Inventors are creative and ambitious people. They are people who see problems and expect solutions to them. Too often, however, they take the difficult route when presenting their inventions to potential buyers.
Most inventions fail because valuable original resources are misdirected and spent on insufficient prototype development and full patent applications for the invention before the idea develops into a viable business concept.
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An effective business planning process addresses issues such as cost and potential return on investment, which must be at least double the direct manufacturing costs. In today's precarious economy, the next goal is to further develop ideas in a way that minimizes risk for licensing companies.
Without the services of an experienced product development and management (PDM) company, inventors can spend $15,000 or more on patenting an invention and more or less inefficiently prototyping an invention that is not ready for commercialization, only to discover that the idea is impossible or too expensive to produce.
Working with a PDM company, you can take what you create on a crumpled napkin and turn it into a real product with market maturity potential. Here are some steps you need to take along the way.
An experienced PDM company will employ a product development team with representatives from marketing, engineering, manufacturing, testing, quality, finance, intellectual property management, and other disciplines needed to work with you.