i have an idea for a new product on the market, what do i do next?

J

jimmyb

Guest
folks, i have an idea for a new product on the market, it is quite simple but innovative, i have no experience in business, all i have at the moment is an idea, i dont know how to go about making a prototype of the product or anything about getting it produced and all from there on, could anyone tell me what i need to do to proceed????
 
jimmyb, you have a lot of work to do.
You probably need to get a prototype made to show it to your target market;you need to do market research;you may need to obtain a patent or a trade mark;you will obviously need finance but probably initially you need to approach some of the statutory bodies and small business development bodies to try obtain a grant to carry out your market research to see is it viable.

Each county has a county enterprise board and various other agencies can assist too but initially you need some sort of market research and plan to be taken seriously.
 
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If you feel your idea is brand new to the market, or an element of the technology is new, you may consider a patent application. However, be warned to go through the full Patent process can be be very very expensive. Further to that you need to have the financial resources availabe to defend your patent in court if you feel someone has breached it.

At the very least at this stage you get people to sign an NDA (Non Disclosure Agreement) before disclosing further information about your idea.

I have been involved in sucessfully bringing 2 businesses to life from scratch with a 3rd on the way. One of these companies has a product with a Patent, and was funded by Enterprise Ireland HPSU Funding.

I can send you a standard NDA agreement if you PM me.

D
 
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My advice would be to visit your local enterprise office (mine is Dublin City Enterprise). Become a member (FREE), create a business plan (not for bank or investor but just to clarify your idea and projections) and ask your enterprise board for a MENTOR...if you are appointed a mentor then all talks will be confidential and they will have experience in your field so the meetings will be insightful. After you have done this sit in on some networking meetings and LISTEN to other entrepeneurs (LINK is a good one in Dublin). DON'T spend a penny until you have an idea of the potential value of what you are to offer. After all of this my advice would be to access the things that you need to go forward (biz advice, printing of marketing material, website etc...from within your enterprise community (their advice and experience is valuable). I have made many mistakes in business, wasted money and time. Keep your cards close and DON'T interface with any big companies when there is a bank loan fresh in the bank...most entrepeneurs fail and I feel that this is often due to exploitation by larger businesses who see green (both money and inexperience) from afar!
 
thanks for the advice guys, initially who would i speak to to see if the product woulod be viable, to me it sounds useful, as i say it is a basic tangible product but other than that i'm not sure??
 
you could contact one of the patent agents on the list here:

http://www.patentsoffice.ie/en/patent_agents.aspx


best of luck with your idea. I'd love to hear how you get on. I've had an idea for ages about a new product but i've never gotten off my bum and done anything about it.

maybe now's the time. would be nice to give up the day job!:D
 
I'd advise you to run it by some people you trust to get an independent opinion. Even if they give a negative response its good to get other views, they might point out some obvious flaws/enhancements that you hadn't considered.

Good luck with it.
 
CN624 said:
I'd advise you to run it by some people you trust to get an independent opinion. Even if they give a negative response its good to get other views, they might point out some obvious flaws/enhancements that you hadn't considered.

Good luck with it.
Click to expand...

be really careful though, one of the things you're advised not to do is tell anyone else about your idea because then it's in the public domain.

i've discussed my idea with my fiancee but sure he doesn't listen half the time anyway...:)
 
Guys the guy who patented sliced bread got nothing as no one wanted it at the time and he never marketed the idea.Check out seth godins videos. When wonder took over the patent of sliced bread 14/17 years later they made a packet because they marketed it properly. Patents unless you plan to license are worth very little if you cant afford to defend them and usually a small modifaction can be made to get past any legal issues.
make a protype and see if you can sell it if you cant it wont work.
 
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