The document provides guidance on the steps for developing a new product idea into a marketable product. It discusses establishing a business entity, developing a name and record keeping system, protecting the idea with a non-disclosure agreement and provisional patent, designing the product, building a prototype, debugging the prototype, and selecting a manufacturer. The overall goal is to help inventors navigate the process of bringing an idea to market.
This document provides an overview of the steps involved in developing a new product idea. It discusses starting a company, coming up with a product name, protecting the idea with a non-disclosure agreement and provisional patent, researching if the idea has already been done, designing the product, and having a prototype built. The goal is to help inventors and entrepreneurs navigate the process of bringing a new product to market.
The document provides advice for building a connected consumer product and quitting one's day job to do so. It discusses considerations around product design, pricing, marketing, electronics design, connectivity, backend design, user experience, and seeking investment. The key points are designing a desirable consumer product, ensuring solid connectivity and backend functionality, creating a good user experience, and only quitting one's job once the product is ready to ship after securing funding.
This document discusses different types of briefs including contractual, formal, informal, co-operative, negotiated, commission, tender, and competition briefs. It then provides details about a vegetarian recipe cards brief, including that it will use a co-operative structure and discusses reading, negotiating, and exploring opportunities related to the brief.
IDML Products helps inventors to become entrepreneurs by providing guidance on turning their inventions into a real business
If you would like to learn more then book yourself in for a FREE 30-40 minutes strategy meeting via Skype with our CEO.
Simply follow the link following link
http://samer284.wixsite.com/survey
Tarlow design steps for turning your invenrion into a product!designtarlow
Sitting idle and getting so many innovative ideas? Don’t know what to do with these genius ideas? Patent them. Yes, Before you start blabbing about your idea or an invention to the wrong person or run to the fraud company that offers to buy it for billions of dollars, don’t get trapped know your patent design company, know the people first and then take the plunge Ken Tarlow the patent design king has been there for many years now and earned his good name and good will from people he has worked with. Ken suggests few tips for turning your ideas into a product.
Opportunities for young creative practioners and creative entrepreneurs to acquire and broaden first-hand knowledge and skills for the future business initiatives.
In order to support to the growth of the Creative Economy in Vietnam, British Council collaborates with Vietnam Chamber of Commerce and Industry and the Investment & Trade Promotion Centre of Ho Chi Minh City to organize a four-day Training Programme for Creative Entrepreneurs in Hanoi and Ho Chi Minh City. The programme has been successfully implemented in various countries worldwide by the leading innovation organization Nesta from the United Kingdom.
Attending the Training Programme, creative entrepreneurs are defined as young people with creative idea/initiatives who start their business and young creative entrepreneurs trading up to 24 months. They should work in any of creative industries, including advertising, architecture, arts and antiques, crafts, design, designer fashion, film and video, leisure software, music, performing arts, publishing, software and computer services, television and radio.
Percy Emmett, a highly experienced specialist trainer and strategist in all areas of creative and cultural industries from the United Kingdom, will be the trainer in the Programme. With the extensive experience with setting up and running creative businesses building annual income of £1.7m, he is an expert in business development and mentoring from idea to setup, as well as change management covering all aspects of personal and professional skills, business diagnostics, business planning and finance.
During four days, participants have a chance to enroll on four sessions:
1. Listening and Values Modelling
2. Customer profiling & Future Evidence Modelling
3. Financial and Relationship Modelling
4. Drivers, Business as a Promise and Blueprinting
These aims will enable them to explore their idea and its viability and to enhance leadership, business planning, relation building, resources managing, marketing and financial skills.
How To Patent A Prototype In Australia?IPPARTNERSHIP
It's simpler than you may think to file for a patent, but it still takes time, money, and meticulous attention to detail. Here is a description of the patenting process.
As an investor, you are aware of the challenges involved in turning a concept into a finished product. All inventions demand a major time and financial investment, regardless of how tiny, simple, and innovative they are or how complex and tough they are. This frequently results in patent applications. The need for a prototype prior to filing for a patent is one of the crucial factors that many people take into account. In these cases competent patent or trademarking lawyers who can assist you in making these crucial selections as well as handle them on your behalf is needed.
Visit-https://www.ippartnership.com.au/trade-marks.html
This document provides an overview of the steps involved in developing a new product idea. It discusses starting a company, coming up with a product name, protecting the idea with a non-disclosure agreement and provisional patent, researching if the idea has already been done, designing the product, and having a prototype built. The goal is to help inventors and entrepreneurs navigate the process of bringing a new product to market.
The document provides advice for building a connected consumer product and quitting one's day job to do so. It discusses considerations around product design, pricing, marketing, electronics design, connectivity, backend design, user experience, and seeking investment. The key points are designing a desirable consumer product, ensuring solid connectivity and backend functionality, creating a good user experience, and only quitting one's job once the product is ready to ship after securing funding.
