The entrepreneurial spirit and small businesses has played a vital role in America’s economy since its inception.  Many well known products started out as a great idea fueled with unending passion, including Dell computers, Yankee Candles, Mary Kay Cosmetics, Mrs. Fields Cookies and Tupperware. 
As an entrepreneurial company, Catalyst understands the passion you have for your idea and knows what it takes to move the idea from “Mind to Market”. However, before you discuss your product idea with anyone—including us--we recommend the following:

1. Secure a provisional patent (or a full utility or design patent)
   
   Securing a provisional patent allows you to submit your basic concept(s) to the US Patent Office, protecting your ideas.  Provisional patents are usually awarded more quickly than design or utility patents and expire 12-18 months after issued which leaves you plenty of time to improve or expand your idea.  A patent attorney should be able to help you understand if your idea is patentable or if you have covered all of your bases.  You can locate a patent attorney by visiting the website of your state’s Bar Association or your local yellow pages.
   
   
2. Prepare a business plan
   
   Although it may seem premature, it is vital that you have a plan for your product from inception through distribution.  Consider things like:
   1. Who is your target market?
   2. How are you going to market your product?
   3. Through which channels are you going to sell your product?
   4. How and where will it be manufactured?
   5. How are you going to get it distributed?
      
      
3. Consider development costs

Prepare a budget to establish cost expectations from concept through distribution of your product. .  How will you finance your idea?  Perhaps you have earmarked funds to develop your idea or you are interested in securing investors.  Either way, the business plan and financial planning will be a vital part of this process.  The cost of developing a new product concept ranges significantly depending on where you are in the product development process and the type of services you require.

 

Have more questions?  The Catalyst team would be happy to discuss our product development process with you and, once you have secured a provisional patent, discuss your idea to determine how our services meet your needs.  Feel free to contact us at 888-896-7681 or solutions@catalystpdg.com.

Entrepreneurs