New thread that covers this post got to: PROGRESS THREAD: Scout (new product to market)
Hoping for a sanity check, A colleague and myself have come up with a new widget and want to bring it to market. This is our first attempt to bring a new product to market so here is what we have done so far and are looking to do.
Background: The widget is a training device specific to a particular sport. Targeted for beginner to moderate players. (keeping it vague so this does not look like spam).
What we have done so far:
Constructed prototype (it works)
Did a patent search and found no prior art (this was done by myself, not a patent lawyer)
Created a Non-Disclosure-Agreement (free legal forms online)
Developed a cost estimate based on initial production of 100 units (~$5.00 per unit)
Conducted market research on similar type training aids in different sports (Found a target price of $15-$20, so we look to have a reasonable profit margin)
Went to subject matter expert (today) for comment (we went and showed the prototype to a to a couple of top instructors at a highend training school (after they signed the NDA) and received a positive Thumbs Up!!
, feeling pretty excited right now)
Things we plan on doing:
Create LLC (we are planning on Wyoming or Nevada based on the tax breaks)
Trademark/Copyright the name of the product (not sure how that works)
Construct a webpage to sell the widget
Develop packaging
Build initial run of 100 units (100 based on minimum qty for some sub-components of widget)
Provisional Patent App (this reserves the idea for 1 year until we submit the formal application if we find the idea gets moving, also allows us to put "patent pending" on the item)
Figure out marketing strategy (trade mag, web page, large chains, sport specific locations)
Does anyone see anything we missed or overlooked?
Hoping for a sanity check, A colleague and myself have come up with a new widget and want to bring it to market. This is our first attempt to bring a new product to market so here is what we have done so far and are looking to do.
Background: The widget is a training device specific to a particular sport. Targeted for beginner to moderate players. (keeping it vague so this does not look like spam).
What we have done so far:
Constructed prototype (it works)
Did a patent search and found no prior art (this was done by myself, not a patent lawyer)
Created a Non-Disclosure-Agreement (free legal forms online)
Developed a cost estimate based on initial production of 100 units (~$5.00 per unit)
Conducted market research on similar type training aids in different sports (Found a target price of $15-$20, so we look to have a reasonable profit margin)
Went to subject matter expert (today) for comment (we went and showed the prototype to a to a couple of top instructors at a highend training school (after they signed the NDA) and received a positive Thumbs Up!!
, feeling pretty excited right now)Things we plan on doing:
Create LLC (we are planning on Wyoming or Nevada based on the tax breaks)
Trademark/Copyright the name of the product (not sure how that works)
Construct a webpage to sell the widget
Develop packaging
Build initial run of 100 units (100 based on minimum qty for some sub-components of widget)
Provisional Patent App (this reserves the idea for 1 year until we submit the formal application if we find the idea gets moving, also allows us to put "patent pending" on the item)
Figure out marketing strategy (trade mag, web page, large chains, sport specific locations)
Does anyone see anything we missed or overlooked?
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