How do I sell a product idea?

[SillyJokes]

I have a product idea.

I don't have time to produce this product myself.

I know someone who makes similar products who I already buy from who could probably do this this easily.

How do I go about showing them my idea and getting them, if interested, to buy it?

I presume I will need to show that there is a market for it before I take it to them.

I am worried that it is so simple they will just say thanks and make it anyway.

I'm not after pots of money, but I think it is worth something.

Any clues how to take this forward?

 

[Jayne]

Hi,

I've seen this on TV. You have to do detailed plans and sketches and maybe a scale model, then there is a place to register your design, like copy rights, so knowone can steel it.
It's the same as a new invention.

I'll have a think what it was called and nosey on the web, if I find the place, i'll PM you later.

Jayne

 

[Jayne]

Back again...

I used to work in a drawing office. When we had to do a presentation for a new product or design. We had to do an A3 size detailed/scale plan drawing of the product, then an A3 size artist sketch of what it would look like. Our boss then arranged a meeting to show them the drawings and took a price costings document of what it would cost to make, he was like a sales man. I guess most of this work could be done on the computer now.

Jayne

 

[VeryMark]

Call me and I'll take you through the options - getting a non-disclosure agreement signed before discussing anything in detail can help, but the first thing to look at is the extent to which you can protect your idea by patent, registered design, copyright and/or trade mark.

We also have plenty of free information available through a series of factsheets that can be emailed.

 

[SillyJokes]

Thanks both of you for the advice.

What I am thinking is that it is not a massive idea, just another little product that could sell a few thousand.

So I do know someone who makes and sells similar products who could probably easily get it made and sell it.

Should I just say, "If you use my idea give me a monkey and we are square?"

£500 for an idea I have neither the time nor the inclination to pursue myself is not bad holiday money.

 

[Jayne]

Is it a little idea though?...look at the rubic cube in the eighties, you could have a million pound idea in your head, waiting to be discovered! Lots of little ideas people have, earn loads of money, like hoola hoops

Jayne

 

[SillyJokes]

yes, it's a little idea. There isn't room in my head for a big one.

 

[Jayne]

Lol...says the woman with the best brain on the forum. I bet it's a great idea!

Jayne

 

[Cornish Steve]

In part, it probably depends on how well you know the supplier. If you have a trusting relationship, then just discuss it over lunch. If not, then some of the other ideas posted here would help:

- I agree that a Non-Disclosure Agreement is important. This will prevent the person from simply running with your idea.

- A description of the idea would be good.

It's expensive for an individual to file patents, and it's of little value unless you have big bucks to defend them. I remember having a discussion about this with a successful entrepreneur. In his case, he comes up with ideas, runs with them quickly, makes his money until the competitors catch him up, then moves on. I admit that this may not be the traditional view on patents, but it worked for him.

A simple business case would also help. Seeing all the costs may make your idea suddenly more attractive to your potential partners.

I hope your idea works out. It would be satisfying to see it come to fruition.

 

[Richard Conyard]

Having had my fingers burnt in the past I would say an NDA is essential along with full writen proposal.

 

[Steve Roberts]

I'd get the supplier to sign an NDA agreement and have a chat. Presumaby you're a customer of his so would that make him less likely to turn you over?

Secondly, why not talk to your supplier about him making and selling them and you getting a royalty?

 

[VeryMark]

Playing devil's advocate, if you've told me what the idea is and I haven't signed an NDA and it isn't protected, why should I pay anything?

 

[Cornish Steve]

Playing devil's advocate, if you've told me what the idea is and I haven't signed an NDA and it isn't protected, why should I pay anything?

If you are unscrupulous, you wouldn't. If there's a lack of trust, then a water-tight NDA is needed.

In general, though, our world turns more smoothly when we work with people whom we trust.

 

[YEM]

Hi Caroline,

Check with your local council for their Digital Development Unit (or similar) They specialise in assisting you with the development of a product and can advise you on all of these matters. They can also put you in touch with trusted suppliers and manufacturers.

We featured someone in the first issue of YEM (Aug) who was helped by the DDU. He now writes a diary for us each issue and has now managed to get in contact with a manufacturing company that can take his product to the UK and overseas market via 5000+ reps

The service is free, so why not try and find your local equivalent and investigate

 

[wheelie2]

Hi Sillyjokes,

My name's Sarah and I'm a freelance industrial designer trading under the name of Glo Design, I've been diong this for about 6 years now and think I can offer you some sound advice. Write about your product in detail and incude drawings if you can - put a date on the sheet and get someone of standing to witness it. Put this in an envelope, seal it well, and post it to yourself, making sure it is dated. You could then ask a solicitor to look after it for you, just DON'T OPEN IT!

