Is it worth the time? What has worked before? What will have to change?
I look into factors such as demand, market size, manufacturability, cost and trends. I also do an extra layer of evaluation.
BY APRIL MITCHELL
Consider for a moment that you have been inventing and/or designing for some time. You have designed products in the same industry and made connections and built relationships with people within the industry. You feel confident that whenever you have a new product, you can take it to or pitch it to the people you’ve now known for years.
You may be still adding to your list of potential licensees, but you have a really good base of companies to present your ideas to for licensing.
But what happens when you create a new product for an industry you have not yet invented in or designed in before?
Consider time efficiency
When I create a product for an industry that is new to me, I first evaluate the product. I take the product through my typical research and evaluation to help determine if it’s a viable product worth my time.
I look into factors such as demand, market size, manufacturability, cost and trends. I also do an extra layer of evaluation.
Are you more likely to be able to design several new products and pitch them in your current industry in the time it takes for this one?
I have put a couple of projects on the back burner before because of the time and effort it can take to get into a new industry. I did not have the time to start from the ground up with everything else on my plate.
Reflect on successes and act
It’s important to reflect on the process of how we got where we are as an inventor and designer.
Think about the connections and relationships you have. Think about where most people in your current industry hang out or where they respond to communication.
Are the companies in the industry on LinkedIn? Is it easy to get responses on LinkedIn when you send messages?
What other social media platforms are companies typically using in the industry? What is the best way to meet or get ahold of companies you are just meeting? Do you have to call them? Do you have to locate emails by doing detective work?
If you choose to move forward with a product in an industry that is new to you, start with what you know.
Try new methods
What if what you know and what you are used to isn’t working? What if you are finding the industry as a whole doesn’t typically answer phones or you can’t even find a company profile on LinkedIn?
You’ll have to try other methods to get into these new companies.
Not all industries are similar in how they communicate. I am embarking on the same journey and am finding that a company in an industry that is new to me, to which I am pitching a product, doesn’t seem to be on LinkedIn.
So I am making phone calls to inquire about outside innovation far more than I have to in my specialty industries of toys/games and housewares.
Stay determined about “getting in” via LinkedIn, phone calls, emails, chat boxes on websites, PMs or DMs on social media accounts.