Run From Mythinformation
Bad decisions by inventors and entrepreneurs are often due to wrong assumptions BY WILLIAM SEIDEL At the root of all […]
Product Development
Market Research, or Marketing Research?
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.
Your Profit Formula
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.
The Best-Laid Flight Plans
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.
Creating Careful Chaos
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.
Pretty Resilient
Cara Brzezicki has created to help people all her life, and nothing’s going to stop her now BY REID CREAGER
And Here’s the Pitch (Letter)
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.
Shopping Channels? Don’t Laugh
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.
Finding Opportunities
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 Vs. Revolutionary
Evolutionary and revolutionary product development define how companies improve existing products, introduce new products and innovate. Both approaches have their advantages and drawbacks.
We Have Liftoff!
This can be a nervy time for the inventor: the real test of whether the device can stand on its own in the marketplace, and whether people want to buy it. Because the launch has such high consequences, you must take the utmost care in preparation to ensure you have everything right.
Fantasy Island
Grenada innovation workshop was memorable for beautiful innovation, people and scenery. Once the sample projects were completed, teams had the afternoon to use the parts to build their own prototypes and work on their digital prototypes.