Title:
Bringing your product to market ... in less than a year : fast-track approaches to cashing in on your great idea
Personal Author:
Edition:
2nd ed.
Publication Information:
Hoboken, NJ : John Wiley and Sons, 2005
ISBN:
9780471715535
General Note:
Rev. and expanded ed. of: Entrepreneur magazines bringing your product to market / Don Debelak. 2nd ed. c2001.
Available:*
Library | Item Barcode | Call Number | Material Type | Item Category 1 | Status |
|---|---|---|---|---|---|
Searching... | 30000004729665 | HF5415.153 D42 2005 | Open Access Book | Book | Searching... |
On Order
Summary
Summary
A revised and expanded new edition of the classic guide for inventors
When this comprehensive resource for inventors was first published, bringing a new product to market was costly, time-consuming, and very risky. But today, new technologies including the Internet have drastically changed the world of inventing. In the past, inventors had to handle production, manufacturing, packaging, and distribution by themselves. Today, large companies are constantly looking for new inventions to license, and new technology makes it easier than ever for inventors to outsource what they can't handle themselves.
A leading expert on invention and innovation, author Don Debelak has brought this one-of-a-kind inventor's guide fully up to date. This new edition is packed with trustworthy, proven advice on product design, manufacturing, patenting, licensing, distribution, financing, and more. Plus, the latest innovative strategies in funding, outsourcing, and Internet marketing make this the most complete and up-to-the-minute guide available for inventors like you. Inside, you'll learn how to:
* Recognize a valuable, moneymaking idea
* Determine if your product is market-ready
* Create a custom, step-by-step product-to-market strategy
* Adjust your strategy for changing market conditions
* Find financial help from investors and partners
* Use turbo-outsourcing to bring your product to market in a year or less
* Find a manufacturer to cover up-front development costs
With more funding, licensing, and outsourcing options available, it's easier and cheaper than ever to get your product on the shelves. So why wait? Whether you're an experienced inventor who wants to sell more of your creations, or just someone with a million-dollar idea, this is your guide to financial success. Don Debelak's expert advice and timeless wisdom have already helped thousands of people turn their inventions into cash. Don't miss the boat!
Author Notes
DON DEBELAK (www.dondebelak.com) is the author of six other books on business and entrepreneurship and a former marketing director for consumer and industrial products companies. He regularly speaks at conventions for inventors and writes a monthly column for Entrepreneur magazine on new products and innovations.
Table of Contents
| Preface: Welcome to the World of Inventing | p. xv |
| Introduction: Fast-Track Inventing: A Game Anyone Can Play | p. 1 |
| Part I Prepare for Success | |
| Chapter 1 Step 1. Evaluate Potential Ideas: Recognize the Moneymakers | p. 9 |
| Generate a Great Idea: Discover "Hot" Product Ideas in Your Daily Life | p. 11 |
| Search for Winning Characteristics: Use a New Product Scorecard to Forecast Success | p. 12 |
| Perform Quick and Easy Market Research: Employ Tactics That Generate Quick Feedback | p. 17 |
| Know Whether Your Product Will Make Money: Determining Perceived Value versus Manufacturing Cost | p. 23 |
| The Edge Counts | p. 28 |
| Chapter 2 Step 2. Look Like a Winner: Demonstrate Business Savvy and Customer Knowledge | p. 29 |
| Drop Your Paranoia: Talk about Your Product Idea | p. 30 |
| Cope with Problems: Learn That Every Situation Has a Solution | p. 31 |
| Get Savvy: Create the Right Impression with Contacts by Doing Your Homework | p. 33 |
| Know Your Customers: Understand Who They Are and What They're Like | p. 39 |
| Check Out the Competition: Discover What Customers Think | p. 42 |
| Create a Sizzling Difference: Ensure That Your Product Stands Out | p. 48 |
| Chapter 3 Step 3. Build a Business Foundation: Line Up Key Helpers and Financing | p. 54 |
| Find Advisors and Helpers: Strengthen Your Team with Experts | p. 55 |
| Strike a Deal That Works: Get the Most from Your Helpers | p. 58 |