This document discusses different types of briefs including contractual, formal, informal, co-operative, negotiated, commission, tender, and competition briefs. It then provides details about a vegetarian recipe cards brief, including that it will use a co-operative structure and discusses reading, negotiating, and exploring opportunities related to the brief.
IDML Products helps inventors to become entrepreneurs by providing guidance on turning their inventions into a real business
If you would like to learn more then book yourself in for a FREE 30-40 minutes strategy meeting via Skype with our CEO.
Simply follow the link following link
http://samer284.wixsite.com/survey
Tarlow design steps for turning your invenrion into a product!designtarlow
Sitting idle and getting so many innovative ideas? Don’t know what to do with these genius ideas? Patent them. Yes, Before you start blabbing about your idea or an invention to the wrong person or run to the fraud company that offers to buy it for billions of dollars, don’t get trapped know your patent design company, know the people first and then take the plunge Ken Tarlow the patent design king has been there for many years now and earned his good name and good will from people he has worked with. Ken suggests few tips for turning your ideas into a product.
Opportunities for young creative practioners and creative entrepreneurs to acquire and broaden first-hand knowledge and skills for the future business initiatives.
In order to support to the growth of the Creative Economy in Vietnam, British Council collaborates with Vietnam Chamber of Commerce and Industry and the Investment & Trade Promotion Centre of Ho Chi Minh City to organize a four-day Training Programme for Creative Entrepreneurs in Hanoi and Ho Chi Minh City. The programme has been successfully implemented in various countries worldwide by the leading innovation organization Nesta from the United Kingdom.
Attending the Training Programme, creative entrepreneurs are defined as young people with creative idea/initiatives who start their business and young creative entrepreneurs trading up to 24 months. They should work in any of creative industries, including advertising, architecture, arts and antiques, crafts, design, designer fashion, film and video, leisure software, music, performing arts, publishing, software and computer services, television and radio.
Percy Emmett, a highly experienced specialist trainer and strategist in all areas of creative and cultural industries from the United Kingdom, will be the trainer in the Programme. With the extensive experience with setting up and running creative businesses building annual income of £1.7m, he is an expert in business development and mentoring from idea to setup, as well as change management covering all aspects of personal and professional skills, business diagnostics, business planning and finance.
During four days, participants have a chance to enroll on four sessions:
1. Listening and Values Modelling
2. Customer profiling & Future Evidence Modelling
3. Financial and Relationship Modelling
4. Drivers, Business as a Promise and Blueprinting
These aims will enable them to explore their idea and its viability and to enhance leadership, business planning, relation building, resources managing, marketing and financial skills.
How To Patent A Prototype In Australia?IPPARTNERSHIP
It's simpler than you may think to file for a patent, but it still takes time, money, and meticulous attention to detail. Here is a description of the patenting process.
As an investor, you are aware of the challenges involved in turning a concept into a finished product. All inventions demand a major time and financial investment, regardless of how tiny, simple, and innovative they are or how complex and tough they are. This frequently results in patent applications. The need for a prototype prior to filing for a patent is one of the crucial factors that many people take into account. In these cases competent patent or trademarking lawyers who can assist you in making these crucial selections as well as handle them on your behalf is needed.
Visit-https://www.ippartnership.com.au/trade-marks.html
The document summarizes presentations from an Innovation Expo on topics related to starting a small business, including elements of a business plan, financing options, developing product ideas, and obtaining patents. Several speakers discussed the importance of having a well-organized business plan and financial statements, as well as exploring funding sources like loans, venture capital, and informal investors. Developing a new product or idea was said to require considering market factors, competitive advantages, and potential profitability. The importance of patents was also covered, though speakers noted they do not guarantee product protection or success.
Starting a business as engineers: algorithms aren't everythingAlja Isakovic
What are startups and other lessons learned from starting tech companies. The slides are for a lecture aimed at computer science students, delivered in March 2019.
How to avoid 6 deadly mistakes when building a digital product 2018inFullMobile
This document provides tips for avoiding common mistakes when building digital products. It outlines 6 key areas to focus on: 1) Solve real problems, not hypothetical ones, 2) Sell the product concept before building it to validate market need, 3) Rely on user research like surveys and interviews rather than guessing, 4) Measure everything to understand user behavior and determine what works, 5) Get buy-in from enterprise users early on through focus groups and observations, 6) Think beyond just product and look at the larger business landscape. Following these tips can help mitigate risks and avoid wasting time and resources on products that do not solve real user needs.
startup founders delimma to patent or not to patentRegal Beloit
Many startup founder face this question atleast once "Should they patent their products and technology or not? Is it that important? What if you don't patent? Are there other shortcuts? This article delve deeper in to this matter.
The document summarizes 12 simple rules for getting design approvals from clients. The rules include making friends with clients, asking lots of questions to understand their business and users, using wireframes as conversation starters without being tied to them, presenting designs in browsers not just emails, prototyping innovative concepts, limiting feedback rounds, having confidence in one's work, and maintaining a positive relationship over time. The presentation was given by an art director to discuss best practices for navigating the approval process.
