| What does it take to turn an idea into a | | | | fraud. Ask for references and products |
| product? How can I realize financial gain | | | | currently on the market as proof that you are |
| from my idea? Where do I start? These and | | | | dealing with professionals, not |
| many other questions swirl around would-be | | | | charlatans.The hardest question for many |
| inventors and entrepreneurs as they seek to | | | | inventors to confront: How to harvest |
| bring new products and services to market. | | | | financial benefits from their invention? |
| The process can seem daunting for anyone | | | | Licensing, self-marketing the product, |
| making a first attempt and confronting the | | | | funding, partnership, strategic alliance or |
| typical hurdles and roadblocks the | | | | outright sale of the opportunity are among |
| marketplace utilizes to cull the field.I look | | | | the options to be considered. Typically, the |
| at hundreds of products each year and have | | | | inventors background, experience, interest |
| done so for almost 30 years. The ideas that | | | | and financial realities make the choice more |
| succeed invariably consist of the same basic | | | | obvious. It is usually good to have |
| elements.One, an entrepreneur with passion, a | | | | professional guidance when weighing |
| realistic view of the opportunity they have | | | | appropriate strategies for harvesting income |
| created and a flexible attitude to the | | | | from a project.A working model or a |
| inevitable critique and changes the original | | | | production quality prototype of the piece |
| concept will undergo. The world is full of | | | | will be essential in researching |
| dreamers. Successful entrepreneurs work | | | | manufacturing, costing production and for |
| non-stop in pursuit of their well-designed | | | | presentations. Do not cut corners here. Be as |
| goals.Two, a new product or service concept | | | | professional and thorough as possible in |
| that fills an identifiable market niche. The | | | | displaying the unique performance benefits |
| niche can be a completely new product | | | | and features of the product. You only get one |
| category (think Windows, XM Radio, E-Bay) or | | | | chance to make a strong first impression.A |
| a small piece of a vast, mature market | | | | customized Business Plan or Offering Document |
| segment (Sam Adams Beer, Coach, George | | | | will be crucial in successfully presenting |
| Foreman Grille). The Unique Selling | | | | the product for consideration. |
| Proposition is the element that enables the | | | | Decision-makers typically see many, many |
| product to be positioned as an advance, | | | | products each year. You need to stand out and |
| offering different, improved features and | | | | that requires an exciting plan. Do not buy a |
| benefits. The world doesn't need another | | | | Business Plan template off of the inter-net |
| mousetrap, unless, you can prove a method to | | | | and fill in the blanks. It will not be read. |
| catch more mice.Three, before running off to | | | | Make the document as exciting as your |
| a Patent Attorney, display or discuss the | | | | product.The steps reviewed above typically |
| opportunity with family, friend's, co-workers | | | | result in a thinning of the new product herd. |
| you trust. Would they buy if available? How | | | | In order to successfully place a service or |
| much would they pay? What don't they like | | | | product in this very aggressive, cluttered |
| about the widget? Any improvements they might | | | | marketplace no shortcuts are tolerated. |
| suggest? This is a form of micro-test market. | | | | Inventors, entrepreneurs and small businesses |
| Also, search the inter-net, United States | | | | are an amazing breed and a valued national |
| Patent and Trademark Office, visit stores and | | | | asset. The wealth created and generated by |
| diligently study the competition. If you feel | | | | this group of idea pioneers is the American |
| confident that the market is not offering | | | | economic difference maker. There has never |
| anything like your concept then you | | | | been a greater time or place to launch that |
| potentially have a significant commercial | | | | needed new product, and the rewards have |
| opportunity and should seek copyright, patent | | | | never been greater.Geoff Ficke is President |
| and trademark advice.There are many ways to | | | | of Duquesa Marketing, Inc. An international |
| proceed. You can attempt to self-market your | | | | consulting firm, with over 30 years |
| idea. There are numerous reputable consulting | | | | experience in creating customized strategies |
| firms that can offer comprehensive services. | | | | and business plans, product development and |
| Many colleges and state and local governments | | | | funding opportunities for entrepreneurs, |
| offer small business incubators and can be an | | | | inventors and small business expansion. Mr. |
| excellent resource. A caution, though. The | | | | Ficke is also a Senior Fellow at the Page |
| late night infomercial selling patent | | | | Center for Entrepreneurial Study at the Miami |
| services that will make you rich is always a | | | | University Business School, Oxford Ohio. |