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Costas B. Chantzis, CEO 


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How to Screen an Idea, Invention and Succeed,idea screening criteria,idea due diligence

 

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Contact us for information on our proprietary Intellectual Property, New Product Screening and Evaluation Tool. It is a simple but powerful due diligence intellectual property model for continuous screening and quantitative evaluation of new product ideas. It incorporates 154 market, technology, manufacturing, distribution, legal and other related criteria.

What screening criteria is your company using to separate ideas into good and bad? Are you satisfied with their ability to predict product success? Most likely, you are not satisfied because only few of the ideas which pass these screening tests ever become market and profitability hits. 

The purpose of screening is to spot and drop poor ideas as early as possible. The cost of product development rises substantially at each successive development stage. When products reach later stages, management feels that it has invested so much in development that the product should be launched to recoup some of the investment. But this is letting good money chase bad money. The practical solution is to prevent poor product ideas from getting this far. 

Even if a given idea appears to have potential, a company has to decide whether it fits well with its mission, objectives, strategies, core competencies and resources. A product-idea rating device might include a checklist of specific factors and their relative weight, the company's competence level in each of these factors, and an overall rating for the company's ability to develop and launch a new product successfully. 

In the screening stage, companies need to devise and implement effective methodologies for avoiding two types of errors. 

A DROP-error occurs when the company dismisses an otherwise good idea. Too many DROP-errors suggest that an organization is too conservative. 

A GO-error occurs when the company fails to catch a poor idea before it moves into development and commercialization. 
 

Our Idea Screening Criteria: A Key to Your Success

You can screen and qualitiatively determine the technical and business merit of your new product idea by providing answers to the following questions for each of the products that you would like to develop and commercialize. 

1. What compelling evidence do you have which clearly demonstrates that you are the sole inventor of the subject new product idea? Please provide copies of the recorded idea from your notebook and/or other document.

2. Which Unmet needs is the product going to satisfy? Why should a customer buy this product and not that of competition (if it exists)? 

3. Is there sufficient data to substantiate that these are truly Unmet needs for the customer? 

4. Are there any barriers to entry for the new product, i.e. utility or design patents; trademarks, etc., etc.? If not, how easy it might be for someone to reverse engineer and copy the new product? 

Note: Please provide us with complete copies of any patents or Provisional Patent Applications (PPA) you might have. 

5. Which product features will satisfy these unmet needs? How? 

6. What product claims will be made? Can these claims be substantiated through scientific and other compelling evidence? 

7. Are design criteria established for the product? 

8. Have preliminary product, component and packaging specifications been developed? Do you have any product models or prototypes made?

9. What type of testing will be done in order to evaluate the soundness of the product design? 

10. How long should the product be expected to last? 

11. Does the new product have sales potential in the targeted market? If so, provide numbers, etc. 

12. Who is the competition? 

13. How can they affect the new product's sales? 

14. What are the most effective channels of distribution? 

15. What are the prices of own and competitive, similar products? What is the expect net profit (after taxes) per each product sold? 

16. Which are the major factors that influence potential users? Price, quality, brand name, service, etc.? 

17. What is the best way to gain exposure in this market? 

18. Are there any drawbacks to selling in this market? 

19. Who are the best potential buyers and representatives for the new product? 

20. Are there any potential licensing or joint venture partners in this market? 

21. Do you have the required experience, know-how and resources for effectively marketing /selling and distributing the new product? 

22. What level of funding do you need? Do you have a business / marketing plan which could justify how these funds would be allocated? 

23. Why would a potential investor be willing to fund your new product efforts? What should he /she expect in return? 

24. What are your underlined assumptions concerning the viability of this business? 

25. What are your "What if" scenario concerning your projected estimates for market size, penetration potential, profit margin, etc.? 
 

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