Copy of the presentation I gave in the Entrepreneurship Workshop at IIM Calcutta Ascent'09 on 19th July 2009. " 7 Secrets Investors won’t tell you about Business Plans " - The Art of BPlans
How to become a successful hr technology buyerRené Bolier
This document provides advice for successfully purchasing and implementing HR technology. It summarizes points made by William Tincup at the HR Tech Europe Spring Warm-Up conference. Key recommendations include thoroughly understanding your needs and processes before talking to vendors, negotiating contracts carefully as your power decreases after signing, and proactively involving internal stakeholders in change management and training to boost adoption. Open communication and sharing experiences with peers is emphasized as the best way to improve both technology and its use.
How to (and should you?) turn your app idea into a businessProvectus
A comprehensive step-by-step guide for getting your app idea through the complex process of validating, nurturing, creating MVP (minimal viable product), further developing, and getting it out at the market.
The whitepaper addresses a lot of issues many people are faced when developing their own electronic products; it also offers a checklist that guides the developers through the complex process of new product development. All the content is written by the experienced staff at Titoma Design, a product development firm that has been in the business since 1999. Contact us if you have any questions about the content.
Innovation Strategy - Avoid going Bankrupt with Your New Business (old version)Martin Schweiger
A Talk at Hygieia Strength & Conditioning Singapore
17 August 2019
Patent Attorneys vs. General Lawyers
Common Myths When It Comes to Innovation
How a typical failure story of a start-up looks like
Why start-ups and new products usually fail
How can we improve this? The Basics For Every Business
Optional: How can we improve this for new products?
Five points that characterize a lasting business
Regular Problems of Failing Businesses
How to become a successful entrepreneur
Questions & Answers
By Martin Schweiger
The document provides a summary of the top 10 mistakes that early stage startups can easily avoid. These include: not understanding the business model well enough; doing everything the first big client says; launching without customer input; building overly complex MVPs; designing for themselves without user research; pursuing too many opportunities; lacking a clear vision or monetization strategy; and not measuring product usage. Avoiding these common pitfalls can help startups focus their efforts and resources more effectively in the early stages.
This document provides information and advice about using private label rights (PLR) content to create and sell products. It discusses the benefits of PLR, such as saving time by using existing content. However, it also outlines several common mistakes people make, such as not customizing the content enough or graphics to stand out. The document recommends strategies for successfully using PLR, like building email lists and following license terms. The overall message is that with proper handling, PLR content can be used to efficiently create new products and generate income.
The document provides guidance on marketing open source projects. It discusses defining marketing as capturing attention and resources in a crowded environment. It recommends identifying customers and their problems, developing quality code, documentation, and various types of content like blogs, videos and books to teach users. It also suggests participating in communities, conferences and social media to generate traffic and foster conversations in order to attract critical resources like users and contributors to open source projects.
The document discusses different types of client briefs that a media company may receive, including contractual, formal, informal, co-operative, negotiated, commission, tender, competition, and my brief. It provides definitions and advantages and disadvantages of each brief type. The document also covers important aspects of reading, negotiating, and identifying opportunities within a client brief for a leaflet being designed for a local gaming store.
The document discusses different types of client briefs that a media company may receive, including contractual, formal, informal, co-operative, negotiated, commission, tender, competition, and my brief. It provides definitions and advantages and disadvantages of each brief type. The document also covers important aspects of reading, negotiating, and identifying opportunities within a client brief for a leaflet being created for a local gaming store.
Working to a brief workbook powerpointbekkiasquith
The document discusses different types of media project briefs, including contractual, formal, informal, co-operative, negotiated, commission, tender, competition, and my brief. It emphasizes the importance of thoroughly reading and discussing the brief with the client prior to production to understand expectations and address any legal/ethical issues. The Vegetarian Recipe Cards brief could be considered both a tender and competition brief. The opportunities this brief allows for include skills development, learning new skills, multi-tasking, and contributing creative ideas within the project scope.
How to build a tech startup without having tech knowledgeOradea Tech Hub
Do you want to build a tech start-up but you have no idea how, because you are not a technical person? Don't worry. You don't have to be one. Read the post below to find more about this topic.
Starting Nearshore Manufacturing: Expectations vs. RealityNovaLink
Mexico has long been one of the most convenient and popular destinations for businesses looking to begin manufacturing. However, making the move to becoming a nearshore manufacturing partner is not without risk. At NovaLink, we believe that Manufacturing in Mexico is the smartest and most cost effective choice for outsourcing manufacturing – if you are aware of what nearshore manufacturing in Mexico really means. In this article we will explain the differences between expectations and reality in many scenarios of nearshore manufacturing. Here are few facts to consider compared to possible expectations that you might currently have:
Ideas and designs are the lifeblood of creative businesses and infringement can be particularly costly and damaging. This guide will explain what simple steps SMEs can take to best prevent infringement from Chinese competitors and potential business partners.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
The document summarizes presentations from an Innovation Expo on topics related to starting a small business, including elements of a business plan, financing options, developing product ideas, and obtaining patents. Several speakers discussed the importance of having a well-organized business plan and financial statements, as well as exploring funding sources like loans, venture capital, and informal investors. Developing a new product or idea was said to require considering market factors, competitive advantages, and potential profitability. The importance of patents was also covered, though speakers noted they do not guarantee product protection or success.