The next step will be to produce a NDA - you can get standard templates off the internet - I think there may even be one in the word programme itself. If you talk to ANYONE about the idea - make sure they sign it. If they won't sign it, don't deal with them, no matter how tempting an offer they may make.

Do as much market research as you can - the more info, facts and figures you have, the more convinving your argument.

If you can, get some made and do some testing - not friends and family - people you don't know. (again using NDA's) and record all your feedback.

If you see potential further products/a new range stemming from your product then make a note of that too - manufacturers want to see something which will have a good product lifecycle in one form or another.

Patents are expensive and take forever, unless it's really technical or to do with chemicals, engineerig or pharmaceutical, I'd stay clear personally - if you don't have the money to take people to court for copying the idea then what's the point? You can get patent insurance but what's to stop people changing your product slightly anyway?

Do a patent search, go to http://www.patent.gov.uk/ and do your own search - it can take a while but you need to make sure you're not infringing anyone's copyright. The Patent office will do this for you but will charge you. If you want some level of preotection then you can register the design - this is the low cost option but only registers how it looks, not what it does or how it works, so it may not be for you. There are loads of companies doing patent related work for inventors - be wary and do your research and if you decide to use one then make sure you know what you're getting for your money - in writing.


There are companies who offer to take your product to suppliers for a fixed fee - again be very wary of these.

If you already know someone who does similar products, they may be the best route to start with, but don't forget the NDA. Also, it would be worth considering companies who don't do similar products - you never know who's wanting to break into which new markets, they just don't have the right product.

If they do want to buy it there's 2 common routes;

1. Sell the idea outright.
2. "lease" the design on a royalty basis.

Selling the idea outright would be the least hassle route, but you could make more in the long-run by licensing? See what deal is on the table - get a lawyer to come with you at this stage, and don't be afraid to haggle but know when you're just being too pushy, you could easily offend someone. The other thing to consider about the royalty option is what happens if they change the design, or simply don't use it? You need some clauses in your agreement about minimum payments/quantities etc.

Sorry for going on. If you need any more advice as you progress then please drop me a line, I love to see things happening.

All the best,

Sarah
Glo

[email protected]
www.glodesign.co.uk
www.glodisplay.co.uk
www.glowheelchair.com

 

[VeryMark]

Firstly, producing evidence of copyright by simply posting copies of drawings etc to yourself has the drawback that (a) Royal Mail postage marks can be illegible (use recorded delivery) and (b) you have to open the envelope to use the evidence.

You can in fact produce the same evidence by an appropriate identification and simply signing and dating everything (it can be a good idea to get a stamp made) and storing it in a safe place to produce a document trail.

Secondly, patents can be expensive, yes, but they can be the only way of gaining effective protection for an invention and simply filing a patent application is not so expensive and will buy you time while you look at the commercial opportunities.

(Although sometimes patenting isn't needed - we have one client whose chemical formulation apparently can't be backwards engineered, so they aren't worried about copying as they intend to rely on keeping it secret.)

Thirdly, patents, registered and unregistered design rights and copyright all protect different things - which of these are important depends on what form your idea takes.

(Registered designs are quick and cheap to obtain. Copyright and unregistered design rights cost nothing as you get protection automatically.)

Fourthly, you can't just make minor changes and escape infringement of either patents, registered and unregistered design rights or copyright.

Fifthly, many large companies you might possibly want to talk to about exploiting your idea won't agree to an obligation of confidentiality unless they can see what protection you have first - they get a lot of unsolicited inventions and want to protect themselves against signing up to something that may not to out to be that novel or unusual anyway.

Sixthly, you don't need a patent search unless your idea involves a patentable invention - but you might need a registered design search, it all depends on what we are talking about.

Seventhly, any standard template for an NDA may or may not be entirely appropriate to your circumstances, it depends.

Eighthly, nobody but nobody can give you adequate advice without knowing exactly what tangible form your idea takes - which under no circumstances should you reveal in a public forum of course.

We will happily provide a confidential initial consulation free of charge, and we also have plenty of free factsheets on patents, registered and unregistered design rights, copyright, and trade marks.

 

[Cornish Steve]

Secondly, patents can be expensive, yes, but they can be the only way of gaining effective protection for an invention and simply filing a patent application is not so expensive and will buy you time while you look at the commercial opportunities.

But, from what I understand, a patent is of little value against a determined competitor if you don't have the money to defend it - and that can be many thousands of pounds.

 

[VeryMark]

True, but if you look at all the pitfalls in life and the negative things that can happen you might as well give up before you start - and (a) a successful product can attract people with money to invest in it - but it helps if they can see that their investment is protected (b) there are various schemes now which can provide insurance to fund litigation if needed.

 

[Cornish Steve]

Your comments are very valid. Some protection is better than no protection.