After being in the new product development and invention development business for nearly 4 decades, we have sadly heard it all in terms of somewhat predatory practices that take advantage of well-meaning and bright-eyed inventors and entrepreneurs. It’s the optimism, inexperience, vision for the future and hope that makes inventors a potentially easy target. Many clients come to IDP after spending thousands, tens of thousands of dollars, or even more, with nothing but empty promises.
We are writing this blog as a cautionary tale of what to look out for when seeking out invention companies and product development assistance. We have all heard of these large “Invention Assisting” entities. Certainly, they provide some tangible helping services. Some make their money by offering big sky and impractical dreams for a mid-level type investment that is often times too good to be true. Some of these companies will put together pretty pictures that are not based on mechanical engineering or electronic engineering or any kind of technical of feasible research. They claim that with these drawings and some preliminary patent work, it is possible to obtain a lucrative licensing deal. While possible, it is often improbable. In nearly 40 years we have not learned of 1 success story of an invention idea that obtained a lucrative licensing deal. Are they out there? We think so and hope so. The problem is that these deals are nearly impossible to come by and the success rate is incredibly low. After going through this process, many of these disgruntled entrepreneurs have come to IDP after spending thousands of dollars; have no licensing deal, and images of a product that cannot actually be made.
Why work with a real product development company like IDP?
-Our team of project managers are up front in terms of the process, time and cost of new product development. Sometimes we are told we are too blunt! The truth is there is no real way to get rich quick and schemes that seem too good to be true usually are too good to be true.
-IDP uses experienced and talented mechanical engineers and electronic engineers, industrial designers, prototypers and manufacturing experts. For all projects, we focus on product design and engineering solutions that will work, are manufacturable and that meet product requirements.
-We always start with engineering and functionality first and then design aesthetics. Having a design deck of pretty pictures can be exciting, but may only set you up for failure or redesign down the road.
-We also caution clients on the correct time to get a patent attorney involved. While starting with a patent search can prevent infringement, taking a patent too far without engineering expertise can be costly down the road. We sadly see many granted patents that are not feasible or manufacturable for a number of very basic reasons.
-Our vast and varied expertise allows us to advise our clients on the correct order of things. We follow a process that starts with outlining a detailed PRD and then get to work on engineering solutions and product prototyping iterations.
While the advice and guidance that we give to inventors and start-ups is not always easy to hear, we pride ourselves on giving real world and practical advice!