Starting a business as engineers: algorithms aren't everythingAlja Isakovic
What are startups and other lessons learned from starting tech companies. The slides are for a lecture aimed at computer science students, delivered in March 2019.
How to avoid 6 deadly mistakes when building a digital product 2018inFullMobile
This document provides tips for avoiding common mistakes when building digital products. It outlines 6 key areas to focus on: 1) Solve real problems, not hypothetical ones, 2) Sell the product concept before building it to validate market need, 3) Rely on user research like surveys and interviews rather than guessing, 4) Measure everything to understand user behavior and determine what works, 5) Get buy-in from enterprise users early on through focus groups and observations, 6) Think beyond just product and look at the larger business landscape. Following these tips can help mitigate risks and avoid wasting time and resources on products that do not solve real user needs.
startup founders delimma to patent or not to patentRegal Beloit
Many startup founder face this question atleast once "Should they patent their products and technology or not? Is it that important? What if you don't patent? Are there other shortcuts? This article delve deeper in to this matter.
The document summarizes 12 simple rules for getting design approvals from clients. The rules include making friends with clients, asking lots of questions to understand their business and users, using wireframes as conversation starters without being tied to them, presenting designs in browsers not just emails, prototyping innovative concepts, limiting feedback rounds, having confidence in one's work, and maintaining a positive relationship over time. The presentation was given by an art director to discuss best practices for navigating the approval process.
Copy of the presentation I gave in the Entrepreneurship Workshop at IIM Calcutta Ascent'09 on 19th July 2009. " 7 Secrets Investors won’t tell you about Business Plans " - The Art of BPlans
How to become a successful hr technology buyerRené Bolier
This document provides advice for successfully purchasing and implementing HR technology. It summarizes points made by William Tincup at the HR Tech Europe Spring Warm-Up conference. Key recommendations include thoroughly understanding your needs and processes before talking to vendors, negotiating contracts carefully as your power decreases after signing, and proactively involving internal stakeholders in change management and training to boost adoption. Open communication and sharing experiences with peers is emphasized as the best way to improve both technology and its use.
How to (and should you?) turn your app idea into a businessProvectus
A comprehensive step-by-step guide for getting your app idea through the complex process of validating, nurturing, creating MVP (minimal viable product), further developing, and getting it out at the market.
The whitepaper addresses a lot of issues many people are faced when developing their own electronic products; it also offers a checklist that guides the developers through the complex process of new product development. All the content is written by the experienced staff at Titoma Design, a product development firm that has been in the business since 1999. Contact us if you have any questions about the content.
Innovation Strategy - Avoid going Bankrupt with Your New Business (old version)Martin Schweiger
A Talk at Hygieia Strength & Conditioning Singapore
17 August 2019
Patent Attorneys vs. General Lawyers
Common Myths When It Comes to Innovation
How a typical failure story of a start-up looks like
Why start-ups and new products usually fail
How can we improve this? The Basics For Every Business
Optional: How can we improve this for new products?
Five points that characterize a lasting business
Regular Problems of Failing Businesses
How to become a successful entrepreneur
Questions & Answers
By Martin Schweiger
The document provides a summary of the top 10 mistakes that early stage startups can easily avoid. These include: not understanding the business model well enough; doing everything the first big client says; launching without customer input; building overly complex MVPs; designing for themselves without user research; pursuing too many opportunities; lacking a clear vision or monetization strategy; and not measuring product usage. Avoiding these common pitfalls can help startups focus their efforts and resources more effectively in the early stages.
This document provides information and advice about using private label rights (PLR) content to create and sell products. It discusses the benefits of PLR, such as saving time by using existing content. However, it also outlines several common mistakes people make, such as not customizing the content enough or graphics to stand out. The document recommends strategies for successfully using PLR, like building email lists and following license terms. The overall message is that with proper handling, PLR content can be used to efficiently create new products and generate income.
The document provides guidance on marketing open source projects. It discusses defining marketing as capturing attention and resources in a crowded environment. It recommends identifying customers and their problems, developing quality code, documentation, and various types of content like blogs, videos and books to teach users. It also suggests participating in communities, conferences and social media to generate traffic and foster conversations in order to attract critical resources like users and contributors to open source projects.
