlier at the same time to be confident that your product or service may be worth pursuing from the beginning (i.e.: the merchandise is not already out there and you will discover a demand).
Let me summarize. If you are intending on investing a great deal of money on your invention, then you should always analyze the means first to make certain it’s worth pursuing; however, when you can actively market your invention to companies with minimal cost, you can be assured that the interested company will perform their own homework (not depend on yours). Note: it is usually helpful to have marketing due diligence information available while you discuss my explanation with prospective companies; however, it is not always easy to have this data so you must balance the effort and expense of gathering the data together with the real need for having it.
Furthermore, i gives you some research tips.As discussed, the idea of marketing homework is always to gather as much information as you can to create a well-informed decision on making an investment in any invention. In the perfect world, we might have all the appropriate information about sales projections, retail pricing, marketing costs, manufacturing setup and unit costs, competitive analysis, market demand, etc. However, this information is not always an easy task to find.
If you are not in the position to pay an expert firm to do read what he said, it really is possible to perform research all on your own; however, you must understand that research needs to be interpreted and employed for decision-making and on its own, it has no value. It really is the things you do with the details that matters. Note: I would personally recommend that you simply do NOT PURCHASE “market research” from an Invention Promotion company. Often sold like a “initial step” (they’ll usually approach you again by having an expensive “marketing” package), the information is largely useless since it is not specific research on the invention. Rather, it can be off-the-shelf “canned” industry statistics, that will possibly not assist you in making a well informed decision.