Copyright © 2006, Slingshot Product Development Group inc. Taking Your Invention from Drawing Board to Market

Copyright © 2006, Slingshot Product Development Group inc.

Taking Your Invention

from

Drawing Board to Market


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


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


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


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…


So, how much is a good idea worth?


How do you turn an idea into a profitable business?

• Appropriate Funding• Marketing / Sales / Distribution• A Good Product


• Invented by a doctor• Now distributed by Cardinal, one of the nation’s leading healthcare distributors

Case Study: Irrimax


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?


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”.


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.


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


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


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


• Have fun with the process.• Don’t pour your whole life savings into it

(use other people’ money).• You must have a passion for building a

business… inventions aren’t a “Get Rich Quick” scheme

In Closing

Documents

Copyright © 2006, Slingshot Product Development Group inc. Taking Your Invention from Drawing Board to Market