The document discusses different types of client briefs that a media company may receive, including contractual, formal, informal, co-operative, negotiated, commission, tender, competition, and my brief. It provides definitions and advantages and disadvantages of each brief type. The document also covers important aspects of reading, negotiating, and identifying opportunities within a client brief for a leaflet being designed for a local gaming store.
The document discusses different types of client briefs that a media company may receive, including contractual, formal, informal, co-operative, negotiated, commission, tender, competition, and my brief. It provides definitions and advantages and disadvantages of each brief type. The document also covers important aspects of reading, negotiating, and identifying opportunities within a client brief for a leaflet being created for a local gaming store.
Working to a brief workbook powerpointbekkiasquith
The document discusses different types of media project briefs, including contractual, formal, informal, co-operative, negotiated, commission, tender, competition, and my brief. It emphasizes the importance of thoroughly reading and discussing the brief with the client prior to production to understand expectations and address any legal/ethical issues. The Vegetarian Recipe Cards brief could be considered both a tender and competition brief. The opportunities this brief allows for include skills development, learning new skills, multi-tasking, and contributing creative ideas within the project scope.
How to build a tech startup without having tech knowledgeOradea Tech Hub
Do you want to build a tech start-up but you have no idea how, because you are not a technical person? Don't worry. You don't have to be one. Read the post below to find more about this topic.
Starting Nearshore Manufacturing: Expectations vs. RealityNovaLink
Mexico has long been one of the most convenient and popular destinations for businesses looking to begin manufacturing. However, making the move to becoming a nearshore manufacturing partner is not without risk. At NovaLink, we believe that Manufacturing in Mexico is the smartest and most cost effective choice for outsourcing manufacturing – if you are aware of what nearshore manufacturing in Mexico really means. In this article we will explain the differences between expectations and reality in many scenarios of nearshore manufacturing. Here are few facts to consider compared to possible expectations that you might currently have:
Ideas and designs are the lifeblood of creative businesses and infringement can be particularly costly and damaging. This guide will explain what simple steps SMEs can take to best prevent infringement from Chinese competitors and potential business partners.
How to Manage Your Lost Opportunities in Odoo 17 CRMCeline George
Odoo 17 CRM allows us to track why we lose sales opportunities with "Lost Reasons." This helps analyze our sales process and identify areas for improvement. Here's how to configure lost reasons in Odoo 17 CRM
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
Physiology and chemistry of skin and pigmentation, hairs, scalp, lips and nail, Cleansing cream, Lotions, Face powders, Face packs, Lipsticks, Bath products, soaps and baby product,
Preparation and standardization of the following : Tonic, Bleaches, Dentifrices and Mouth washes & Tooth Pastes, Cosmetics for Nails.
How to Add Chatter in the odoo 17 ERP ModuleCeline George
In Odoo, the chatter is like a chat tool that helps you work together on records. You can leave notes and track things, making it easier to talk with your team and partners. Inside chatter, all communication history, activity, and changes will be displayed.
বাংলাদেশের অর্থনৈতিক সমীক্ষা ২০২৪ [Bangladesh Economic Review 2024 Bangla.pdf] কম্পিউটার , ট্যাব ও স্মার্ট ফোন ভার্সন সহ সম্পূর্ণ বাংলা ই-বুক বা pdf বই " সুচিপত্র ...বুকমার্ক মেনু 🔖 ও হাইপার লিংক মেনু 📝👆 যুক্ত ..
আমাদের সবার জন্য খুব খুব গুরুত্বপূর্ণ একটি বই ..বিসিএস, ব্যাংক, ইউনিভার্সিটি ভর্তি ও যে কোন প্রতিযোগিতা মূলক পরীক্ষার জন্য এর খুব ইম্পরট্যান্ট একটি বিষয় ...তাছাড়া বাংলাদেশের সাম্প্রতিক যে কোন ডাটা বা তথ্য এই বইতে পাবেন ...
তাই একজন নাগরিক হিসাবে এই তথ্য গুলো আপনার জানা প্রয়োজন ...।
বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
How to Build a Module in Odoo 17 Using the Scaffold MethodCeline George
Odoo provides an option for creating a module by using a single line command. By using this command the user can make a whole structure of a module. It is very easy for a beginner to make a module. There is no need to make each file manually. This slide will show how to create a module using the scaffold method.
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
The simplified electron and muon model, Oscillating Spacetime: The Foundation...RitikBhardwaj56
Discover the Simplified Electron and Muon Model: A New Wave-Based Approach to Understanding Particles delves into a groundbreaking theory that presents electrons and muons as rotating soliton waves within oscillating spacetime. Geared towards students, researchers, and science buffs, this book breaks down complex ideas into simple explanations. It covers topics such as electron waves, temporal dynamics, and the implications of this model on particle physics. With clear illustrations and easy-to-follow explanations, readers will gain a new outlook on the universe's fundamental nature.
