Run From Mythinformation
Bad decisions by inventors and entrepreneurs are often due to wrong assumptions BY WILLIAM SEIDEL At the root of all […]
Bad decisions by inventors and entrepreneurs are often due to wrong assumptions BY WILLIAM SEIDEL At the root of all […]
Knowing the difference is crucial for identifying your market and acting on it. Market research has a limited scope, studying only market and consumer behavior. Marketing research has a wide scope, studying the entire marketing process as well as the market itself.
As a general rule, a product needs to be manufactured for 25 percent of its expected price to consumers to make money. This is due to distribution and selling costs. That means that your manufacturing costs must be less than 50 cents if your product’s retail price is $2.
Whether inventing, manufacturing, selling your product yourself or inventing and licensing your invention to another company, it will need to go through many steps and/or iterations.
Innovation isn’t invention; it’s often a necessary, welcome change in the way we do things. The strategy must balance the chaos of innovation with the stability of conformity. This is the most efficient, cost-effective path to successfully launch an innovative product.
Cara Brzezicki has created to help people all her life, and nothing’s going to stop her now. “She said it was the most stupid invention she had ever seen.”—A product development executive’s critique of the Flusher Blocker.
Most people assume a patent covers the entire item, whereas it may only cover a fraction of the features. Tips on an old-school approach to landing a licensee for your invention.
Inventors and product designers can learn from home shopping’s focus on relatability, tone, and creating an aura of scarcity. Corny and predictable presentations work—so as millions pay, pay attention.
Even in winning categories, some products are better than others. Here are some ways to help you to a winning formula. These principles apply across the board—whether you are looking to produce your own product, license it to a manufacturer, or strike a joint venture deal of some kind.
Evolutionary and revolutionary product development define how companies improve existing products, introduce new products and innovate. Both approaches have their advantages and drawbacks.