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Suggest You - I Can't Find Funding. Is My Idea Dead? No, Consider a Campaign to License!
What Is DFSS And How Does It Compare To DMAIC? artful enough to receive any cover.For those organizations that are constantly engaged in innovating their products or services, DFSS, an acronym for Design for Six Sigma, is not new. But the general statement by many that they are implementing Six Sigma shows that they are a little bit confused - in most cases one will be using DMAIC, which is applicable in cases where there are products and services that already exist.DFSS is more focused on innovating and designing new products or redesigning them to suit the business. The designing exercise can be started from scratch, as it has happened in many cases. Thus, DFSS is implemented for design of new products.DFSS Is Closer To DMADVIn actual practice, DFSS hardly differs from DMADV, an acronym which stands for Define, Measure, Analyze, Design and Verify. It is this design factor which makes all the difference between DFSS and DMAIC. The designing or redesigning a process or a product arises by following the Define and Measure steps. You will notice that these are the same initial steps in DMAIC implementation. Even the analysis stage, going by the name, is somewhat similar.Many experts acknowledge the difference in the analysis stage, even though the name suggests similarity. Analysis in DFSS has its intention focused on critically looking at vacuums that beckon new services or products from scratch or improving upon something. Whether the deployment proceeds to design stage depends on the outcome of pragmatic analysis.Six Sigma practitioners hardly disagree that the suggestion of creating something from the ground up requires nothing less than a critical review of the need for the proposed product. The basis for such an analysis is the Voice of Customer and business objectives as defined in the first stage. This argument should also explain the objectives of choosing DMADV or DFSS.How Does DMAIC Fare In The Wider View Of Things?Six Sigma DMAIC, as everyone knows, encompasses every aspect of doing business. DMAIC emphasizes Defining, Measuring and Anal If an item has dicey patent prospects we like an alternative strategy. I have been a proponent for several of my clients of a strategy we call “patent pending forever”. Our goal is to keep a product in patent pending status for as long as possible by timing addendum to the application and art and filing these in order to keep having the filing reviewed again. During patent pending a filing is essentially in limbo. The advantage for the inventor is that there is no publication of the details of the art, features and unique benefits of their product. Secrecy is an asset. Once a patent number is received two undesirable things happen: details of the patented product become public knowledge, and the clock starts ticking against the 20-year life of the patent. For most entrepreneurs seeking a license, we do not push for international patent filing. International filing is very expensive and we let the licensee assume this expense. Source of Production, Manufacturing Depending on the product, service or technology offered for license, you MUST source production. The reason is simple: this will set you apart from the dreamer. It reflects your commitment to the opportunity. It reassures that th Mobile Oil Change Business; 10 Vehicles Per Day Most inexperienced entrepreneurs are unaware of the many options and alternative strategies available to push a new idea or invention to market. The most common approach they seek to implement is a classic funding round. When this avenue fails, and with overwhelming frequency it does, the idea often is dropped.Is it possible for a mobile oil change business to do ten vehicles per day just starting out? Many people going into the Oil Change Business, as independent small businesses base their business plan and risk their capital on the assumption that they can do ten vehicles a day at a pure profit of $15.00 to $18.00 per service or vehicle.Many people believe that they can indeed do 10 vehicles per day, yet they must also consider that, during this time they will need to be getting their efficient routine down, constantly searching for new business and worrying about making sure they have the proper inventory of air, oil and gas filters on board. Additionally they will be driving around a lot and at $3.00 per gallon there is more cost to consider. One new entrant to the market place stated:“If I could change 10 vehicles a day at a$15.00 profit x 4 days I would double my current salary at wall mart.”Indeed, you might be able to although I find that most people just starting out have a tough time at 10 per day and usually end up doing a lot less average when starting out. Remember the intervals are 3-5 months for most folks so your customers will not be using your service very often. Although if you could continually sign up small fleets, like the local sheriff department, Air-Conditioning Companies, Companies or even City Hall you could be well on your way to get to your goal.By mixing 20-30% residential with 70% to 80% fleets it could be done, with proper sales and marketing, if you stayed efficient on your routes and were able to cut costs by good buying of supplies at lower costs. You could make it work, but realize that 10-per day is not easy to do consistently when you start, you should know that up front. Think on this in 2006. Driven inventors attend invention trade fairs, venture capital conferences, small business incubators, and network at every possible opportunity in search of funding and working capital for their invention. It is commendable and a tribute to the pursuit of the American dream that such efforts are expended in this daunting effort. However, virtually all will come to a disappointing end with no funding and disappointment. In 2005 over 500,000 new business incorporations were organized in the United States. This does not include the hundreds of thousands of sole proprietorships, partnerships, joint ventures and strategic alliances formed. From this sea on creative, new opportunities only about 1000 were funded by traditional venture capital sources. The odds are so long against a successful funding round: the wonder is that so many entrepreneurs, with so much creativity to offer, are chasing so few