About kevin kemper Expertise IN my 34 + years with prospective entrepreneurs aged 7 through age 77, in Canada,
Mexico and elsewhere; both directly and through my TV show and newsletter on Entrepreneurship,
have advised on: starting a business, writing a business plan, finding staff, setting compensation
plans, when to joint venture or consider a franchise, have a partnership or corporation structure,
when to start a biz vs buying. Currently tutoring individuals in S. Africa, Bangladesh, India, China, Australia and Brazil. [My incomplete book is entitled Assured Entrepreneurial Success]
Expert: kevin kemper Date: 2/10/2005 Subject: Market research for a new invention
Question I am an electronic engineer and I have a new invention for the consumer market. I've researched the U.S. Patent Office and conducted an online search and have found no similar products. Before I invest a large amount time and money into developing this device, I would like to have conclusive evidence on whether or not this idea has been tried or is currently in use. Are there consulting firms I could pay to conduct an extensive search on patents and products that might be on the market? Any information or advice on this matter would be greatly appreciated.
Thank you,
Wayne
Answer you have me confused; you said you did an exhaustive
search. and found nothing. There are atty's who will
do such searches for you.
my suggestion to you is the same to most all candidates
for invention-marketing ideas...............
start out cheapie... make a prototype. TEST it
test market it
do not do macro [natioal or even state wide YET]
see who likes it as you have it. get a feel for it.
I am doing so now on many items I "invented".
no not bother with a patent YET. Why? one needs
over $50k to prosecute any infringement suits.
and recall this; of every 100 items invented, 10 get
made. of every 100 that get made, one makes it to
the market.
of every 100 that make it to market, 1 makes it to
profitability.
so, I suggest doing whatever you can now cheaply.
get it ..............as I said above.
and also remember, you have already started
an R and D firm. When you feel you have an idea--the
R and D firm comes alive automatically. By gov default
if you will. IT will work alongside of your biz if you
get that far and provide all the tax incentives
if you get to that point.
