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