To have any chance of making it as a successful product or service in its chosen market, an entrepreneurial business idea has to find the right balance between two potentially conflicting forces.
The need to be innovative (have something sufficiently new about it so that it is both attractive and competitive).
The need to be viable (you need to have sufficient resources, capabilities and potential customers to bring the product to market and achieve your financial targets).
Assuming your idea is a viable one, you will need to be possessed of patience! Lot’s of it! It doesn’t happen overnight! Every step demands diligence, time and often money. The following guide takes you through the general process of pursuing your idea towards market:
1. Patents. The most important step is to protect your Intellectual Property (IP). To do this you will need to engage the services of an IP Attorney. Read more »
2. The design stage. Initially we use a computer program called Solid Works to create a three dimensional virtual prototype of your idea. In its correct format, it can alleviate the need to manufacture the product in a tangible form, saving time and money. Read more »
3. Prototype. If a working prototype is essential, then this is the time we will produce it. While in many respects, producing a prototype isn't compulsory, it's generally regarded as a key part of the commercialisation process. Read more »
4. Pre production The process of preparing the product for introduction into the marketplace. Read more »
5. Sales and Marketing. This is the time to define your market as accurately as possible so you have a deeper understanding of exactly who you're selling to. Read more »
6. Manufacture A great idea makes no money until it is produced and sold in multiple units. Read more »
7. Accounting Put simply, accounting is called "the language of business" - crucial to your new ventures success. Read more »
One truism that is often quoted is that, “if it is worth copying, it is worth protecting”. This simple piece of homespun philosophy is one of the first questions that any inventor or innovator should ask. If the answer that returns is an emphatic YES then the next step is to speak with a patent attorney. Their expertise, used wisely, may even be the difference between a company’s success or failure.
Patents are only one of many kinds of Intellectual Property Rights (IPRs) and are granted for new products or for new processes for making known products better. They give the owner an exclusive right to exploit those new products or processes for a maximum of 20 years. They are, therefore, acknowledged as a powerful commercial tool and an important link between Research & development and the marketplace. And when used wisely, patents may even be the difference between a company’s success and its failure.
Remember, it is critical you do not disclose your invention publicly as a patent will only be granted for ideas not already in the public domain. Our preferred patent attorneys are Agile IP. You can give them a call on 020 8915 1010 where one of their attorneys will be more than happy to arrange a free initial meeting to learn about your idea and how it can be protected.
The Design Stage
Validating your design is crucial. It may be possible to prove the device works with comprehensive drawings and descriptions but for absolute clarity, with the powerful design validation tools in SolidWorks®, you can easily subject your designs to the same conditions that they’ll experience in the real world - and raise the quality of your products - while you reduce costs for live prototypes and testing.
One significant advantage of a prototype is that it helps you demonstrate that your idea can really work.
There are a number of different levels of prototypes ranging from virtual prototyping comprising animated 3D CAD drawings, right through to production stage products. A well produced prototype will allow you to:
Conduct any necessary testing to ensure the product will work as claimed.
Identify and protect any subsequent improvements prior to patenting.
Estimate the cost to manufacture
Provide a visual representation of your idea when you're giving presentations to potential investors, licensees etc.
Research potential customers prior to entering the market.
The objective of the pre-production prototype is to develop the manufacturing processes and techniques required to produce the product.
The pre-production prototype step usually will result in knowledge about the manufacture-ability of the product, the manufacturing processes, maintainability and reliability, material and component lists, plans for field support, installation and production costs, safety and environmental factors, time schedules, and regulatory requirements.
Sales and marketing
Who are you selling to? The more specific you get, the more accurately you'll be able to target your sales and marketing efforts, choosing the sales channels most receptive to your product. A sales plan is essential to success. Typically, it should include the following:
Sales goals: These goals should be specific and measurable.
Sales activities: These are your tactics-how you plan to make the sale.
Target accounts: How are you going to reach your end user’s?
Timelines: Put dates to all of the above elements.
Remember, be patient! It can take up to a year or longer before you see your product on store shelves.
Understanding the options of how your idea can be manufactured can put additional money in your pocket. The knowledge can make it easier to license your idea. It can enable you to get a higher royalty and it is invaluable for finding investors. As your idea is engineered for manufacturing, you may find new ways to patent and protect it. Finally, knowing the manufacturing process for your invention can help you increase your idea's chances for market success.
Put simply, accounting is called "the language of business" because it is the vehicle for reporting financial information about a business entity to many different groups of people. Accounting that concentrates on reporting to people inside the business entity is called management accounting and it is use to provide information to employees, managers, owner-managers and auditors.Management accounting is concerned primarily with providing a basis for making management or operating decisions. Crucial to your new ventures success!