| Prepare a Financing Plan: Grow without Giving Up Control | p. 61 |
| Structuring a Funding Plan | p. 64 |
| Find Funding: Look beyond Traditional Investors | p. 67 |
| Prepare an Investor Presentation: Create a Can't-Miss Scenario | p. 69 |
| Chapter 4 Step 4. Prepare for Kickoff: Decide on Patents and Prototypes | p. 76 |
| Understand What Patents Offer: Get the Most Mileage out of a Patent Investment | p. 77 |
| Implement a Patent Strategy: Protect Everyone's Investments | p. 84 |
| Build a Prototype That Demonstrates the Concept: Show That Your Product Delivers | p. 88 |
| Create a "Looks Like, Acts Like" Prototype and Package: Leave Nothing to the Imagination | p. 91 |
| Chapter 5 Step 5. Choose the Right-Fast Track Strategy: Understand What Works Best for Your Product | p. 96 |
| Three Strategies for Market Introduction: Explore Multiple Options to Increase Your Chances of Success | p. 97 |
| Key Factors in Determining Your Strategy: Choose What Works for You, Your Product, and Your Market | p. 100 |
| License to a Market Player: Lower Your Risk and Collect a Royalty | p. 104 |
| Capitalize on Turbo-Outsourcing: Keep Control While Minimizing Risk | p. 109 |
| Build a Company: Maximize Your Profit and Wealth Potential | p. 114 |
| Part II The Fast Track: Licensing Your Idea | |
| Chapter 6 Step 6A. Prove the Concept: Demonstrate Why Your Product Is "Hot" | p. 123 |
| Locate Expert Help: Communicate the Product's Potential by Using Industry Helpers | p. 124 |
| Capture the Market Potential: Show You Are on the Leading Edge | p. 126 |
| Prove Market Demand: Use Tactics That Produce Provisional Orders | p. 128 |
| Illustrate Manufacturing Costs: Produce Significant Profits on Each Order | p. 130 |
| Show a Path to the Future: Explain How Your Product Is the First of Many | p. 132 |
| Chapter 7 Step 7A. Choose Your Targets: Determine Which Companies Will Benefit the Most | p. 135 |
| Decide on a Positioning Strategy: Choose a Strategy Based on Potential Licensees' Goals | p. 137 |
| Look for Companies with the Right Ingredients: Learn What Characteristics Make a Company the Right Target | p. 140 |
| Pick Your Potential Targets: Understand Their Business Goals | p. 143 |
| Make Your Initial Contacts: Confirm That a Company Is a Good Candidate | p. 145 |
| Chapter 8 Step 8A. Preserve Your Capital: Use Low-Cost Tactics for Landing a License | p. 147 |
| Avoid a Sales Test: Don't Incur Costs You Can't Recoup | p. 148 |
| Enlist Helpers: Use Their Investment of Time and Money to Cut Your Outlays | p. 150 |
| Create Options to Lower Costs: Let Potential Licensees Pay for Desired Testing | p. 152 |
| Sign Memorandums of Understanding (MOUs): Offer an Incentive to Potential Licensees | p. 153 |
| Chapter 9 Step 9A. Develop a Licensing Plan: Find the Quickest Way to Market | p. 159 |
| Propose a Target Introduction Timetable: Encourage a Quick Deal | p. 160 |
| Prepare the Licensing Plan: Include the Key Elements for Success | p. 162 |
| Chapter 10 Step 10A. Sell Your Concept: Create the Highest Value for Your Product | p. 173 |
| Create the Dynamic Opening: Convert Prospects from the Start | p. 175 |
| Generate a Can't-Miss Licensing Presentation: Appeal to Licensees' Goals | p. 176 |
| Initiate the Licensing Negotiations: Convince the Prospect It's Win-Win | p. 180 |
| Finalize the Licensing Deal: Negotiate the Key Points in Your Favor | p. 183 |
| Part III The Fast Track: Turbo-Outsourcing | |
| Chapter 11 Step 6B. Prove the Concept: Establish That the Product Will Make Money | p. 189 |
| Find Your Space: Show Why You Are a Crucial Ingredient to a Product's Success | p. 191 |
| Generate Buzz: Showcase the Market's Potential | p. 192 |
| Establish Who Gets What Share: Choose a Strategy That Benefits the Inventor | p. 194 |
| Evaluate Manufacturing Cost versus Perceived Value: Determine Whether There Is Enough Profit for Three Partners | p. 199 |
| Follow Up with Buyers: Discover Support Levels Required to Make Sales | p. 200 |
| Chapter 12 Step 7B. Choose Your Partners: Find Distribution and Manufacturing Partners to Accelerate Sales | p. 202 |
| Locate the Right Marketing Arm: Sign Sales Power to Drive the Deal | p. 204 |
| Locate the Right Manufacturing Company: Discover Manufacturers Looking for Products | p. 208 |
