about

manual

  1. ✦introduction

  2. ✦general picture

  3. ✦patent search

  4. ✦register

  5. ✦test

  6. ✦marketing

  7. ✦sell

  8. ✦finalize

resources

  1. ✦inventor’s

  2. ✦entrepreneur’s

  3. ✦testing tools

iip database

Now, when your idea is protected, you can publish it on IIP-Database. How can you test an idea using our database? Very simple.

First of all, contact design studio or any artist for professional good-looking drawings (3 to 5 from different angles and showing various functions), write a comprehensive and strong marketing description with all possible details (this is different description from the one you submitted to USPTO; check some of the ideas’ marketing description at IIP database), ask someone to edit it (e.g. virtual rewriters http://www.humanrewriter.com) and publish it in IIP-Database. Check IdeaIntoProduct website for publishing instructions.

Second, a lot of inventors, entrepreneurs, innovation specialists are browsing our database every once in a while seeking new products for their businesses, and when they are trying to figure out more about your idea, they contact you and ask you questions. The more questions you get, the more interest your idea emit, the more precise information you can gather about different fields your idea can be useful in.

And third, build a list of every possible company from the appropriate industry your invention is from (80 companies? 160? 300? – the more the better!), and e-mail a brief description with cover letter along with the link to your idea’s IIP-page (template cover-letter is in bonus chapter). How to search for your potential buyers, their contact information and what to do with that?

The most effective step-by-step way is:
    1. Define your product’s industry (e.g. for essential oiled bracelet the industry interests are: beauty, health and pharmacy);
    2. Make a list of all possible companies in those industries, starting with the most appropriate ones (e.g. essential oil resellers and distributors, manufacturers; then – fashion online stores – Avon, Yves Rocher, etc; pharmacy product wholesellers – the total list of more than 2000 companies)
    3. Use template letter (see testing tools chapter) to write paper letter or email to every company from your list; since between you and desired contact person there will be a secretary – be short, simple and focused on benefits.
    4. Browse websites like www.portfolio.com, www.hoovers.com, www.manta.com to find out companies’ addresses, phones, innovation dept. executives’ names
    5. Either way of approaching your contacts (email or paper letter) is fine; of course, using both ways are better. Conduct three massive e-mail and/or letter attack every 2 weeks for the great results.
    6. Collect responses – questions and your answers – for your records. Later this information will be very valuable for the one you choose to represent your product.

Now, what is to test an idea? To test your idea means to find the answers on questions every entrepreneur or company would start on your first conversation – what is your idea’s demand (market niche), what’s the competition in its industry, and what’s your idea’s profitability.

The answers on first two questions are to be collected from search engines, for example Google:
    • Make a list of 5-10 descriptive words of your idea (or product), get more of them on get-keyword-ideas link https://adwords.google.com/select/KeywordToolExternal?defaultView=2;
    • check the demand – it’s the amount of online search queries;
    • for every appropriate keyword check the pay-per-click price at http://adwords.google.com/select/Login under Costs and Payment section; the higher price – the more competition.
Now, let’s find the profitability:
    • using search engines, review first 10-15 search results, and check the products’ prices and services;
    • contact local manufacturers (e.g. www.thomasnet.com ; see more in “entrepreneur resources” below), discuss the prices on your product’s manufacturing, multiply by 8-12 times (depends on your product’s price, ad campaign cost, competition), – and now compare your result with similar products’ retail prices.

Collect and use the statistics to show the potential of your product to possible distributor(s)…

Usefule links:

  1. 1Guide how to prepare your product presentation: http://asktheinventors.com/Books/presentations.htm

  2. 2Test your invention thru the MeetUp communities – global enthusiasts and small business owners (www.meetup.com)

©2011 IdeaIntoProduct