As President of a local inventors group I can’t tell you how many inventors I meet who have spent big bucks to procure a patent but never built a prototype. So they have no idea if the invention really works. Others who have a garage full of product, just collecting dust because they never tested the market before hand. However, most successful inventors and product development companies that I know, start off with a Proof of Concept Analysis BEFORE they start spending money. So if they do it, why not you?
A full Proof of Concept Analysis consists of three equally important parts: Business Analysis, Ownership Analysis and Product Analysis. These steps should be developed simultaneously or at least completed before moving on to development or you WILL certainly regret it later. I usually start with the one that I consider to be the weakest link in the chain. For example, if I think ownership might be an issue I will do a pretty strong patent, product and industry search especially if I think I have seen something similar.
To read the full, original article click on this link: Keep Your Money In Your Wallet Until Proof of Concept | IPWatchdog.com | Patents & Patent Law
Author: Leo Mazur
