Here is a classic
situation - a person has a really good idea, they make some prototypes, refine
the product, do some testing, and ultimately a fascinating widget comes out at
the other end.
The individual, who
is generally not rich, then faces the all too frequent problem - how to bring
the product to market?
One of the primary
problems with going to a large retailer is the power disparity between the two
sides and, equally as important, there is the possibility the retailer could
simply steal the idea and manufacture the product itself. This happens more than
you might imagine.
One way to help
reduce this risk is to ask prospective partners to enter into confidentiality
agreements. The problem with this is simply that most large retailers will
simply say no, and move on to the next person.
One way around the
problem is to fully document the inventive process and have someone with no
stake in the matter participate by reviewing all of your notes and signing each
page of your notebook (you should be keeping a notebook with respect to the
inventive process).
Another good
solution is to file a so-called provisional patent, if the product is capable of being
patented - something you will have to get advise on, or file an industrial
design if it is here in Canada. An industrial design will protect the aesthetic
characteristics of the product but not the functional characteristics. Please
keep in mind that industrial designs are generally not all that
powerful.
If you are peddling
your idea to companies in Canada, the maintenance of a notebook may not be as
helpful as it would be in the United States (the US is a first to conceive
jurisdiction, as opposed to Canada, which is a first patent jurisdiction), but
it does provide some measure of ownership.
The final
possibility, if the company you are pitching the idea to does not want to sign a
confidentiality agreement, is to share as much of the idea as possible without
disclosing the essence of it. This also has the benefit of providing a "hook"
with which you can reel in the prospect.
Keep in mind, as an
inventor, that consumer demand for new products is out pacing the ability of
large companies to come up with marketable ideas. The key to success is making
sure your approach and your pitch is as slick as possible.
The next step is to
create what is known as a "sell sheet". This is a one page document of your
product that outlines its benefits, your target audience, and its projected
profits. Your name and contact information should be on this
sheet.
Once your sell sheet
is ready, develop a list of manufacturers that target your ideal customer and
make some more products. Find the name and number for the director of marketing
or sales and call them telling them you are a product developer with a great
idea. Do NOT say you are an inventor. In your pitch (which should be very
brief) concisely state the idea, the profit potential, comparative advantages
and a timeline for results. Offer to send the individual the sell sheet. Then
be persistent about following up.
Good
luck!
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