Written by Craig Whitcomb
Considering product development strategies for your Remarkable Venture listing is imperative. As you learn about your potential licensee and the categories they support, you will begin to recognize the best strategies that add value for both you and companies. In this article we will discuss three different strategies that add value for your Remarkable Venture listing and innovation seeking companies: 1. High value strategy 2. Quick to market strategy 3. Selective strategy
First, I must say that Remarkable Venture Inventing steps 1 – 5 are critical steps to make sure that the basis of your listing is valuable. It’s important to make sure that the problem you are solving is significant and better than the available solutions. Beyond that is where product development strategies come in. Product development strategies determine what point in the development process to create your listing. If you start a listing later in the development process your overall listing value and protection is maximized but you risk unnecessary effort and expense depending on company needs. You must decide just how much money and effort should be spent in order to maximize the value of your Remarkable Venture listing.
Generally speaking, the more effort you put into a listing means more value for the Innovation seeking company you are wanting to license with. Adding patents and trademarks before listing on Remarkable Venture increases your protection and value. Professionally built prototypes, high quality sales sheets and professional videos all help boost perceived value as well. Finding manufactures and distribution sources are attractive additions to your listing that some innovative seeking companies want or need. But adding too much value to your listing before understanding the company needs can take away from your time and profit.
Getting your idea out there quickly also has merit. Some companies seek innovation but prefer to handle more of the development. You can get the idea into their hands quickly since they have the expertise to get it to customers ahead of competition and dominate the market. For example, toy companies with low-cost products may never intend to patent an idea and many have established brand recognition, so trademark protection is unnecessary. Understand that the royalties may be lower in these cases, but your time and expense is low as well.
Adding time and expense to your listing is not always expected by innovative seeking companies. To optimize the value of your listing, you need to understand the needs of these companies. You should be aware of what they are looking for in a product, what features they want, what type of IP protections they use and what benefits they expect. Listing earlier in the process and opening a discussion with inquiring companies can help direct your development efforts and provide companies with exactly what they need. By understanding the company’s needs, you can make sure to direct your development efforts to meet their requirements and add value to their product portfolio.
With Selective product development strategies it is important to make known in your listing that you want to understand the company’s needs and negotiate a plan around their goals. If you have the capabilities to develop the idea beyond the current state, make sure to add those details into your listing. This is a great way to minimize expense and add value for you and the licensee.
Product development strategies determine what point in the idea development process to create your Remarkable Venture listing so that innovation value is optimized.
To continue the Remarkable Venture Inventing series, read: Creating a Clear, Concise Listing Title next.
Please help the community by adding your expertise relating to this article or asking/answering questions in the group discussion below. Remarkable Venture does not offer legal advice. Consult with a qualified Attorney for decisions concerning your particular needs.
