October 2016

drageekiss-invention-crowdfunding-campaign

Crowdfunding campaign goes live

The new dragéekíss™ is now available for pre-order on Fundrazr.com. Developed with the Idea Reality design process, the dragéekíss™ is a clever new cake decorating tool that enables users to rapidly place silver pearl balls (dragees) on to cakes. This speeds up the decorating process dramatically, improving accuracy and minimizing marks in the icing. No more messy fingers or dropping the little balls all over the floor.

Click here to go to the drageekiss campaign page

sell-or-licence-product-idea

Licensing or selling an invention idea

Many inventors get excited about the potential success of their new product idea but don’t know who to involve. They worry about sharing their idea with others in case someone tries to steal it. Here at Idea Reality, we understand how important it is to keep your idea safe, so we always take measures to protect your invention.

 Read more on: “How to protect your invention idea”

But when it comes to launching your product, we often advise that an existing company manufacture and market your product for you. This article should help give you some more insight into what is involved in such a process.

What is a licensing agreement?

 

If you are looking to go down the licensing route, it would suggest that you want someone to take the hassle of manufacturing and marketing your product for you. Perhaps starting a new business and selling the product yourself does not interest you? Therefore, you will need to find a company willing to take on your product design and draw up a licensing agreement between yourself and that company. In this license, the terms of your partnership will be agreed and will state that they will manufacture, distribute and market your product. This could be under their own brand own name, but importantly you will receive royalty payments as a result.

 

The licence may not necessarily manufacture or directly sell the product themselves but they will take on responsibility for these tasks and pay for all costs involved. This leaves you free to continue with your career or focus on other projects.

 

What types of licenses are there?

 

Non-exclusive license: This is when several companies can produce your product freely. You can compare different manufacturers and see which works best for you before sticking to one. Or perhaps you can keep several on for various marketing purposes. You are also free to manufacture the product yourself.

 

Sole license: When you give permission to just the one company to manufacture your product. You are still free to manufacture the product yourself if you wish.

 

Exclusive license: Only the company you choose has the rights to manufacture your product. No-one else, including yourself, can produce your product under this license.

 

Benefits of licensing your product idea

 

You should see licensing as finding an ideal business partner; they handle all the manufacturing process, the distribution of the product and all the advertising too. That’s essentially all the heavy-lifting involved with any business. You won’t need to worry about raising capital or establishing relationships with distributors and retailers.

 

Essentially, your licensee is the one who takes on all the risk involved with producing your product. They are the ones investing funds into their staff, production costs, marketing, etc. Naturally they would really need to believe your product will succeed. You just need to sit back and relax and watch your royalty payments come in.

 

How do I sell my idea?

 

If you like the idea of licensing and think that it might be the right path for you and your product, then please get in touch with us and we can help you find the right company to take on your product. Naturally, since it is your invention, you want to see it succeed, so you will want to research companies and see which is right for you. However, you will also need to pitch the product to demonstrate the value to potential licencees. Our team specialise in preparing your pitch with our sales presentations that can help your idea to big shine.

 

If you do decide to go down the route of manufacturing your idea yourself, we can help there too! Don’t hesitate to get in touch with the team at Idea Reality to help you bring your product idea to reality!

 

Prototype-a-product-3d-printing

Prototyping a new product

Creating a prototype is probably one of the most exciting stages of the product development process. It is essentially when your invention turns into a physical version of your idea. Use the creativity that allowed you to come up with the idea in the first place, to create something amazing that’s tangible and real.

What is a prototype?

You may have been told to create a prototype of your product, but you’re not entirely sure exactly what one is! Essentially, it is a representation of your design before the real one is made. It will have the same look and feel, and most likely, functionality as your real product. However, it will purely be for testing.

What types of prototypes can you get?

There are a variety of different reasons you would want to create a prototype of your product so that we can classify the prototypes into the following categories:

Visual Prototype:

These prototypes can be used as display products or a way to showcase your product at an event, or to a potential investor. Less expensive materials would be used, and it may not even contain working parts.

Concept Prototype:

This will not be visually similar to the final product, but is purely for testing the functionality and to test whether the concept actually works. “Off-the-shelf” components can be used in this prototype, so as not to waste money on custom parts in this early testing stage.

Presentation/Sales Prototype:

This is the most expensive type of prototype, as it is designed as close as possible to the final product. A mixture of materials will be used so that you can balance efficiency and quality, but this prototype will be used to test product viability before it is produced in mass. It is also what you would show to any investors or potential licensors.

What are the benefits of a prototype?

In addition to some of the benefits of the specific prototypes above, there are several other reasons why you should create a prototype. If anything, it will create credibility for the project – by creating a prototype, you demonstrate that it can be done and it is functional.

Benefits for licensing:

If you decide that you want to license your product, then a prototype is the way to go. You could produce a sales prototype, but this would more than likely be too costly. A concept prototype should suffice, as any investors who are interested in licensing your product should already be interested in the concept anyway. However, if you create a prototype, it might help you negotiate a better rate for your royalties!

Benefits for manufacturing:

Whether you are choosing to manufacture the product yourself or not, a prototype is usually the best way to go. The manufacturer can clearly visualise what is to be made and how the design can be further refined.

How to create a prototype

There are several ways you can create your prototype, but by far the most popular is by 3D printing. You can create parts of your product very quickly and efficiently. Here at Idea Reality, we work with with some of the best prototype manufacturing companies in the world! We have built up partnerships over the years, and we are confident that we can provide you with the most appropriate prototype options for your project.

About Idea Reality

Bring your invention design ideas and product development projects successfully to market with Idea Reality Ltd.
Our experienced Hampshire based product design team will guide you from concept design through to prototype and manufacture drawings.
We even help with crowdfunding grants and investment.

Example Designs

Submit your project

Confidentiality Assured

Get free advice and costs to bring your product idea to market. SUBMIT


Phone: 03330 119940
[email protected]


Our Locations

Main Office: Andover, Hampshire, UK Meeting location: Central London

Copyright © 2013 - 2019 Idea Reality Ltd - All Rights Reserved
Idea Reality® IS A REGISTERED TRADEMARK.

Grab our amazing special offer!

  1. Brainstorm Session
  2. Basic Patent Search
  3. Market Research Study

Over 50% off for a limited time!

CLICK HERE TO LEARN MORE