3. Build A Prototype: From a detailed drawing of your idea, to a working model, your patent information plan will need prototyping to discover the building challenges you will face. Prototyping need not be expensive. Large product developments are often conceived on a computer design system. Search the Internet for prototype manufacturers and developers. Consider contacting associations in your industry for prototype company leads.
4. Learn the Patent Application Process: A significant part of your patent information plan is the actual patent application. Spend time learning about the application process. Visit the Patent Office website and learn the basics of reading patents. Understanding the terminology of patents will payoff when you talk to a patent attorney or are involved in negotiations.
5. Have a Patent Team: From the time of your idea inception, to the final stages of product shipment, you will need help. Surround yourself with knowledgeable and successful people. Have a patent attorney as well as assistance from other professionals like an accountant. Choose your professionals wisely. Study their credentials. Your due diligence will pay off in the end.
6. Move Your Product: Spend time on your patent information plan determining who will sell your product? Many new entrepreneurs and inventors assume they can just license their idea to a big company.
My time at NordicTrack taught me there are often many product submissions, but very few are accepted. Corporations take only a small percentage of outside inventions. Should you forgo the licensing route? No. The process of submitting your product idea to a large company can expose you to the level of rigor your idea needs.
Be prepared to have alternatives. Be open to new distribution channels. The inventor of "Jones Soda" first used tattoo parlors as a distribution point until he built a loyal following.
The level of success you achieve in the end depends on the hard work you put into your research and development. Make sure your patent information plan includes all important 6 pieces.
