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TOTAL CONTROL: PRODUCT LAUNCH GUIDE
HOW TO LAUNCH A NEW PRODUCT. WHAT’S INVOLVED?
By choosing to launch new a product yourself you become responsible for the manufacture, distribution and advertising of your product. There are lots of different options available to inventors who choose this route:
Request a Free Inventors Guide:
The "Inventing for Profit" Guide
Patent Advice/How to Patent an Idea
Confidentiality Agreements
Idea Submission Forms
News & Updates on Innovation
HOW DO YOU GET A PRODUCT MANUFACTURED?
In order to manufacture and launch a product you must first have completed the necessary design and development work. This may include:
CAD design
CAD data
Prototyping
Engineering drawings
Manufacturer’s specifications
Once the relevant development work has been completed, you will need to approach manufacturers either in the US or abroad.
Although sometimes it may seem more cost effective to manufacture in the Far East, this should be weighed up against shipping costs. Sometimes the US can be just as cost effective for certain manufacturing techniques.
HOW TO SOURCE A MANUFACTURER FOR PRODUCT LAUNCH:
WHAT DISTRIBUTION METHODS ARE AVAILABLE FOR LAUNCHING A PRODUCT?
There are several different methods of distributing your product. Some options are outlined as follows:
Approach established retailers in the industry with the hope of gaining orders to distribute directly through their outlets and readily established distribution network.
Distribute through a wholesaler or distribution company associated with a particular industry.
Taking on an investor with expertise in the area may increase your product’s chances of success and your potential profit.
Set up a website and distribute directly from your home or business premises.
Distribute through a combination of these efforts: providing that a retailer has not asked for exclusivity.
Much the same as licensing, it is often beneficial to approach established retail outlets prior to manufacture as this will allow for feedback and the potential to secure advance orders.
Securing orders prior to manufacture will help you estimate your required quantities and may be covered by an advance payment.
Distributing through an established network allows your product to feed off the reputation of an industry leader.
It is important to remember the packaging at this stage of the new product launch lifecycle.
HOW DO YOU ADVERTISE WHEN LAUNCHING A NEW PRODUCT?
Methods of advertising:
Editorial in an industry-relevant magazine
Editorial in a local or national newspaper
Social Networking sites
Ideas/Product Forums or web-based platforms
Competition Entry
Trade Shows
Invention-based radio or television shows
Website
Whatever method you use, advertising your product can gain the attention of investors, partners or buyers, all of which may increase the value and success of your product launch.
WHAT ARE THE BENEFITS?
When deciding how to launch a new product, by taking on all facets of the project you will retain 100% of the profits, or a large percentage of the profits should you have an investor on board.
Taking on the project allows you to have total control over the venture and its exploitation.
Starting up a business around your product does not mean that you cannot also license out the product to another company, or another country, now or at a later date – thus helping to widen its distribution.
It is important to remember the packaging at this stage of the new product launch lifecycle.
HOW DO YOU OBTAIN FUNDING OR INVESTMENT?
Although launching a new product requires 100% investment there are numerous ways to obtain funding for your project to help move it forward. Some of these methods are outlined below:
Venture Capitalists / Angel Investors
Crowdfunding
Business Loans
Competitions
Funding Sites
Government Grants
R&D Grants
Business Network Sites
Private / Personal Investors
Family / Friends
HOW TO LAUNCH A PRODUCT WITH INNOVATE
Protection: Innovate can help to protect your idea prior to manufacture. If your product and/or design is patentable, then your applications will need to be filed prior to publically disclosing your idea or assigning a manufacturing facility. We can help with patent searching, patents application, trademark searching and trademark application to ensure that your product has the best available protection.
Designs: in order to manufacture a product you must have completed the necessary level of design and development work. In order to prototype a product, basic CAD designs must have first been completed. Innovate can help design your product for prototyping, taking into consideration tooling costs and materials.
Presentation: even if you are looking to manufacture the product yourself it is still important to develop presentation material for the purpose of gaining investment or interest from industry to secure deals. As part of the design and development, Innovate can help prepare presentation material for pitching your product to investors or distributors. This allows you to professionally present your designs and helps the product or business idea to sell itself.
Branding and Trademarking: Innovate can help create logos and branding material for your product or company. This can help to establish a reputation for your product and often helps to gain monopoly. Innovate can also help with trade mark searching and application to make sure your brand is unique and protected.
Web Design: Innovate can help develop websites of varying levels for your product. This ranges from mini-sites, which act as an advertisement or link, up to fully functioning sites through which people can purchase your product.
Graphic Design: Innovate also offer a graphic design service for any additional marketing material you may need. This service can also be used for designing packaging for distribution of your product.
Request a Free Inventors guide:
The "Inventing for Profit" Guide
Patent Advice/How to Patent an Idea
Confidentiality Agreements
Idea Submission Forms
News & Updates on Innovation