Inventing New Products/Inventions/molds ready

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Question
Hi Penny!

I created my molds and have CAD drawings skids of my product. Can you give some insight as to what my next step would be in my quest to take my product to market?

Answer
Hi there,

Thanks for your question whose answer can encompass a plethora of options all dependent upon your budget, experience and goals.

Since you have molds and CAD drawings (which we know are usually not cheap) it would appear you are or were toying with the idea of taking "it or them" to market under your own steam. That is, unless you a healthy budget and/or partners with investment so shares in your operation. So we have minimally two options:

You outsource manufacturing or set up a entity to accomplish that. Same for packaging etc etc.  
You attempt to license the product and molds, CAD drawings et al; all which might raise your equity in the product so to the percentage you ask for in terms of quarterly or yearly royalties. You haven't indicated your potential preference. To my mind it depends on your budget and time to spare amid other options. One issue with licensing is you'd have to find a mfg with equipment to mass produce from "your" molds. If instead you elect to go direct to market you'll either outsource the above or set up your own mfging facility (could be out of your garage, for example). Key is working out your marketing and sales strategies. If you choose #2 who might start by contacting retailers to find out their submission rules for stocking on shelves; such as how many per outlet in a test sample? What might they charge you in shared advertising and shelf space - if anything. What should packaging be - check out their shelves to see what similar products have (will a product hang, sit on a shelf etc).

So, until I know your preferred route to market and whether you have a budget or not I could go on and on. You might visit a local PTL (patent and trademark library) within your largest library for books on the process and on the licensing option.

Regards
Penny Ballou  

Inventing New Products/Inventions

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Penny Ballou

Expertise

The Invention Process; Royalties; Licensing Inventions/Products; Pricing; Direct to Market; Marketing/Promotions; Patent Searching; DIY patent writing; Types of patents/costs/how to's; Funding (grants and Angel investors); Prototyping; Off-Shore sourcing.

Experience

I am founder of an inventors group; Advisory Board President of www.inventored.org; former Licensing Executive Society member; researcher for www.piausa.org and a consultant; plus moderate and contribute to several online inventor discussion groups.

Publications
Enter my email address into any search engine to find them.

Education/Credentials
Invention development: well-studied and applied in all aspects of the process and an inventor myself with one invention in patent pending and others ramping up. Lived and attended schools in Mainland China and the UK.

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