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Inventors Can Help Themselves

The Design Group is proud to be associated with leading firms internationally that focus on bringing new inventions and innovations to the market place. Our team of experts is dedicated to bringing new ideas to life.

Design Group has extensive online retail experience which provideds a venue to see some of the most intriuguing and thought provoiking products and inventions available on the market today. The New Products Division at Design Group directs its attention on helping inventors bring their ideas to prospective manufacturers with a view to securing a licensing agreement.

Top 8 Self Evaluation Tips for Your Invention

1. Weight – Is your invention lighter than current products in the market? This is an important factor when one considers the entire distribution chain, from the shipping agent, who must transport the product, to the consumer, who will handle the product possibly on a day-to-day basis.


2. Size – Is your invention smaller or larger than conventional products? Size does matter. For many consumers this can be a considerable factor in making a purchase decision.


3. Speed – Is your invention able to do a job faster or slower than conventional products? A major convenience factor in today’s fast paced world is speed. If your product can do the job faster, in incrementally, the market may reward you.

4. Ease of Use – Is your invention easier or harder to use than conventional products? Consumers hate to read instructions. Having a product that is easy to use and intuitive is a big plus. The ability to pick up a new product and immediately understand what it’s for and how to use it is a welcome sight for shoppers.

5. Ease of Production – Is your invention easier and cheaper to manufacture? This may not matter to you, but it does matter to manufacturer who is going to pay you for it. In fact, if the tooling costs are too significant or the manufacturing process too complex, a prospective manufacturer will be hard pressed to take the decision to go with your idea.


6. Safety and Health Factors – Is your invention safer and or healthier than what is already available? In today’s litigious society no manufacturer can risk taking on a new idea that could result in a flood of potential lawsuits. Successful products are safe products.


7. Reparability – Is your invention easier to repair than conventional products? This factor is important for overall customer satisfaction and repeat sales.


8. Service – Does your invention require less time, money, or effort to service? Consumers want to spend their time using a new product, not working on it. If they do have to service it, they want it to be quick and easy.

Valuation Methods 

There are numerous methods that exist that purport to accurately determine the value of a given invention. Cost based evaluation focuses on the cost involved in reproducing or replacing existing technology. Market based evaluation considers the price of similar technologies or products currently in the market. And the Economic Analysis method endeavors to arrive at a valuation by predicting the future profit streams. Though many experts place a tremendous amount of trust in such valuation methods, they are hardly fool proof and can often be wildly inaccurate.

Design Group - New Products Division

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Five Secrets to Successful Inventing




 

 

 

 

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