Assessment and Planning in Educational technology.pptxKavitha Krishnan
In an education system, it is understood that assessment is only for the students, but on the other hand, the Assessment of teachers is also an important aspect of the education system that ensures teachers are providing high-quality instruction to students. The assessment process can be used to provide feedback and support for professional development, to inform decisions about teacher retention or promotion, or to evaluate teacher effectiveness for accountability purposes.
2. We hope this presentation will help
you through the process of
developing and marketing you
product. If you need further
assistance NIRDCO’s contact
information is available by selecting
the Contact Us button in the lower
left hand corner at any time.
3. Introduction
Welcome to Invention 101
In this course we will cover the steps necessary to
getting your product to market.
4. Preliminary funding
3. Non-Disclosure Agreement
5. Prior art
6. Provisional patent
7. Design
8. Prototype
2. Name and Records
9. Debug
10. Pro forma
1. Start a company
5. Starting a Company
Chapter #1
Somewhere during your initial product design
we highly recommend you create a business for
it. We recommend you do this for several
reasons before development.
• Everything you spend on your idea could be tax
deductible.
• It allows you to open a business bank account
makes financial expenditures easier to track.
• It provides you some measure of protection
against lawsuits.
6. Starting a Company
Chapter #1
• It lets potential investors know you are serious
about what you are doing.
Registering you business is relatively easy to do
once you have settled on a name.
Each State has its own registry process available
on line. Their search engines allows you to verify
the name you have chosen is not in use by another
company. Usually less than $100 you can start an
LLC (Limited Liability Company).
7. Starting a Company
Chapter #1
LLC’s are the easiest to set up and still provide you
with the structure and coverage needed in any
business a single person or group of people require
to do business.
There are of course other more complex structures
you could pursue such as; C-Corporations and S-
Corporations. But we will not be covering those
here. Once you have the IEN number you can open
a bank account for your product.
NOTE: Keep track of ALL your expenditures.
8. Name and Records
Chapter #2
Sounds kind of silly but without a name how
will you refer to your invention.
Give it some thought because this name will be
used throughout the life of the invention. If it’s
your only idea you will be using it for
everything from the name on you NDA, to the
logo design and perhaps even the name of a
website to help advertise your product.
Try to keep it short enough to use as your logo
9. Chapter #2
and make it something that will be catchy enough
to make it memorable. You will thank yourself
later if you spend time on it now because all your
artwork will hinge on this name.
Imagine having to go back and change things once
you have decided to change this name because you
thought of a new one further into your project.
The other thing which should be discussed is
Name and Records
10. Chapter #2
record keeping. It is very important to keep good
records as you progress through your project. Big
companies do it and you should be no different.
Get yourself a loose leaf folder to keep track of
everything that pertains to your idea. We
recommend at least a 3” binder to retain all your
information. Also pick up a package of dividers to
organize your data into categories.
You will want to put everything in this folder from
Name and Records
11. Chapter #2
Name and Records
your copy of the NDA to; Business EIN number,
Emails, Drawings, Parts, Artwork, even Notes of
changes you thought of to improve the product.
Do these things now and you will be glad you did.
12. Non-Disclosure Agreement
Chapter #3
The first thing to remember with any new idea
is to protect it.
Too many people have gone to someone with a
great idea only to have that idea stolen by others
who do not have your best interest at heart.
Obviously the best idea is to consult a Lawyer on
the subject and have a Non-Disclosure Agreement
drawn up that you can use whenever you talk about
your project. However, many people can not afford
the cost.
13. Non-Disclosure Agreement
Chapter #3
There are fortunately other ways to protect
yourself.
• Companies who are upfront with their intentions
will have their own NDA and offer to sign it
before talking with you about your project.
• There are sample NDA’s also available on line
that are very comprehensive and can be
customized to meet your individual needs. All
that is needed is for the Inventor to add in their
name, address,
14. Non-Disclosure Agreement
Chapter #3
the product your are discussing, and the name of
the company you are talking with. Have each party
sign and date it and you can talk freely without
worry.
Rumors are out there that if you put your idea in an
envelope and mail it to yourself that this will add a
certain amount of protection. This is false!
Don’t forget to put this NDA in you folder.
15. Preliminary Funding
Chapter #4
Initial money to fund your project can range in
cost from a few hundred to thousands of dollars.
Funding is a difficult issue for many inventors and
is usually the reason a lot of ideas never get past
the idea stage.
There are several reasons for this. From having the
people you ask say “No” to they don’t think it’s a
worthwhile idea and don’t want to invest money in
it.
16. Chapter #4
This is very common but with the right approach
you have a better chance of getting a “Yes”.
• If your not excited about your idea how can you
get someone else, who you are borrowing
money from, excited enough about it to invest
their money. Before you approach them make
sure you have an outline of a plan to succeed.
Point out the need of the product, who you plan
on selling it to, how you will sell it and most
importantly what kind of return they will get for
their investment.
Preliminary Funding
17. Chapter #5
Before you go on this mission of showing the
world your idea make sure it’s not already out
there.