sources of funds. There are other opportunities and strategies available for successfully getting a great idea to market. The bar for acquiring venture capital funding is so high, so difficult and so competitive, that it is unfortunate how many inventors quit the pursuit of their goal after receiving no traditional funding commitment. One of several alternatives to venture funding is a license campaign. Licensing is the assignment of intellectual property or product rights to a licensee for consideration. The consideration may consist of a rights fee, royalty, options, personal service fees, minimum annual sales turnover and more. The licensee agrees to make good faith efforts to commercialize the product or intellectual property and the agreement is memorialized in a License Agreement. There are many more companies interested in licensing a product or technology than there are conventional funding sources for startups. Having said this, there is really no difference in the requirements for success in either venue. You will just get more swings at the ball when seeking a license for your project. Entrepreneurs read about Blackrock Capital, Harvard Capital Management or Kohlberb Kravis Roberts funding a new opportunity for $200 million dollars or more. This is exciting, motivating and for most, unrealistic. A fully fundable opportunity is a rare amalgam of huge upside, mitigated risk, unique, potentially disruptive product and REALLY strong, experienced management. Very few entrepreneurs can present such a comprehensive package. In the world of licensing the product, upside, risk mitigation and disruption features are crucial. Management is irrelevant as the licensee presumably has the management in hand to drive the project to success. The same elements that excite venture capitalists also excite the licensee. They are keen on a strong Unique Selling Proposition detailing the niche the product will claim. A powerful, well-structured sales model will quantify and support the sales universe available to the product or technology. There are many successful approach strategies available when seeking to license an exciting new product. The following are some broad elements we have utilized in our consulting firm with success. Remember there is no linear, set in steel index to follow. Innovate, adapt and keep pushing and try everything necessary to get that appointment with the decision-maker. Create a Working, Production Quality Prototype Whether you have a new product, a service or a technology, you MUST be able to demonstrate the unique features and benefits of your offering. Some inventors have a facility to create, design and construct the necessary demonstration unit. The great majority of people do not. This is a simple hurdle to overcome. In every city in America there are job shops, product design and development firms, engineers and software writers capable of providing professional guidance resulting in production of the prototype required. A key by-product of this process will be the creation of 3-D, Computer Assisted Design art. This art is essential in the assembly of the product for production, in obtaining crucial and totally accurate cost of goods and filing patents. Patent Filing – Intellectual Property Protection Very few licensees are interested in investing significant monies in marketing a new product without the guarantee of some patent, copyright and/or trademark protection. See a Patent Attorney. Patent law is exceedingly specific and for this reason it is a legal specialty. A competent patent attorney will conduct a search and, using the results, advise the possibility of successfully receiving a utility patent (highly preferred), design patent (patent on art, easily overcome) or not being artful enough to receive any cover. If an item has dicey patent prospects we like an alternative strategy. I have been a proponent for several of my clients of a strategy we call “patent pending forever”. Our goal is to keep a product in patent pending status for as long as possible by timing addendum to the application and art and filing these in order to keep having the filing reviewed again. During patent pending a filing is essentially in limbo. The advantage for the inventor is that there is no publication of the details of the art, features and unique benefits of their product. Secrecy is an asset. Once a patent number is received two undesirable things happen: details of the patented product become public knowledge, and the clock starts ticking against the 20-year life of the patent. For most entrepreneurs seeking a license, we do not push for international patent filing. International filing is very expensive and we let the licensee assume this expense. Source of Production, Manufacturing Depending on the product, service or technology offered for license, you MUST source production. The reason is simple: this will set you apart from the dreamer. It reflects your commitment to the opportunity. It reassures that the An Insider's Look On The Mazu Business Pack r opportunities and strategies available for successfully getting a great idea to market. The bar for acquiring venture capital funding is so high, so difficult and so competitive, that it is unfortunate how many inventors quit the pursuit of their goal after receiving no traditional funding commitment. One of several alternatives to venture funding is a license campaign.Have you herd about the mazu business pack? If you are reading this article I am sure you know a little bit about it. If not I am going to tell you exactly what comes with the mazu business pack, and why it is one of the top home business programs on the Internet.If you are someone that is looking to work at home, and are tired of all the lies and false claims being made you are in the correct spot. Mazu tells not lies, and makes no flase claims of becoming rich over night.What mazu does do though is show you 10 extremely profitable ways to earn and extra income working online. Whether you choose to use all ten or not is totally up to you. You don’t have to sell, call, or talk to anyone to make money using any of the 10 systems.You will learn how to invest money into a member’s only pool that earns up to 15% a month. You will see step-by-step how to profit using sports arbitrage trading, and other successful business systems. You will see exactly how to start a home business from the ground up.I am sure