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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
Design Group LLC (Limted Liability Company)
1000 N West Street
Suite 1200
Wilmington, Delaware 19801
United States of America
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Five Secrets to Successful Inventing
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