The government has a site setup for you to search
and see if your product is unique.
https://www.uspto.gov
Go to the Patent section and under that select
‘Search for Patent’ video to learn the best way to
look for you particular patent idea.
Prior Art
18. Chapter #5
Here it will teach you how to wade through the
millions of patented products out there in the
market to see if your idea is worth pursuing.
Once you have determined that your idea has not
been taken it’s time to protect it. This will be
discussed in the next chapter.
Preliminary Funding
19. Chapter #6
Now that you have determined your idea has
not been previously produced it’s time to protect
it.
There are several types of patents that are accepted
by the patent office. The one we recommend for
the person on a budget is the Provisional patent
which will protect your idea for 1 yr. This should
give you time to build your prototype and prove
out the concept. At that point we recommend you
proceed with the full blown patent of which there
are two main types; Utility, Design.
Provisional Patent
20. Chapter #6
Utility patents are the most used version and offer
the broadest coverage against competitors trying to
copy your idea. It protects the functionality of the
products which is more desirable than protecting
the appearance in most cases. They are good for up
to 20 years with maintenance fees due at 3, 7 and
11 years. These patent will take between 2-3 years
to be approved. In the interim however you can add
a ‘patent pending’ to your product to discourage
patent infringement.
Provisional Patent
21. Chapter #6
Design patents offer the broadest coverage for
situations where the look of a product is more
important. It protects the aesthetics of the products
which is more desirable than protecting the
functionality in some cases. They are good for up
to 15 years with no maintenance fees. These patent
will take between 1-2 years to be approved. In the
interim however you can add a ‘patent pending’ to
your product to discourage patent infringement.
Provisional Patent
22. Chapter #7
Your idea at some point will need to be put
down on paper in a formal manner.
Eventually someone is going to have to build a
working prototype of your idea. You will at this
point need to provide drawings. These drawing will
need to be done in a professional manner pointing
out such thing as dimensions, tolerances, type of
material, how it goes together and parts list. Most
prototype houses require that you provide them
drawings done to an industry standard.
Design
23. Chapter #7
At this point you will have several choices to make:
• What type of material is required?
• How will it be put together?
• Is it easy to assemble?
• Is it easy to repair should that option exist?
• How much of the design consists of off-the-shelf
parts?
• How much of it will need to be custom made.
• Who will build it?
• Is it safe to operate?
Design
24. Chapter #7
• How will it be finished?
These are just a few of the things you will need to
consider when designing your product. Other things
will come up depending on the type of products you
are developing.
• Electronics
• Hydraulic
• Pneumatics
• Etc.
Design
25. Chapter #7
Just to name a few. This stage of your idea will help
you figure out whether you design will be cost
effective or whether you will need to rethink the
design approach.
Design
26. Chapter #8
This is where the real fun starts.
Now that you have the product design completed
you are ready to have one built. If your not
building it yourself you will need to start looking
for a prototype business that will be able to build it
for you. This can be frustrating to say the least but
it is also rewarding at the same time.
Most prototype businesses will provide the material
for the project themselves they just add it to the
Prototype
27. Chapter #8
cost of the prototype price. You will need to
provide the drawings and be available should they
need any questions answered.
Prototype
28. Chapter #9
This part of the project requires you to place your
product into the actual environment where it will
be used. The debug is a critical part of your design.
Think about it!
When a customer buys your product, takes it home
and starts to use it and it doesn’t work as advertised
they are not only unhappy with your product but
they are going to tell their friends about the
problems with it also.
Debug
29. Chapter #9
We recommend you spend enough time on this
portion of the design to insure you have worked out
all the potential issues with your product. You need
to ask other people to test it also as you may have
developed what we call tunnel vision when it come
to your idea.
This means that you have worked with it so much
that you tend to understand how it operates and
therefore don’t try and perform operations with it
that you know don’t work.
Debug
30. Chapter #9
The other critical part of the debug process is to
examine the overall feel and function of your
design to determine if you could make changes to
improve it.
This is the point where you would work out all the
problems the design has.
Debug
31. Chapter #10
Now is the time to work out your game plan on
how much you can sell the product for versus
what it cost you to build.
The Financial Pro forma is what we are referring to
here. It will provide your potential investors a
estimated snapshot into your financial expectations
for you product. You can present this to you
investors to help them understand where their
investment will payoff. This information is an
estimate but should be close to expected.
Pro forma
32. Chapter #10
To develop this Financial Pro forma you will need
to do some research.
The Pro forma financial statement is not for the
weak of heart. It requires a lot of background
research on what is required to develop one that is
acceptable to investors. It includes the following:
• P&L
• Cash Flow Statement
• Balance Sheet
Pro forma
33. Chapter #10
• Breakeven
• Investor Performance: IRR, ROI, and NPV
IRR
Internal rate of return (IRR) is a metric used in capital budgeting measuring the profitability of
potential investments. Internal rate of return is a discount rate that makes the net present value
(NPV) of all cash flows from a particular project equal to zero.
