Invention Success Kit Contents

ACKNOWLEDGEMENTS ix

INTRODUCTION XI
Who This Guidebook Is For xi
Organization of the Guidebook xii

PART ONE: GETTING STARTED, PATENTS, and LICENSING 13

CHAPTER 1 NEW PRODUCT IDEAS 14
Three Approaches to New Ideas 14
Creative Thinking 16
Keep It Simple 17
Market-Step Enhancement 17

CHAPTER 2 YOUR ROADMAP TO SUCCESS 18
Getting Started 18
Market Research and Evaluation 18
The Steps from Product Idea to Product Success 19
Path A: Self-Marketing 20
Path B: Licensing 21
Going Forward 21

CHAPTER 3 PRODUCT FAILURE AND SUCCESS 22
What Is a Product? 22
Why Do Products Fail? 22
Why Do Products Succeed? 23

CHAPTER 4 PROTECTING YOUR IDEA 24
The First to Conceive Wins 25
The One-Year Rule 26
Your Idea Notebook 26
Disclosure Document Program 27
Types of Patents 27
Costs of Patents 28
Provisional Patents 29
Preliminary Patent Search 30
Where to Find Patent Attorneys 30
International Patents 30
Trademark Protection 31
Copyright Protection 33

CHAPTER 5 LICENSING YOUR IDEA 34
The Licensing Process 34
What Do Companies Want? 35
Where to Find Companies to License Your Idea 36
Write a Licensing Proposal 37
Elements of a License Agreement 38
Let Someone Else License the Idea for You 39
Where to Find Agents to License Your Idea 40
Sell Rather Than License 40

PART TWO: MARKETABILITY AND PROTOTYPE MAKING 41

CHAPTER 6 THE ROLE OF PRODUCT MARKETING 42
What Market Data Are You Looking For? 43
Market Research Sources 43
How Much Market Research Is Needed? 45

CHAPTER 7 AT WHAT STAGE IS YOUR IDEA? 46
Idea Assessment 46

CHAPTER 8 SIMPLIFIED NEW IDEA PROCESS 48
Decision Paths 48
The Market-Step™ Process Key Steps 49
How Long Does It Take? 49
Product Evolution 50

CHAPTER 9 STEP ONE - FLESH OUT YOUR IDEA 51
Test for Marketability 51
Step One - Flesh Out Your Idea Flowchart 52
What's Your Moneymaking Idea? 52
Find Similar Products 53
Uncover the Benefits 54
Advantages Beat the Competition 56
What's the Profit Potential? 59
Decision Path One 64

CHAPTER 10 HOW YOUR CUSTOMER THINKS 65
Customer Problems, Needs, and Wants 65
The Many Faces of a Customer 65
I've Got to Have It First 66
Know the Customer's Buying Process 67

CHAPTER 11 STEP TWO - TEST THE NEED 69
Step Two - Concept Evaluation Flowchart 70
Who Is Your Future Customer? 70
Create a Concept Survey 73
Get More Details with Informal Interviews 76
Decision Path Two 78

CHAPTER 12 STEP THREE - REFINE AND VALIDATE 79
Step Three - Prototype Evaluation Flowchart 80
Goals for Your Prototype 81
User Scenarios 81
Prototype Requirements 82
Prototype Development 84
Prototype Interview Plan 89
Recruit Attendees 90
Ask Prepared Questions 91
Feedback Survey 92
Prototype Summary 93
Decision Path Three 94

CHAPTER 13 PATENT REVIEW 96
What to Look For 97
Patent Search Methods 97
Search Periodicals 99
Patents That Match Your Invention 99

CHAPTER 14 SELF-MARKET OR LICENSE 100
Self-Marketing vs. Licensing Example 100
Is Self-Marketing for You? 101
Is Licensing for You? 102
Decision Path A or B 102

PART THREE: DEVELOPMENT, PRODUCTION, AND LAUNCH 103

CHAPTER 15 STEP FOUR - PLAN IT 104
Step Four - Development Planning Flowchart 105
Product Positioning 107
Pricing for Profit 108
Marketing Communications Plan 112
Getting into Retailers and Distributors 115
Regulations and Certifications 117
Product Requirements 118
Manufacturing Your Product 119
Project Plan 122
Launch Checklist 124
Budget Setting 126

CHAPTER 16 STEP FIVE - DEVELOP IT 128
Step Five - Development Flowchart 129
Convert Requirements into Specifications 130
Bill of Materials 132
Test Cases 133
User Documentation 133
Product Production Steps 134
Manufacturing Tips 135
Beta Recruitment 137
Beta Feedback 138
From Beta to Final Development 138
Branding Your Product 139
Product Naming 139
Marketing Theme 139
Packaging Your Product 141
Packaging Steps 144
Packaging Tips 145

CHAPTER 17 STEP SIX - LAUNCH IT 147
Step Six - Product Launch Flowchart 148
Launch Strategy 148
Finalize Your Product 150
Announce the Launch with a Press Release 151
Supply Product Information 153
Advertising Builds Trust 155
Sell Online with Google AdWords 157
Creating Very Effective Direct Mail 157
Tips To Increase Direct Mail Response 161
Personal Selling 164
Launch Conclusion 164

CHAPTER 18 POST-LAUNCH PROGRESS CHECK 165
Marketing and Sales Analysis 165
Sales Losses 166
Customer Satisfaction 166
Competition Review 167
Product Review 167

APPENDICES 168

APPENDIX A INVESTIGATE YOUR COMPETITION 169
List Competitors 169
Collect Detailed Data 170
Organize Data 171
Evaluate the Competitive Environment 171
Combat Competitors 172

APPENDIX B SELECT YOUR TARGET MARKET 175
Target Market Factors 176
Methods to Select a Target Market 177
Your Target Market 180
Other Targeting Methods 181

APPENDIX C THE MARKET-STEP PRODUCT PLAN 183
Market-Step Product Plan Contents 183
Market-Step Product Plan Sections 184
Product Plan Notes 195

APPENDIX D PRODUCT MATH 197
Profit and Loss 197
Return on Investment 198
Break Even 198
Margins and Discounts 199

APPENDIX E FUNDING YOUR IDEA 203
The Need for Money 203
Types of Funding 204
The Investors 204
Stages of Funding 206
What Type of Funding Do You Go After? 206
To Receive You Must First Give It Up 206
Prepare for Funding 207
Steps to Get Funding 208
When Do You Seek Funding? 208
The Investor's Process 209
How Investors Evaluate You and Your Idea 209
Funding Rejection 211
SBA Loans 212
Other Funding Possibilities 212
Additional Funding Tips 213
Funding Resources 213

APPENDIX F BUSINESS STARTUP 215
Business Entity Advantages and Disadvantages 215
Business Entity Considerations 218
Business Startup Checklist 220
Further Startup Guidance 220

APPENDIX G NON-DISCLOSURE AGREEMENT 221

INDEX 225


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