If your idea soars above the rest, Edison Nation will invest up to $1 million to get it there. Below are a few questions SkyMall answered about the contest:

Q. With so many categories, could you share what your top selling categories & items are?

A. Home related products, Pet products, Electronics

Q. If you had to choose three categories you would most like to expand upon, what would they be?

A. Unique pet products, unique electronic items

Q. What is your best-selling consumer price range?

A. $50 to $100

Q. Does your customer base skew towards one gender over the other?

A. Our customer base is slightly more female, but we are much more male-oriented than most mail order catalogs.

Q. What is your longest running product?

A. The Hammacher Turkish Robe. It launched in the book in 1991.

Q. What is the average sized package that is shipped to SkyMall customers?

A. The average order size is about $120.

Now is the time to get the ball rolling because April 16^th, 2012 is the deadline. If you or anyone you know has a great idea for SkyMall and needs help with the submission process, contact us at New Product Consulting.

Medical Supplies

Medical products are a high-growth area for inventions, with many companies actively seeking products for licensing.  Medical companies know one great idea can change the medical field.

Toys and Games

Jada Toys accepts idea submissions for new model cars, while other big toy companies seek invention ideas for everything from board, dice and card games to outdoor, recreational activities and products.

Housewares and Kitchenwares

This is a huge market with companies looking for products that enhance outdoor living, dorm room living and living with pets. This can be a great area to have a new invention idea.  There are many DirectTV companies looking for these kinds of simple solutions for the home.

Tools and Hardware

Companies from the tool and hardware industry have always been very open to accepting idea submissions from inventors. The National Hardware Show is one of the top opportunities to meet with potential licensees.

There are literally hundreds of companies looking for new innovative ideas. If you or anyone you know has an invention idea and needs help getting it to these companies, please contact New Product Consulting.

Beginning in the late spring, Huggies will open their application period for two months. A committee reviews each submission with many factors in mind. Is it an original and creative invention idea? Does it solve a parental issue? Is it commercially viable? What stage of development is it in?

The program was born two years ago when Kimberly-Clark felt the need to tap into the mom invention ideas out there. Since then, twenty-one moms have become recipients of the Mom Inspired $15,000 grant.

In the “open innovation” age, major companies are creating more and more opportunities for inventors out there. If you or anyone you know has a new invention idea you would like to submit to Huggies Mom Inspired Grant Program, please contact us at New Product Consulting.

A consultant’s familiarity with the industry can be helpful when it comes to getting the product in front of the right people. They have a much better chance at pitching the idea for possible licensing opportunities with big name corporations.

Working with a new product consultant can certainly have a positive influence in the chance of your idea being successful. A good consultant will know the tricks of his trade and can accomplish things that may be difficult for individuals to do. In our years of working with new products and inventions we have run into countless situations where we could have saved product developers and inventors thousands of dollars if we could have spoken to them first.

Experience counts in every industry.  The world of new products and inventions is no different!  If you need help navigating the confusing world of bringing new products or inventions to the market please contact us at New Product Consulting.

Daymond is the founder of iconic apparel label, FUBU, and a “Shark” on ABC’s “Shark Tank.” With his knowledge in spotting greatness and Edison Nation’s capabilities in product development, this is a win-win combination for inventors. There is no limit to how many ideas may be selected from this search to be developed by Edison Nation.

If your idea is selected for commercialization, they will invest up to $1 million in development dollars into your innovation and bring it to market. All you have to do is fill out an easy-to-use submission form. Upload images, sketches and any other media that support the idea. Then, tell them your story. Each submission cost $25 which is a small price for a development deal.

At New Product Consulting we are always on the lookout for new opportunities to help our clients bring their new invention ideas to the market. If you or anyone you know needs help with a new invention or idea, please contact us at New Product Consulting.

On the QVC website they expressed, “We want to stay true to our roots, working with entrepreneurs who are just starting out in the industry.”

QVC would like to see a working prototype, but like any smart company they will not turn a good idea down no matter what stage in the process it is.

This is an exciting new program that can help anyone gain extensive exposure quickly on a new product. QVC is accepting submissions right now, so if you or anyone you know needs help submitting to QVC please contact us at New Product Consulting.

So let’s look at some of the main players you might come across on the path to license your product.

