Tuesday, February 02, 2016

New Ideas: How Far is the Market?

What is the distance between a product-idea and the marketplace in India?

In the developed markets this distance has been cut down considerably by those who have an access to the internet. As this article illustrates, the difference between those who harness freelancers on the internet, and those who go the traditional way, can run into thousands of dollars.

Comparing two similar products presented at a trade show, it turned out that one had spent four years and hundreds of thousands of dollars in hiring engineers and manufacturers, while another needed just seven months and $11,800 to get there. How the market responds to a prototype presented at a trade show depends on a number of factors but what does it take to get till this point?

The first thing you need, of course, is an idea. From here on you are seeking the answers to a series of questions:

  • Is the Idea unique?  - checking the online databases at Patent Offices and Patent Depository Libraries. If the idea turns out to be unique, then - 
  • Who provides the best VFM for professional Patents Search services? If the idea continues to have legs, then after filing a provisional patent - 
  • Which product designer / engineer can create a prototype model?
  • How should demand and product pricing be assessed?  - Focus groups through sources like ManagementHelp.org
  • Which manufacturer provides the best deal in terms of cost and quality? Does he also have his own distribution network?

In India, over and above all these questions, you need to also constantly look over your shoulder to see if there is anybody waiting to flood the market with cheap imitations!


* Entrepreneur.com (2010) - From Idea to Market - http://www.entrepreneur.com/article/217332

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