Often, the ideas for many inventions die in the prototype stage. Some inventors spend thousands of dollars in legal fees for patent approval only to learn later that the idea wasn’t sustainable or the product will cost more to manufacture then people are willing to spend on it. When Eric Jackson, 41, first started creating a prototype for his invention, Lock Laces, an innovative elastic lacing system to keep shoestrings laced, he started using household materials and parts before he took the idea to an attorney to have it patented.
While the patent was pending he started looking for distribution and fulfillment companies to put the product together, but the prices he found were too expensive. A friend mentioned to him that their relative had worked at Opportunity Builders, Inc., a nonprofit that offers employment opportunities for adults with developmental disabilities. Not only was Jackson amazed at the efficiency of OBI, but the fee they charged to assemble Lock Laces was nominal compared to what regular companies charged, so he took them up on their services. Later he also realized OBI and Lock Laces shared fans; in addition to its popularity with athletes, the laces are admired by parents of kids with disabilities. In fact, Lock Laces donated 3,000 laces to the Special Olympics this summer.
Now, 11 years later Lock Laces are sold on Ebay, Amazon, and in 450 retailers across the country, and OBI handles the product assembly, packaging and distribution for all of it. In addition, Jackson recently signed a deal for placement of his product in 600 Foot Locker stores, which OBI will provide the assembly for. Here are Jackson’s five tips for building a suitable prototype for minimal costs.
Create a tangible prototype. Your initial patent starts with an idea, says Jackson. You need to be able to convey the idea into something visual, whether it is initially a design or sketch that is drawn on a piece of paper or something done using animation or computer graphics. Sometimes things sound great on paper and they look good as a design, but when you actually put
it together at some point you realize that this isn’t going to work,†says Jackson. Since you will base your patent on the materials you plan to use, it is still important to take that graphic and create a tangible prototype. That way, you won’t need to worry about your patent being rejected for not working correctly because your patent will be based on your prototype.Try to make the prototype yourself first. If there is a way that you can make it yourself you will have a better idea of what goes into making the product, says Jackson. That will help give you a better sense of whether the invention is actually feasible, and what type of manufacturer to use. To get a manufacturer to make a prototype can cost hundreds of thousands of dollars, so see if there is any way to make the prototype using household items or things you find in a hardware store, says Jackson. “Once I did that I knew I could call one company for one part of the product and another company for a different part of the product to create a working prototype that I could maybe take to market.â€
Understand what the retail value of the product should be.
A lot of people come up with a great idea but they never know how much to charge. To determine the perfect price point to sell your product, first calculate how much your product will cost to make. Think about the big picture. You not only have to look at how much the product materials cost, but also the labor costs, or the price a person or a manufacturer will charge you to make it, in addition to wholesale and distribution costs. Try to use less expensive materials, and look at volume. The cost per individual product will go down if you purchase materials in larger volume. “All of that will go into the pricing structure,†says Jackson. Next, look for similar products on the market and see what their prices are. Make sure your prices are competitive (i.e. they will provide more value for your customer). But make sure you are able to still earn a profit.Don’t disclose your idea to manufacturers. “One of the challenges you may have when coming up with a prototype is disclosing what you are
doing with the components that you are requesting,†says Jackson. “Look for multiple manufacturers to make your one prototype, but never really tell them what the parts are for to keep your ideas from being stolen.†Jackson got separate components from three to four different companies to make his prototype. You can also hire a manufacturer to make your prototype, but only after they sign a nondisclosure agreement.Use the materials that the manufacturer already has in place. If your patent is comprised of multiple parts and pieces, use parts that are already in existence unless it is absolutely necessary that your idea has to use specific types of plastic or metals, which need to be manufactured anew. “You don’t want to reinvent the wheel,†says Jackson. “If you can take components that are already being made by a particular manufacturer that will save you production time, costs, and labor.â€
Visit the Inventors Insider next week for more information on how to be successful at creating and monetizing your ideas.
For more information visit:
The American Society of Inventors
The National Society of Inventors