The Patent Attorney  

A lawyer is the best bet in protecting your invention idea. They facilitate patents and are the most qualified people in patent protection. They search, they write and then they file!

The Graphics Company

You want to see your idea look like a real product, so a cool logo, a great name and professional renderings are what you need. The graphics person is there to help visualize the idea!

The Drawing/Prototype Company

This is where you start to get really excited! You see your invention taking actual form as a person or team takes on bringing the idea to life!

Here at New Product Consulting we cover every aspect of your invention needs from start to finish. We have a team of people from lawyers, graphic designers to virtual animation prototype specialists and marketing experts with one goal in mind. To help you license your invention. If you or someone you know needs help marketing their idea to achieve a licensing agreement please contact us at New Product Consulting.

So, what are some of these tools that can be used?

Product Sell Sheets: This is a one page informational brochure that includes a graphic representation of your idea along with some benefit claims and contact information. If done right, a professional Sell Sheet is meant to catch the eye while maximizing simplicity in understanding your concept.

Basic 3D renderings: These are 3D designs of your idea in several different views -  either way they are basic renderings designed to help people visualize what your product might look like when physically produced.  

Virtual Prototype Demonstration: These animated demos are about the best tool out there. They are perfect for demonstrating to a potential licensee the usage and functionality of your idea.  If you dont have a physical prototype to demonstrate how your product works, these are the next best thing.

Professionalism is the key to starting a solid relationship with companies that are large and small.  To show companies that you are serious about your idea, include these kinds of marketing materials in your presentation. At New Product Consulting we specialize in consulting with our clients to develop the best marketing materials possible for their invention ideas. If you or anyone you know needs help with a new product idea, please contact us at New Product Consulting.

To calculate royalty rate, start by finding out how many stores they have and assume that each of those stores will sell one unit each week.

Now, try to estimate what the wholesale price of your product idea would be. With a rough estimate of what the wholesale price is and how many products are going to be sold, you can estimate how much money is going to be made from your product.

Finally, you can determine how much money you’re going to make at what royalty point. How much will you make at a 12% royalty rate? At a 8% royalty rate? At a 3% royalty rate? The usual negotiations start at 7% which can go down to 5%. The more work you’ve done on a product, the more you should ask for. Once you can agree on these terms, you can move on to the contract.

At New Product Consulting we help facilitate the right agreements to get the most for our product developers.  If you or anyone you know needs help with a new invention idea, please contact us at New Product Consulting.

The Major Advantages for Manufacturers:

• Injection molding allows for high production output rates.
• When producing your product you may use inserts within the mold. You may also use fillers for added strength.
• Close tolerances on small intricate parts are possible with Injection Molding.
• More than one material may be used at the same time when utilizing co-Injection Molding.
• There is typically very little post production work required because the parts usually have a very finished look upon ejection.
• All scrap may be reground to be re-used, therefore there is very little waste.
• Full automation is possible with Injection Molding.

The first man-made plastic was invented in Britain in 1861 by Alexander Parkes. He publicly demonstrated it at the 1862 International Exhibition in London, calling the material he produced “Parkesine.” Derived from cellulose, Parkesine could be heated, molded, and retain its shape when cooled.

The industry expanded rapidly in the 1940s because World War II created a huge demand for inexpensive, mass-produced products. In 1946, American inventor James Watson Hendry built the first screw injection machine, which allowed much more precise control over the speed of injection and the quality of articles produced.

Today screw injection machines account for the vast majority of all injection machines. The plastic injection molding industry has evolved over the years from producing combs and buttons to producing a vast array of products for many industries including automotive, medical, aerospace, consumer products, toys, plumbing, packaging, and construction.

If you or anyone you know has an invention idea which uses Injection Molding, please feel free to contact us for a FREE INVENTION CONSULTATION at New Product Consulting.

Will it make a profit?

Companies want new inventions that will financially benefit their company. Plain and simple, they want to know how much money it will generate.

Is it patented or has a patent pending?

Companies need to protect themselves when it comes to new inventions. Many of the large companies out there have a Research and Development department whose sole function is to come up with new ideas. They need protection when they look at outside submissions in case it is similar to one of their own in development.

Does it have an advantage over existing products?

Your invention idea should have a clear advantage over existing products in the market.

Has it received positive feedback?

