One of the most common questions I am asked is what does the overall process look like from concept to market? I’m sure it is different for different people in various industries, but for me, as a licensor, it generally looks like this:
1. Idea
2. Quick patent search
3. Rough working model, sometimes I start with sketches, it depends on how hard it is to make.
4. When I am pretty sure I have the concept down I do one more patent search based on what I want to make
5. General market research:
a. What would it cost to make
b. What would it cost to bring to market
c. What would people be wiling to pay for it
6. If the numbers are profitable, I file the patent. If not, I may reinvent it or just abandon it if it is not worth it.
7. Once it is patent pending, I begin contacting companies with a “One Sheet” to license.

Happy Inventing!

Lisa Lloyd