ROI
A performance measure used to evaluate the efficiency of an investment or to compare the
efficiency of a number of different investments. ROI measures the amount of return on an
investment relative to the investment’s cost.
NVP
Net Present Value (NPV) is the difference between the present value of cash inflows and the
present value of cash outflows. NPV is used in capital budgeting to analyze the profitability of
a projected investment or project.
Pro forma
34. Chapter #10
P&L
A Profit and Loss statement (P&L) is a financial
statement that summarizes the revenues, costs and
expenses incurred during a specific period of time,
usually a fiscal quarter or year. These records
provide information about a company's ability to
generate profit by increasing revenue, reducing
costs, or both.
Pro forma
35. Chapter #10
Pro forma
Cash Flow Statement
The Cash Flow Statement (CFS) allows investors
to understand how a company's operations are
running, where its money is coming from, and
how it is being spent. Cash flow is determined by
looking at three components by which cash enters
and leaves a company: core operations, investing
and financing.
It is a combination of Accounts receivable,
Depreciation, Inventory and Accounts payable.
36. Chapter #10
Pro forma
Balance Sheet
The Balance Sheet is a statement of the assets,
liabilities, and capital of a business at a particular
point in time, detailing the balance of income and
expenditure over the preceding period. It states
these assets, liabilities, and owners' equity usually
over a 12 month period.
Breakeven
With any new product there is what is known as a
break even point.
37. Chapter #10
This is the point where the profit from the sale of
the product you are selling finally pays for the
design cost required to develop the product. At this
point you actually start to make a profit from the
sales.
Cost of material, Engineering time, Revisions,
Testing, Packaging etc. all go into determining
where that point is.
Pro forma
38. Chapter #10
Investor Performance
This is the section of the Financial Pro forma that
the Investor will be most interested in. The
formulas for calculating IRR, NPV and ROI can be
found online.
The tendency will be to pad you calculation to
make things appear to be better than they actually
are. In our opinion honesty is the best policy when
working out these numbers. People that are in the
investment industry are pretty savvy and can tell
when things look on paper better than they are.
Pro forma
39. Chapter #11
It’s now time to find customers who can sell
your product for you.
Obviously you have given this some thought at the
beginning of this adventure. Now is the time to get
serious about who is going to represent your
product to the public. There are several things to
consider when approaching this subject.
• Do you want to go after the Wholesalers?
• Do you want to go after the Retailers?
Customer Base
40. Chapter #11
• Are you going to sell it yourself?
• Are you going to hire a Sales company?
All good questions. Each involves its own
challenges.
Approach them logically. For instance; if you are
going after just Wholesales think about where your
product will eventually end up and work
backwards.
Customer Base
41. Chapter #11
i.e. assuming you have a new idea to apply paint.
Who will be using this product? Painters! Right!
Where will painters go to get this product; Paint
stores, Hardware stores, Big Box stores. Who
supplies the chain store with their product. How
will you reach these suppliers.
It is at this point you should have some sort of idea
how much you are selling your product for both
wholesale and retail
Customer Base
42. Chapter #12
Production funding is probably one of the most
difficult things to acquire for most people. For the
most part you are talking of between say fifty
thousand dollars for limited production to millions
of dollars, depending on the complexity of your
product.
There are a couple of approaches you can take
when preparing to produce your product.
• Domestic Manufacturing
• Overseas Manufacturing
Production Funding
43. Chapter #12
When dealing with manufacturers its best to do as
much background research on the companies you
are interested in as possible. There are literally
thousands to choose from both domestically and
overseas.
Domestic Manufacturing
Dealing with domestic companies has advantages
and disadvantages as you will find out. These
companies offer easier access, high quality and
better legal recourse should it be necessary.
Production Funding
44. Chapter #12
However the cost to manufacture goods is high and
product volume requirements can be limited.
Overseas Manufacturing
These companies are less costly, can produce
higher volumes of goods and offer many more
manufacturer choices. However, there are
communication issues, theft concerns, shipping and
custom issues and of coarse legal drawbacks.
Both choices have their pros and cons as you can
see. Do the research as we said, there are lots of
Production Funding
45. Chapter #12
Production Funding
sites out there that discuss the subject in depth.
They have dealt with manufacturers of both
types and can guide you in the right direction.
46. Chapter #13
This is the point which you work with the
manufacturer, double checking your design to
insure that your product is designed properly for
production. You will want to do this to make sure
the product is being made as cost effect as possible.
In all likely hood the manufacturer will have
suggestions as to how things can be put together
more simply making it easier to produce the parts
and to assemble your product.
Production Design
52. James Williams
President/Director of Engineering
40900 Woodward Ave.
Suite 111
Bloomfield Hills, Michigan 48304
O (248) 605-2005 x5
C (248) 245-6177
E jwilliams@nirdco.com
W www.nirdco.com