| Sign Preliminary Agreements: Keep Control of Your Product | p. 211 |
| Obtain Commitments for Performance: Insist on a Major Effort from Partners | p. 211 |
| Chapter 13 Step 8B. Preserve Your Capital: Encourage the Manufacturer to Pick Up the Up-Front Costs | p. 215 |
| Sell the Manufacturer on the Benefits: Obtain Help during Development | p. 217 |
| Use the Marketing Partner's Sales Success: Motivate the Manufacturer to Fund Start-Up Costs | p. 220 |
| Create Easy Entry Points for Manufacturers: Lower the Risk for Joining the Team | p. 222 |
| Negotiation Principles for Smooth Relationships: Prevent Problems with the Right Type of Agreement | p. 224 |
| Chapter 14 Step 9B. Develop a Marketing Plan: Create the Backup for a Successful Deal | p. 227 |
| Match the Plan to Resource Levels: Focus on the Results You Can Achieve | p. 229 |
| Prepare the Marketing Plan: Include the Key Elements for Success | p. 233 |
| Chapter 15 Step 10B. Sell Your Deal: Motivate Companies to Move Quickly | p. 242 |
| Focus on Quick Market Sales: Set the Stage with Your Opening Remakrs | p. 244 |
| Explain That the Margin Loss Is Small: Illustrate Each Partner's Benefits to the Other | p. 245 |
| Target a Major Player to Base-Load Sales: Structure an Irresistible Deal | p. 247 |
| Prepare the Turbo-Outsource Presentation: Put It Together with Sizzle | p. 248 |
| Negotiate the Agreements: Keep It Simple and Flexible | p. 249 |
| Part IV The Long-Term Investment: Building a Company | |
| Chapter 16 Step 6C. Prove the Concept: Establish That the Product Will Make Money | p. 259 |
| Develop a Manufacturing Strategy: Cover Both Short- and Long-Term Options | p. 261 |
| Generate First Sales: Show That Customers Place High Value on the Product | p. 263 |
| Test during the Sales Period: Discover How to Generate the Highest Margins | p. 266 |
| Determine Your Manufacturing Costs: Evaluate Your Profit versus Your Risk | p. 267 |
| Illustrate Future Markets: Show Rapid Growth Potential for Investors | p. 270 |
| Chapter 17 Step 7C. Choose Your Sales Strategy: Determine How to Become a Significant Market Force | p. 271 |
| Discover All Your Distribution Options: Choose Distribution That Encourages Small Companies | p. 273 |
| Offer Incentives to Bring the Right Salesperson on Board: Give Up a Percentage to Leverage Big Increases | p. 278 |
| Focus on Your Top Three Choices: Dedicate the Effort Needed to Close Major Accounts | p. 278 |
| Develop a Sales Plan to Penetrate Accounts: Build Momentum in the Market | p. 281 |
| Chapter 18 Step 8C. Preserve Your Capital: Structure Deals to Keep Control | p. 283 |
| Offer Early Deals with Buyback Clauses: Save Control of Your Company | p. 285 |
| Provide Options to Buy Stock at a Later Date: Sweeten the Deal for Early Investors | p. 286 |
| Sell Vendors on Long-Term Benefits: Offer Loyalty in Return for Concessions | p. 286 |
| Learn All the Tactics for Stretching the Dollar: Use Both Sales and Purchasing Tactics | p. 288 |
| Structure Short-Term Financial Support from Investors: Obtain Financial Backing with Minimal Loss of Ownership | p. 290 |
| Look for Private-Label or OEM Agreements to Back Loans: Avoid Diluting Your Ownership Position | p. 292 |
| Chapter 19 Step 9C. Develop a Business Plan: Creating High Value for Your Company | p. 296 |
| Understand the Three-Year Payback: Generate Funds for the Right-Size Product Launch | p. 298 |
| Deliver What the Reader Wants: Explain Three Points to Entice Investors | p. 300 |
| Prepare the Business Plan: Include Key Elements for Success | p. 302 |
| Chapter 20 Step 10C. Sell Your Product: Motivate Customers and Distribution | p. 317 |
| Create Sales and Promotional Material: Discover the Message That Sells | p. 319 |
| Stage Your Sales to Generate Momentum: Focus Your First Efforts on Easier-to-Sell Channels | p. 321 |
| Develop an Arsenal of Promotional Tactics: Ensure Your Early Sales Customers Enjoy Success | p. 324 |
| Forge Alliances to Build Credibility: Select Tactics That Will Encourage Steady Activity | p. 326 |
| Appendix A The Go-No-Go Decision Matrix | p. 330 |
| Appendix B Checklists before Starting the Introduction Process | p. 332 |
| Appendix C Sample Documents | p. 339 |
| Appendix D Web Addresses for Inventor Stories | p. 352 |
| Glossary | p. 355 |
| Resources | p. 362 |
| Index | p. 373 |