It’s best if you can show positive market test results from concept surveys, interviews, focus groups or sales.

Is it developed past the idea stage?

Companies might be interested in an invention if it appears feasible based on your prototype, technical drawings and virtual reality prototype demonstrations.

Since companies get flooded with invention submissions, they need to quickly determine if an invention represents a good opportunity. If you have an idea that you need help submitting to companies please contact us at New Product Consulting.

“We saw how well Snuggie did. So we had a shot,” said Galganski. The buzz was starting to build slowly. And then Fergie, of The Black Eyed Peas, ordered one. The press picked up on it, and sales started to climb.

It’s a time of “Open Innovation” in the invention industry. A time when large companies will look at new product developers ideas. Here is why:

“Two things are happening,” said Scott Boilen, Ceo of Allstar Products group in Hawthorne, N.Y. “Innovation from large companies has dampened. And history has shown that the natural response among Americans to a struggling job market is entrepreneurship.” Boilen ought to know. Allstar turned the Snuggie into a cultural phenomenon with its memorable ads. His team gets pitched 5,000 to 7,000 ideas a year which is a level he calls, “all-time high. Maybe 1,000 to 2,000 of those are serious pitches.”

AJ Khubani, founder and CEO of Fairfield, N.J., TeleBrands, invented Doggy Steps, an affordable staircase for dogs. Although there are similar products around, Doggy Steps has sold over five million. “Part of the success formula behind “As Seen On TV” items is, creating a product that is affordable, functional, and fills a common need”, said Khubani. “It also helps to get some marketing firepower behind it, too.”

If you have an “As Seen On TV” idea and would like to submit to All Star and Telebrand please contact us at New Product Consulting.
 

The invention business is not a get rich quick overnight scheme.  If one company says no to your invention then just keep going.  Persistence pays off!

At New Product Consulting we help in all aspects of the industry. We can assist with developing and designing your invention, protecting it, and marketing to the right opportunities to eventually see your product become successful. This is an exciting time for inventors, so if you have an invention idea please contact us at New Product Consulting.

Negotiating a licensing agreement can take a lot of time, months even. And that’s because it’s not always easy to come up with an agreement that satisfies your demands and the demands of your licensee. But what’s worse than waiting a few months to develop an effective agreement is rushing into one that you don’t fully understand or aren’t fully comfortable with.

Find someone to help you because it can be a little overwhelming. I recommend hiring an outside consultant who is familiar with the process. Be very cautious, but try to see everything from their perspective as well as your own.  New Product Consulting has helped many inventors through the licensing process.

If you have an idea or invention you feel strongly about submitting to potential licensees please visit us at New Product Consulting.

One question I get often when it comes to licensing is, “How long will it take for the potential licensee to review my invention?” 

The answer is, “It depends on the potential licensee you are submitting your invention to.”

Every potential licensee has their own time frame set for when they will be able to provide you with a decision.  Remember some companies receive as many as 200 different invention ideas to review every month.  Licensing an invention is also a big decision so it takes time.

I recently assisted an inventor in submitting his invention to General Electric.  We received this response after submitting. 

“Thank you for your submission. Your idea will receive careful consideration by the appropriate people in the GE Business selected by you. The review process may take four to eight weeks and in some cases more time may be necessary. We would appreciate your patience in this regard. When a decision has been reached, we will let you know the extent of GE’s interest.”

Another company we recently submitted to had this to say. 

“Thank you for your submission to Belkin.  If Belkin is interested in your product idea, Belkin will contact you.  Otherwise, you will not hear back from Belkin about your product idea.”

These are just a couple of examples of the responses you may receive from potential licensees.  Most will give you a response within two to eight weeks.  The best thing to do in these cases is to sit back and be patient.  Give them the time they need to make the decision.  Don’t call every day and bother the person who you are in contact with.  Nothing will turn a potential buyer off quicker than someone calling every day wanting a decision.  Be professional in dealing with them and follow the procedures they have setup for evaluating your invention.

If you have a new invention you are interested in submitting to potential licensees including the show Shark Tank please visit us at New Product Consulting

   
The toy industry has been working with independent inventors for many decades, and is quite comfortable with the concepts of open innovation and licensing.  Everyone in the toy industry is looking for that one big product because they know that if they find it, they could sell millions of units. It’s just that type of industry.

