DEVELOPING AND PROTECTING AN INVENTION

A new invention is often the starting point for a successful business, but the journey from an idea or prototype to a product on a store shelf can be long and difficult. This actionlist looks at the steps involved in this journey, from the protection of the idea to financing and marketing of the final product.

MAKING IT HAPPEN

Choose the next step
Once the research has shown a potential market for your product, you have several options available: you could choose to manufacture and market your invention yourself; you could outsource production but distribute and market your product yourself; you could merge your production, sales and marketing with an established partner or you could license the rights to the invention for others to make and market it themselves.

Develop your business plan
Your invention may have too much scope for you fully to exploit its potential on your own. Or you may feel that you do not have the depth of specialized knowledge and skills to develop all the individual aspects of a successful business plan-management, finance, manufacture, marketing, sales and distribution- without professional aid, but do not wish to consider a partnership or merger at this stage. Additionally your potential investors will more easily be persuaded to fund a well structured business venture that presents an attractive and totally developed plan to them.