This will be my progress thread for a product that I am working on bring to market.
Background:
A colleague and myself have come up with a new tennis training aid and want to bring it to market.
Market target is for beginner to moderate players.
Prototypes have been constructed. We actually built about 4 different configurations to identify the optimal design. This allowed us to identify off-the-shelf components to build the device to would minimize needing to custom manufactured parts.
We conducted a patent search and found no prior art (this was done by myself, not a patent lawyer, I have had a lot of patent experience from my slowlane job)
Created a Non-Disclosure-Agreement (I used: NDA to create the form for free)
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 minimum target price of $15-$20, so we look to have a reasonable profit margin) We will test this price on e-bay and will mostly start a bit higher. Need to do more research on how to identify the best listing price.
Went to subject matter expert for comment. We went and showed the prototype to a couple of top instructors at a high-end training school (after they signed the NDA) and received a positive Thumbs Up!! .
Completed detailed drawings for device, this will allow us to get good quotes from manufactures.
Total amount spent to date: $4.87 for prototype materials
Next Four Action Items:
1) Create LLC: (we are planning on setting it up in DE, good tax breaks and assembly will be completed in DE)
2) Further Market research:Visit a few more Tennis training centers to get further feed back. This will help us further define our market and ensure that our product has potential.
3) Prep Provisional Patent Application: Our thought is to get as much done as we can before we file the prov. Patent. Once that is filed our 1 year time line starts ticking. As long as we do not disclose the idea or put it into public practice the idea will stay protected. (one reason why it is so important to have NDA’s in place) Also we will take the draft prov-patent app and have it reviewed by a patent attorney to ensure we did not overlook anything. This should save us $$ and time.
4) Develop Webpage: Need to create web page, choose product name Construct a webpage to sell the item. I have a lot of forum threads to read for this one.
I will post as actions get completed
Background:
A colleague and myself have come up with a new tennis training aid and want to bring it to market.
Market target is for beginner to moderate players.
Prototypes have been constructed. We actually built about 4 different configurations to identify the optimal design. This allowed us to identify off-the-shelf components to build the device to would minimize needing to custom manufactured parts.
We conducted a patent search and found no prior art (this was done by myself, not a patent lawyer, I have had a lot of patent experience from my slowlane job)
Created a Non-Disclosure-Agreement (I used: NDA to create the form for free)
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 minimum target price of $15-$20, so we look to have a reasonable profit margin) We will test this price on e-bay and will mostly start a bit higher. Need to do more research on how to identify the best listing price.
Went to subject matter expert for comment. We went and showed the prototype to a couple of top instructors at a high-end training school (after they signed the NDA) and received a positive Thumbs Up!! .
Completed detailed drawings for device, this will allow us to get good quotes from manufactures.
Total amount spent to date: $4.87 for prototype materials
Next Four Action Items:
1) Create LLC: (we are planning on setting it up in DE, good tax breaks and assembly will be completed in DE)
2) Further Market research:Visit a few more Tennis training centers to get further feed back. This will help us further define our market and ensure that our product has potential.
3) Prep Provisional Patent Application: Our thought is to get as much done as we can before we file the prov. Patent. Once that is filed our 1 year time line starts ticking. As long as we do not disclose the idea or put it into public practice the idea will stay protected. (one reason why it is so important to have NDA’s in place) Also we will take the draft prov-patent app and have it reviewed by a patent attorney to ensure we did not overlook anything. This should save us $$ and time.
4) Develop Webpage: Need to create web page, choose product name Construct a webpage to sell the item. I have a lot of forum threads to read for this one.
I will post as actions get completed
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