Based out of Minneapolis, Minnesota, Enhance Product Development is a firm that provides industrial design, engineering, prototyping, and licensing services to its clients. Enhance Product Development’s clients are often inventors, entrepreneurs, and consumer product companies in need of services that help develop and launch new products.
Inventors face a number of unique problems when attempting to bring their products to market. While mistakes are a natural part of the learning process, there are some errors that can be easily avoided to facilitate a more effective business venture.
To begin, no inventor should invest time or funds into an idea without first performing adequate market research. They should devote sufficient time to researching the Internet, stores, and catalogs to make sure the idea does not already exist before moving forward.
Additionally, it is often the case that inventors file full utility patents at the start. Whereas the utility patent is an important component to successfully licensing an invention, it is also quite expensive and can be done later when it becomes evident the invention will be successful. Instead of filing the utility patent, a provisional application for patent is far less expensive and provides a full year of patent pending status. During that time, the inventor can continue to develop their invention, survey interest from potential licensees, and if a deal is likely, then file the utility patent at that time.