Bringing a Product to Market

I love telling the story of how I invented The Chillster Coaster while I was skiing because more often than not, the person hearing the story will say to me... "you know, I have an idea for a product but I just don't know what to do next."

Well, here's some brief "lessons learned" advice and "next steps" for those who have an idea and want to strike it rich (or at least want to try and bring their idea to market.)


1. Tell people about your idea (and not just your immediate family and friends.) This might seem like crazy advice, but it's very important that you do this. At first I was extremely secretive about my "invention" for one obvious reason - I didn't want anyone to steal it. However, as you'll see, it takes more time and possibly money than most people will have. So. don't worry about someone stealing your idea. (One Caveat - don't spill your guts to a company that could actually manufacture or distribute your product at this point - you'll talk to them in Step 4.)

So, why talk to people? To see if there is a market for your product and to get ideas that you might not have thought of. If there is no market, then you are probably not going to have much success. Try and gage if people are genuinely excited about your idea. Ask them if they would buy it if they saw it on the shelves and what type of stores they could see it in.

2. Once you've determined (as best you can) that there is a market for your product, the next step is to figure out if it can be licensed out to an existing company. For those who do not have the time, money or stomach to do this on your own, this is a crucial step. Manufacturing and selling your own product is hard work (I do it everyday!). In my case, there was no company that I could easily see adding a refreezable coaster to.

However, if you can find a company that already manufactures and sells similar items, then the best advice I can give is to try and add your product to their line and sit back and collect the checks! (Please note - if you have a breakthrough invention that you really believe in and have the resources to bring it to market yourself then by all means do it on your own and you'll make much more than a per unit royalty.)

3. Ok, so you have a market for your product and you've come up with one or a few companies that there might be a fit with. The next step is to go to the US Patent and Trademark Office web site and do a quick patent search to see if your idea has already been taken. While this is not a substitute for what a patent lawyer will do for you, at this point it will suffice.

If you don't find a similar product, you can begin the protection process. The first thing to do is to file a provisional patent. This is something that you can write yourself with no legal training at all. A patent examiner doesn't even look at it. Once sent to the USPTO, you have one year from that date to submit a "real" patent. In the mean time, your idea is officially "patent pending". The cost is about $300.

4. Now that you are protected, it's time to set up some meetings with the companies that you think would be a good fit with your product. Go in, tell them about your patent pending product and make your first sale - that is... get them to manufacture and sell your product while giving you a generous royalty!

Seems simple right? Well it isn't. And the above steps are merely a guideline to start you thinking and pointing you in the right direction. There's a lot involved in bringing an idea to life. In fact, even the basic steps above are going to take a lot of time and energy. However, while it's not easy bringing a product to market, once you do, it's a whole lot of fun and very satisfying!

Happy Inventing!