Developing and launching a product can often make or break a business, especially a startup business or individual inventor. The product development steps may vary based on the nature of the business or inventor’s management style, but most will eventually follow or fall within the fourteen product development process steps below:
1) Your Invention Idea or New Product
You should write down what your idea is and if possible draw a rough sketch or drawing and include approximate dimensions.
2) Product Idea Research and Evaluation Against Similar Competition and Ideas
Before investing time and money one of the first steps is to find out if your invention qualifies for a patent. This is done by completing a patent search. Also; all products that are for sale or described in publications (this includes internet) for at least one year may not be patented therefore you must check the market place to make sure your idea is not already in the public domain.
3) File a Patent
A provisional patent is a low cost way to begin the patent process by offering you a starting date for patent protection for one year. This one year time period will give you time to perform your research before filing your longer term design or utility patent.
4) Possibility of Licensing
When you license a product to a reputable product broker or manufacturer they’re going to advertise it, market it, manufacture it and put their money into the project.
If you decide not to license keep following the below list.
“Please keep in mind you may license a product idea or invention at any point in this product development process.”
5) Potential Market Evaluation
There is no value to an invention that will not succeed in the market. Thus, the first step in invention profitability is always to determine your invention’s marketability against what may already exist in the market place.
6) Product Design and Analysis
Product CAD design technology enables the creation of fully functional three dimensional product animation and product renderings, as well as access to the necessary engineering and design to bring the invention or product design to life.
7) Prototype Building, Testing and Perfecting
When you create the prototype before you apply for a patent, you may discover patentable features that you missed when your invention was only a sketch or drawing. A prototype after filing for a patent is important as well; it well help you improve your product and help to better explain your product to an investor or manufacturer.
8) Consumer Product Testing, Proofing and Customer Feedback
You will need to test your product to ensure that the product operates as expected. Product testing is one reason why a prototype is important.
9) Apply for a full utility patent or design patent for your invention
This is generally the big step for inventors. If you have filed a provisional patent, as mentioned above, you should have much of your patent work completed. If you have not filed a provisional patent you or your patent attorney will need drawings and full product description.
10) Product Manufacturing
The below items should be in place before you contact a manufacturer;
a) Invention Concept
b) 3D Modeling CAD Design
c) Working product proof of function – a prototype
d) 3D STEP file or IGS file CAD design drawings for manufacturing
11) Marketing Strategy
A Marketing strategy is sorting out who your customers actually are and figuring the most cost effective means of reaching them.
12) Sales and Distribution
How is your product or service going to get to the customer? Examples; will you distribute your product or service through a website, through the mail, through sales representatives, or through retailers? ALSO; will you drop ship direct from your manufacturer or will you need a warehouse or will you use a fulfillment processing center.
13) Business and Product Management
You will need to know how your customers will pay you (accounts receivable) and you will need to set that payment processing system with a bank account. ALSO; how you will manage your product inventory and quality control.
14) Product Launch
When launching a new product you should focus on attracting consumers or retail buyers (this decision should be made in your “marketing strategy” #11). Always keep track of how your customers are reacting to your new product so product improvements and marketing changes can better performed in the future. Always handle your product with positive enthusiasm.
A message from the president and owner of the company:
I’m here to assist inventors, companies and organizations with their Product Development needs.
Thanks for taking the time to view this product development website and I look forward to hearing from you.
Invention Product Design and Development Help Services Phone 772-934-6014