The novelty gifts industry is another one that is also receptive to outside product submissions. There’s always a huge appetite for new and unique novelty gifts.  But watch out when inventing any type of seasonal gifts.  You may have developed the most popular gift for Father’s Day this year but your product is only going to sell for a few weeks. Companies that sell novelty gifts only sell a certain amount and then they’re on to the next thing.

At New Product Consulting we make it a point to find companies that accept outside submissions for licensing in all categories.  If you have the next big invention idea please visit us at New Product Consulting to get started.

For assistance with developing, protecting or marketing your own invention idea please visit us at New Product Consulting

Shark Tank is a reality television series that premiered on ABC on August 9, 2009.   The series stars five “Sharks”—multi-millionaire business tycoons—who hear investment proposals from entrepreneurs/inventors and consider whether to invest in the business ideas.

Shark Tank is a great opportunity for inventors, product developers and entrepreneurs.  They have access to millions of dollars in capital that can help take an idea from concept to success.  After much research New Product Consulting has developed a very professional approach to submitting your invention idea to Shark Tank.

If you have an invention idea you would like to submit to ABC’s Shark Tank please visit us at New Product Consulting and fill out the brief form.

FEATURES

• Provides simplified filing with a lower initial investment with 12 months to assess the invention’s commercial potential before committing to higher cost of filing and prosecuting a non-provisional application for patent.
• Establishes official United States patent application filing date for the invention.
• Permits authorized use of “Patent Pending” notice for 12 months in connection with the description of the invention.
• Begins the Paris Convention priority year.
• Enables immediate commercial promotion of invention with greater security against having the invention stolen.
• Permits applicant(s) to obtain USPTO certified copies.
• Provides for submission of additional inventor names by petition if omission occurred without deceptive intent (deletions are also possible by petition

This program can be a great step for inventors to take before filing a non provisional patent.  It can save you thousands of dollars in wasted patent fees if your idea doesn’t generate the interest you were hoping.

For assistance in getting started with any of your new ideas please visit us at New Product Consulting

So the question is, what are these companies looking for in an idea? 

Companies look for a fit with their product line in terms of functionality, target market, design, quality and profitability.  Your product might not fit one company, but could be perfect for another.  In general, companies want a product with the following:

• Will make a profit– Companies want profitable products in line with their business. For example, a company such as P&G expects products to produce $100 million, while a small company might be happy with $5 million in revenue.
• Is patented or patent pending– Companies want patents to defend against competition. If an invention is not patented and in the public domain, the company does not need you, they can make it themselves.
• Has an advantage over existing products– Your product idea should have a clear advantage over existing products in the market.
• Is developed past the idea stage– Companies do not want just an idea written on a napkin.  At a minimum, companies are interested in an invention if it appears feasible based on your virtual or physical prototype.
• Is a fit with their existing products– Companies want a product related to their expertise in manufacturing, marketing, and sales. For example, a company which sells sporting goods is less likely to be interested in licensing power tools.
• Is safe for the end-user – Companies are concerned about product liability lawsuits. Your product must be clearly safe to use. (It also helps if your product is environmentally friendly.)

Knowing what companies are looking for upfront can give you a major advantage when pursuing your ideas.  Cover these six areas first, before approaching them, and you will increase your chances that someone may be interested in licensing your idea.

For assistance in getting started with any of your new ideas please visit us at New Product Consulting 

Senator Leahy’s comments:

I am pleased that the Senate has acted quickly to pass a resolution designating May 2011 as National Inventors Month. On May 4, the National Inventors Hall of Fame, in partnership with the United States Patent and Trademark Office, will hold its 39^th Annual National Inventors Hall of Fame Induction Ceremony.

Our Nation’s inventors are the catalyst of our economy. Their inventions, when protected by a strong, efficient, and balanced patent system lead to new products and processes for American consumers and new jobs for American workers.

Earlier this year, the United States Senate passed overwhelmingly the America Invents Act, to ensure that our Nation’s inventors and innovators have a 21^st century patent system that speeds high quality patents to market. The United States House Committee on the Judiciary recently voted to approve a very similar version of this legislation on a strong bipartisan vote.  I look forward to working together to get the America Invents Act to the President’s desk and providing our inventors with the legal landscape they need to flourish.

Senator Patrick Leahy, D-Vt.

