Testing the Market
Know the Competition

Competition is the driving force behind the success of our free market economy. Competition keeps companies from over-charging, selling poor products and controlling entire industries. Competition promotes new and exciting discoveries, and inspires each company to try and out-perform the next. Because the structure of our economy is bound to competition, inventors must follow suit. Before taking a new product to market, inventors must investigate potential rivals.

Who is the competition? Any person, inventor, or company that has a product similar to a new invention poses a threat to product success. Are there similar products on the market; are there patents for similar products? Are there companies in a particular industry who might be upset with the new invention? Are there companies who will steal the new idea for themselves?

Answering these questions will help inventors better understand their market and come up with reasons why their product is newer, bigger and better for their customers.

Paper outline

• Protecting inventions
  • Patent search
  • Provisional patent
  • Formal patent
  • Patent lawyers
• Manufacturing the product
  • Manufacturing choices
  • Manufacturing prototypes
  • Shipping & importing
• Getting resources and financing
  • Needed funding & business plan
  • Where to get funding
  • Tips
  • Conclusion
• Testing the market
  • Potential customers
  • How much will they pay?
  • Survey potential customers
  • Barriers to entry
  • Know the competition
  • Conclusion
• Preparing products for market
  • Legal & financial protection
  • Packaging
  • Manuals & Documentation
  • Warranties
  • Full package creation
  • The Web site
  • Money, invoicing & taxes
  • Shipping & distribution
  • Conclusion
• Closing thoughts
• Download the entire paper

Check out the Silent Timer Web site to see the product Erik took to market. Contact him with any questions.