How can you and your idea benefit from Smart Idea Store? Find out about the services and resources that are available and the decisions you need to make!
There are a variety of benefits to be had as an inventor from the resources and services offered through this website:
This page is part of the resources section of the Smart Idea Store website hoping to provide you with insights from your fellow inventors about how to invent the next big thing and guides to handle all the stages in the innovation process from evaluating your initial ideas to handling the sales and marketing, if you want to go that far. All these decisions are up to you as there are commercial experts and companies who can manage the development and commercialisation of the technology that results from your ideas. The resources are only there to act as a guide.
There are also resources from investors and project partners so that you can find out more about the resources and services that they offer. Get a better understanding of what the motivations are for different investor types and the various project partners, what information and milestones they need to do their job or make a decision and the terminology that they use.
The idea being that all the different parties involved in a project have a better understanding of each other’s roles to enable projects to run smoothly.
The resources have been listed by stage of innovation (Before You Start, Generating New Ideas, Evaluating New Ideas, Managing Product Development and Commercialising Proven Technology). There is also a search box so that you can search for specific keywords.
Creating an idea homepage that describes your protected idea, its benefits and the potential markets for the application can be an excellent way of attracting investors to back your project and project partners who have the services and resources that you have identified to develop the technology and commercialise the final products.
An idea homepage can be a great vehicle to promote your technology, attract interest for project partners and potential customers and create a buzz about your technology even before it is launched.
However, it does require you to provide some detail about your idea and, as well as attracting project partners, it may also alert your competition.
Some inventors are not bothered by that. How much insight can be gleaned from a paragraph on a website? If the idea is eventually successful, the patent will eventually be made public and the product will hit the market. The competition will either read the patent and develop competing technology or reverse engineer the commercial product and develop their own version.
It is ultimately your decision whether you patent your idea or not. In some sectors, such as Life Sciences with the likelihood, timeline and the costs involved in getting a product to market, your investors and project partners may insist on a patent to reduce competition and monopolise the market to cover the costs and make profit.
The next option is to create an idea homepage and explain the market for your idea and that you have technology that solves a particular problem or improves our quality of life and invite potential investors and project partners to contact you to discuss a confidentiality agreement to discuss your technology in more detail.
The last option is to not use the idea homepage but rather to search the database to find investors who are investing in similar technology or sectors and project partners offering the services and resources that you need and explain the situation and ask them to reply if they are interested in getting more details under a confidentiality agreement.
There are potential risks and benefits associated with each option and it is ultimately up to you, as the inventor, to determine which option is best for you and this may change from idea to idea . Our guide on risk versus reward may help you decide which option is best for you or you can speak to a commercial expert to get advice on the type of protection expected by investors and project partners in a particular sector.
Search the Smart Idea Store database to find investors and project partners to collaborate with to evaluate, develop and commercialise your ideas. Find the people and organisations that you need to make the most of your good ideas.
Smart Idea Store
January 10, 2013