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Copyright © 2006, Slingshot Product Development Group inc.
Taking Your Invention
from
Drawing Board to Market
Copyright © 2006, Slingshot Product Development Group inc.
Who is Slingshot?
• We assist inventors, start-ups, and established companies with the creation of new products
• We innovate products in a variety of industries: consumer, medical, military
• Staff of 15 designers and engineers focused on taking products to market
Copyright © 2006, Slingshot Product Development Group inc.
Some of Slingshot’s Clients
• The Coca Cola Company• NASA• Lockheed – Martin• Boeing• Plantronics• Yamaha• Kimberly Clark• Meco / Samsonite
• Panoz Auto Development • Snapper• SeaRay• CharBroil• Toto• Hoshizaki• Radiant Systems• Isonics Homeland Security
Copyright © 2006, Slingshot Product Development Group inc.
Slingshot’s Approach to Start Ups
1. Minimize upfront investment2. Equip the inventor to get funded and become a start-up
• Investor Presentation• Prototype• Business Plan input
3. Once the start-up is funded…• Optimize Design / Engineering• Documentation / Regulatory reqs, etc.• Qualify and Engage Manufacturing
Irrimax Wound Irrigation DeviceStart-Up company launched by Slingshot
Copyright © 2006, Slingshot Product Development Group inc.
Inventor Misconceptions
• It’s perfect just the way it is• Someone will buy the patent• There’s nothing like it• All I have to do is show it to Wal-Mart• Everybody will want one• I can get a 2nd mortgage and … all I have to do
is get some made, then I’ll start getting cash…• I just don’t have enough time so I’ll quit my job
and…
Copyright © 2006, Slingshot Product Development Group inc.
How do you turn an idea into a profitable business?
• Appropriate Funding• Marketing / Sales / Distribution• A Good Product
Copyright © 2006, Slingshot Product Development Group inc.
• Invented by a doctor• Now distributed by Cardinal, one of the nation’s leading healthcare distributors
Case Study: Irrimax
Copyright © 2006, Slingshot Product Development Group inc.
Where to start
Basic Questions:• Is there something like it out there? • Will it sell?• How much will it sell for?• How much will it cost to make?• How many can I sell?
Copyright © 2006, Slingshot Product Development Group inc.
Tip #1 – Find Prior Art
• www.Google.com (hyperlinked by popularity)• www.vivisimo.com (grouped results)• www.ebay.com (tried but pulled from
market)• Ask around – solve the same problem• Collect competitive products• www.uspto.gov (patent database)
• It’s not just about “is it already out there”, it’s also about “what can I learn” and “what strategy do I use to position this product”.
Copyright © 2006, Slingshot Product Development Group inc.
Tip #2 - Patent Searching
• Log/plan your research• Brainstorm your search words and keep refining• Cross search “referenced by” and “references
cited”• Cross search “inventors” and “assignees”• Bring results to a patent attorney
• Don’t just search blindly until frustrated/exhausted.• You can start to feel how everything is cross-
referenced back to a few core patents.
Copyright © 2006, Slingshot Product Development Group inc.
Tip #3 - Patent Attorneys
• Interview several patent attorneys – Association of Patent Law Firms – www.aplf.org
• Don’t Ask: Can I get a patent on this?• Do Ask: How strong is my intellectual
property position and strategy? • Ask: Cost for a provisional patent application?• Ask: Confidentiality Agreements
Copyright © 2006, Slingshot Product Development Group inc.
Tip #4 - The 10-Person Test (true insulters, not flatterers)
Don’t Ask: Do you like the idea
Do Ask: Would you pay $?? for this product
Copyright © 2006, Slingshot Product Development Group inc.
Tip #5 – What is the size of the opportunity?
• Market data and free business consulting-
– Small Business Development Center.
– www.sbdc.org & www.score.org
• Determine your specific primary target market• Come up with factual numbers that help estimate the
market size• Use a creative approach, look for the data indirectly
– special interest magazines/clubs subscription totals
– annual reports
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