In addition to conceiving, building, and testing your invention, several steps should be considered to maximize the chances of seeing it reach the marketplace successfully. These include obtaining legal protection, marketing your product, financing your endeavours, obtaining an independent evaluation of your product, and developing a business plan.
An intellectual property professional can advise you on how best to protect your invention and the anticipated costs of doing so. Meanwhile, you should not disclose it to any other person or company as this may affect your entitlement to legal protection.
You should consider whether you plan to make and manufacture your invention yourself, or whether you plan to license or sell your product to a company. If you do plan to market it yourself, consider obtaining professional advice.
Obtaining intellectual property protection, and bringing a product to market can be an expensive process. You should carefully review all the available financial resources and weigh the advantages and disadvantages of each.
There are avenues for obtaining an independent evaluation of your idea. Your intellectual property professional can likely direct you to these sources. This assessment can be useful in identifying the main strengths and possible weaknesses of your idea.
A business plan should be prepared to map out your course at the earliest opportunity. Banks and other financial institutions provide helpful brochures on how to develop a business plan, and your library will also have resources to assist you.
With respect to any professional whom you consider using, be sure to check out their reputation. Make sure that the professional is one with whom you have confidence.
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Copyright © R. William Wray & Associates 1995-2007 All rights reserved.
The comments contained herein provide a brief overview only and should not be regarded or relied upon as legal advice or opinion.
01/2007