Ask who your end user will be

Keep it narrow.

While everyone may benefit from the product, realize that not everyone will buy it.

Start an inventor’s notebook. You can use a composition book, but don’t tear out any pages. In great detail, describe the process used to create your product. Have someone with no financial stake in your idea sign each page to certify that she understands your process.

After you’ve determined that you have a worthy product and you’ve documented how you created it, it’s time to legally protect your invention by applying for a patent – or at the very least, a provisional patent. Provisional patent applications act as temporary placeholders that allow inventors to file inexpensively without including a formal patent claim, oath or declaration. Once you file one, you’ll have one year to investigate factors such as the invention’s feasibility and patentability.

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The idea is the first step. Here’s how to turn it into a business.

There was a time when companies exclusively relied on their research and development departments and everything was invented in house, but that only worked when products had a shelf life of five to 10 years. Now, because of customer expectations, companies have to consider outside inventions.

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We gave a very successful pitch on the Dragon’s Den, if you are thinking about presenting your business to an investor or on the Dragon’s Den, my advice would be:

1: Preperation, Know your product, who will buy it, why they would buy it and can I make a profit on it.

This is the bottom line which all investors want to see.

www.rte.ie/tv/dragonsden/response_darrenlouetfeisser.html

RTÉ Television – Dragons’ Den

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