Navigating the Manufacturing of Your New Product
Navigating the Manufacturing of Your New Product was originally published on Industry Today’s website.
When you have a cutting-edge invention, you need to understand market research, prototyping and building a business case when considering manufacturing your product. Many inventors fail to remain objective. And, they don’t ask for help through the process. To take your bias out the of the equation, Tommy Kirk, COO of Alotech, Inc. and COO of CTI Systems, advises inventors to seek a third-party firm to conduct relevant market research. He also advises inventors to seek out experts in the market all along the path to manufacturing. Read more as Tommy shares his insights inventors can learn from when manufacturing new products and learn more about what Tommy considers key to bringing your invention to life and navigating the manufacturing process.
Excerpt from Tommy’s Industry Today article:
An early mistake made by many inventors is failing to remain objective. This is because we can’t help being biased—armed with a patent or patent application, it’s easy to believe “my idea is the best one.” But the hard fact, according to Richard Maulsby, director of the Office of Public Affairs for the U.S. Patent & Trademark Office, is there are around 1.5 million patents in effect and in force in this country. Of those, maybe about 3,000 are commercially viable.
That’s a <1% chance that your patent will bring commercial success.