Does My New Product Idea Really Have Legs?
My firm looks at hundreds of new product ideas, concepts and inventions every year. Many have great potential. When reviewing these opportunities the creator inevitably asks some form of the following: “Before spending any money, how can I get a feel for the potential success of my new idea?” Consumer research, focus groups and test marketing are commonly utilized by established companies to gauge the market reception and viability of new product offerings. Even limited, controlled programs such as these are beyond the reach of most entrepreneurs. There are, however, other options that can yield a strong indication of potential success, or failure. Review with Friends, Family, Co-Workers The inventor needs to be very protective of their proprietary idea. Never discuss the product or idea with any stranger or business without obtaining a signed Non-Disclosure Agreement. This protects both you the inventor, and the reviewer. My firm will not accept any idea submission without first compl
