Inventors are people who are creative and ambitious. These people see a problem and come up with a solution. There are times when they take a difficult path as they strive to bring their invention to the attention of potential buyers. Many inventions don’t make it due to misdirection of initial precious resources. Others spend heavily on inadequate prototype development and filings for full invention patents before their idea is developed into a viable business concept.
Without the services of a professional product development and management (PDM) company, inventors may find a hard time to bring their ideas to reality. Working with a PDM company, inventors can have their concepts developed into real products with potential readiness for the marketplace.
Evaluation of the idea
As an inventor, your invention will be developed by a product designer. Alternatively sculpted or modeled in 3D CAD. This step enables the PDM Company to evaluate your idea for feasibility. The issue of feasibility has some dimensions. It determines whether your invention provides a clear-cut solution to a problem.
You need to put this in mind before spending large sums on invention prototype development . Also, can the invention be manufactured? Maybe your invention does have “financial feasibility”. Does is it have a likelihood of making good returns on your investment, plus that of the organization that buys or leases your patent from you?
An experienced PDM company will assign a Product Development Team with representatives from marketing, manufacturing, and intellectual property management. The team will be able to address your invention’s entire life cycle. Your idea will evolve from prototype development through production to support.
Reception in the market
You will not need to spend a lot on prototyping and patenting an idea which has no possibility of finding a ready market. You have been thinking about your invention for years. It’s best to test the market objectively. Are you sure of the uniqueness of your idea? Someone innovators may have “gotten there” before you, with the same invention, or with a varying approach which solves the same problem which gave you inspiration.
A PDM company will employ focus groups and market testing to refine your product, make it unique and give it the edge it needs to reach its ultimate customers. This is the point at which your PDM Company will join forces with your patent attorney to work with you as strategic partners.
Tools required by buyers
Customers require particular tools before understanding the benefit of your invention. Your buyers will require that you have developed a product forecast based on market feedback and engineering analysis. Buyers will want to know that your product and its production processes are validated. It needs to have obtained all needed regulatory certifications and approvals.
Working with a PDM company is better at cost saving to develop your idea into a real product with value in the marketplace! Choosing the right partner is critical.