When do you need a prototype? Why do you need a prototype? What should you do with the prototype you create? What kind of prototype do you need? How much should you pay for a prototype? Product licensing expert Stephen Key — an inventor who made a living from licensing his ideas — debates Marc Portney, an entrepreneur, investor, and business advisor who works with inventors to commercialize their inventions.
https://marcportney.com/
For every 10 product ideas that are shown to Marc, 9 are not a good fit. So why would you go through the effort of creating a prototype first, when you don't even know he is interested in the idea? Most of the markets for the ideas he is shown are very small, and that doesn't work, because he likes to deal with the masses.
How rough can your prototype be? Rough is okay. Your prototype doesn't need to be polished at first.
There are three reasons why Marc wants to see a rough prototype: 1. Verifying that it works. We can do it. 2. Beginning to estimate the cost. 3. You can show it around to get a read from a buyer.
Prototypes are useful, but they're also expensive and break easily. That's why you need to make smart choices about when to make a prototype, how you make a prototype, and hiring someone to make your prototype for you.
Stephen Key and Andrew Krauss are the world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch. Steve and Andrew are the cofounders of inventRight, a coaching program that has helped people from more than 60 countries license their ideas for new products. Visit http://www.inventright.com for more information and to join the one-one-one coaching program.
If you have questions about how to invent, how to be creative, design, how to do market research, prototyping, manufacturing, negotiating, pitching, how to sell, how to cold call, how to reach out to open innovation companies, licensing agreements, non-disclosure agreements, patents, copyright, trademarks, and intellectual property in general — subscribe to inventRightTV! New videos every week, including tons of entrepreneur success stories.
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This is the book you need to license your product idea: “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB.
This is the book you need to file a well-written provisional patent application: “Sell Your Ideas With or Without a Patent.” Find it here: http://amzn.to/1T1dOU2.
Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": https://www.amazon.com/gp/product/1653786256/
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