For the rest of the article visit http://networkedblogs.com/htWlf

For a free consultation on getting started with any of your own ideas please visit us at New Product Consulting

By the Fall of 1994, heading home from a long, less-than-fruitful roadtrip, Bert and John were desperately searching for answers to keep the dream alive. Little did they know, the only answer they needed was back in Boston, hanging up on their apartment wall.  Jake’s contagious grin, simple as it was, seemed to express everything the Jacobs brothers believed in.  

One fateful September day, they printed up 48 Jake shirts for a local street fair in Cambridge, Massachusetts. They laid the shirts out on their rickety card table. By noontime, all 48 of those tees were gone. A star was born.  Soon Jake was introduced to local retailers, and his simple message of optimism was embraced like nothing the brothers had ever seen. As demand for product soared, Jake’s team grew, and the Little Brand That Could began to spread across America.  Today, the New England based brand stays close to its roots, with an emphasis on simplicity, humor and humility. Through Life is good Festivals, positive products, and a steady dose of ping pong, Jake’s crew does its best to keep the good vibes flowing.

Life Is Good is a perfect example of taking an idea and through hard work and dedication bringing it to success.  The world of inventing and product development is not a get rich quick overnight sort of industry.  There is a lot that goes into making a product successful.  The Life Is Good story is a great lesson for new inventors.  Don’t give up!  Be dedicated! 

If you have an invention idea that you feel could be a huge success please visit us at New Product Consulting and fill out the brief form.

Shark Tank is a great opportunity for inventors, product developers and entrepreneurs.  They have access to millions of dollars in capital that can help take an idea from concept to success.  After much research New Product Consulting has developed a very professional approach to submitting your invention idea to Shark Tank.

We recently worked with Inventor Kim C. of Missouri to protect and prepare her invention idea, The Glove Detector, to be submitted to Shark Tank.  After obtaining a provisional patent application and preparing some professional 3D renderings to demonstrate her invention to potential investors we have submitted the idea to the show.  We are very excited for this opportunity for Kim and are hoping the investors like her invention as much as we do.

If you have an invention idea you would like to submit to ABC’s Shark Tank please visit us at New Product Consulting and fill out the brief form.

Number One – Know Your Competition

Your situation is that you have a new invention idea and you want to know the best way to proceed forward with the idea.  One very important step is to know your competition.  Before you do anything else, check and see if anyone out there is doing anything similar.  Are there any similar products serving the same function your idea would provide?  Are there any similar designs to the one you have in mind?  Once you know more about what is on the market currently you can figure out if you want to continue forward with your invention idea.

Number Two – Who Are You Selling To?

So, who would your invention idea appeal to?  Is it an electronics product?  Is it a new tool you came up with on the job?  It is very important to understand who you want your target to be.  You aren’t going to approach a company that builds laptop computers if you have an idea for a new shoe design.  Research companies that make products in the same industry as the product idea you are working on.  If it is a tool, then go to Home Depot or Lowe’s and look for companies that already make products in your market.

Number Three – Sell Benefits

Many inventors make a huge mistake here.  Presentations for your invention need to make sure they focus on the benefits to the buyer.  If you are selling an idea to a manufacturing company, you need to make sure the company understands how the product will benefit them.  Any disconnect between you and the manufacturer is going to bring down your chances of making the sale.

Number Four - Make Sure You Get To The Right Person

This is another area where amateurs fail.  You must get your product in front of the right person within the company you are approaching.  Most companies in the invention promotion business will send out mass flyers to manufacturing companies.  Other invention promoters will put your idea in a database and sit and hope that someone sees it.  Both of these methods are ineffective and a waste of time.  Be aggressive!  Make sure you get a hold of the person within the company you are approaching who handles new products for the company.  If you are pitching the secretary, then you are wasting your time.  This is one area where a professional who has been in the invention business for many years can help.  But be careful who you deal with.  Make sure you ask them how they plan on approaching potential buyers.  If they arent going to be aggressive with your idea then don’t bother.

At New Product Consulting you will work one on one with the owner.  He has over ten years in the business contacting companies for inventors.  He will be aggressive with your idea and make sure it gets in front of the decision maker in the company you want to sell to.  For a FREE consultation on how we may be able to help you with your invention idea please visit us at New Product Consulting!