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Guide To Success
1. Is your invention unique ?
Research the market for similar ideas and inventions. If it is public knowledge already you will not be able
to claim it as your own. Check out the internet, retail outlets, trade journals etc.
2. Is there a market for your invention ?
Carry out some market research to give you an idea of it viability.
3. How much will it cost you to manufacture ?
You will need to calculate how much it is going to cost to manufacture including marketing and distribution.
You then need to need to factor in your profit. Will people buy it for that price and can you sell enough to
make it worth your while ?
4. Will your invention work ?
You will need to build a prototype and carry out tests to make sure that your invention will function.
5. Protect your invention
Non Disclosure Agreement (NDA)
Before you tell anyone about your idea, make it clear that it is highly confidential. Request that any
information discussed should not be disclosed to a third party. Prepare two copies of a Non Disclosure
Agreement (NDA) that are signed, countersigned and kept by both parties prior to you telling them your idea.
Consider Patenting your invention.
More Information about Patents
6. Production Strategy
Decide on how you want to manufacture your invention. You can manufacture it yourself if you have the
expertise, licence it out to a manufacturing company or sell your invention to an investor.
7. Financing Your Invention
Where do you get the finance to research, design, produce, promote and distribute your invention ?
Areas to consider are banks, family, friend, grants and equity investors.
8. Business Plan
It is vital to generate a complete business plan. This should define the reason for financing, how the
capital will be spent and the timetable for the whole venture.
9. Marketing and Distribution
Market research will help define target markets and how you plan to position, present, price and place your
product in order to sell most effectively.
Distribution can be carried out directly to customers via the internet. However, to maximise sales you may
also need to use retailers, wholesalers and distributors.
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