How to Have a Product Developed

Businesses are always looking for new inventions.

Developing a product takes a lot of effort before it can be introduced to consumers and generate revenue from sales. Product development starts with a concept, which undergoes research and development. You use SWOT--Strength, Weaknesses, Opportunities and Threats--to determine the efficacy of a product concept. Many inventors have made millions of dollars from their inventions.

Instructions

1. Large organizations usually have a Research and Development (R&D) department that works on creating new products. Employing the SWOT method assists in developing a new product and allows companies to determine the viability of a product idea. Working with other departments within the company, the R&D department helps develop a concept into a packaged product that can sell on the market. With increasing competition, businesses have to differentiate through features, function or materials to produce a unique product and edge out the competition.

2. If you are an individual with an invention that needs developing, you can check out the website, alibaba.com, which connects inventors with factories and manufacturers. It allows you to deal directly with the manufacturer and offers a large e-commerce platform of 65 million people in 240 countries. You can browse the website's database for a prospective manufacturer. Alternatively, you can contact individual organizations looking for new product developments, some of which advertise on alibaba.com.

3. Send out emails explaining your invention to prospective manufacturers once you choose the ones suitable for your project. Typically, they will ask for samples, or prototypes if you have developed any, before deciding whether the project will go ahead or not. If several manufacturers are interested in your product, compare their contract offers before picking the one that offers you better conditions.

4. Develop a concept about your idea and send it to the infomercial company, Telebrand, through the company's email, [e-mail]. If Telebrands thinks your idea is appealing, the company will invite you to pitch your product. You may also wish to contact other firms, such as designmyidea.com, which can design a prototype and market your product.

5. Discuss the terms once you get a positive feedback from Telebrand. When Telebrand approves your idea, it will develop the product in a process that takes up to a year. Royalties are based on factors, including the uniqueness of the product, and the rights are licensed by Telebrand during the tenure of the contract.

References

• Entrepreneur: Ways Inventors Can Get Staff Made
• Design my Idea: Turnkey Invention Design & Product Development
• "Product Design and Development;" The Need for Integration in Product Design; Tim J. Morton

Resources

• Mind Tools: SWOT Analysis