you have tried to work at home before, and maybe lost a good deal of money. Trust me when I say we have all been down that road before. The only thing we can do though is learn from our mistakes, and move on.Mazu is a company that has been around for years, and will be here for many more to come. Growing, and showing millions of people REAL ways to make money from home. Where as those other programs that claim to be “real” will be long gone with your money in their back pocket.If you ever need any help or need to talk to someone you can easily pick up the phone and contact mazu, or write them and e-mail. How many programs or products do you know of that you can easily call up the company and speak with someone if you have any questions regarding their product? Not very many.For more information on the mazu business pack please visit Mazu Reviewed Licensing is the assignment of intellectual property or product rights to a licensee for consideration. The consideration may consist of a rights fee, royalty, options, personal service fees, minimum annual sales turnover and more. The licensee agrees to make good faith efforts to commercialize the product or intellectual property and the agreement is memorialized in a License Agreement. There are many more companies interested in licensing a product or technology than there are conventional funding sources for startups. Having said this, there is really no difference in the requirements for success in either venue. You will just get more swings at the ball when seeking a license for your project. Entrepreneurs read about Blackrock Capital, Harvard Capital Management or Kohlberb Kravis Roberts funding a new opportunity for $200 million dollars or more. This is exciting, motivating and for most, unrealistic. A fully fundable opportunity is a rare amalgam of huge upside, mitigated risk, unique, potentially disruptive product and REALLY strong, experienced management. Very few entrepreneurs can present such a comprehensive package. In the world of licensing the product, upside, risk mitigation and disruption features are crucial. Management is irrelevant as the licensee presumably has the management in hand to drive the project to success. The same elements that excite venture capitalists also excite the licensee. They are keen on a strong Unique Selling Proposition detailing the niche the product will claim. A powerful, well-structured sales model will quantify and support the sales universe available to the product or technology. There are many successful approach strategies available when seeking to license an exciting new product. The following are some broad elements we have utilized in our consulting firm with success. Remember there is no linear, set in steel index to follow. Innovate, adapt and keep pushing and try everything necessary to get that appointment with the decision-maker. Create a Working, Production Quality Prototype Whether you have a new product, a service or a technology, you MUST be able to demonstrate the unique features and benefits of your offering. Some inventors have a facility to create, design and construct the necessary demonstration unit. The great majority of people do not. This is a simple hurdle to overcome. In every city in America there are job shops, product design and development firms, engineers and software writers capable of providing professional guidance resulting in production of the prototype required. A key by-product of this process will be the creation of 3-D, Computer Assisted Design art. This art is essential in the assembly of the product for production, in obtaining crucial and totally accurate cost of goods and filing patents. Patent Filing – Intellectual Property Protection Very few licensees are interested in investing significant monies in marketing a new product without the guarantee of some patent, copyright and/or trademark protection. See a Patent Attorney. Patent law is exceedingly specific and for this reason it is a legal specialty. A competent patent attorney will conduct a search and, using the results, advise the possibility of successfully receiving a utility patent (highly preferred), design patent (patent on art, easily overcome) or not being artful enough to receive any cover. If an item has dicey patent prospects we like an alternative strategy. I have been a proponent for several of my clients of a strategy we call “patent pending forever”. Our goal is to keep a product in patent pending status for as long as possible by timing addendum to the application and art and filing these in order to keep having the filing reviewed again. During patent pending a filing is essentially in limbo. The advantage for the inventor is that there is no publication of the details of the art, features and unique benefits of their product. Secrecy is an asset. Once a patent number is received two undesirable things happen: details of the patented product become public knowledge, and the clock starts ticking against the 20-year life of the patent. For most entrepreneurs seeking a license, we do not push for international patent filing. International filing is very expensive and we let the licensee assume this expense. Source of Production, Manufacturing Depending on the product, service or technology offered for license, you MUST source production. The reason is simple: this will set you apart from the dreamer. It reflects your commitment to the opportunity. It reassures that th Choose Always The Right Office Furniture ng, motivating and for most, unrealistic. A fully fundable opportunity is a rare amalgam of huge upside, mitigated risk, unique, potentially disruptive product and REALLY strong, experienced management. Very few entrepreneurs can present such a comprehensive package.Office Furniture play an important role in daily lifestyle of people who use to go to office everyday. It is the furniture you have to stick to when you are in the office. It is often assumed that your chair and desk are vital things to your workplace, and it certainly have some role to help you perform your work suitably. Office workers are often heard complaining about the furnitures being nuisance to their work. In such way, this is very important that a office have furnitures designed to comfort the workers.The kind of furnitures that a office requires depends upon the type of company they are, their budget and needs of furnitures to be set at a particular space. A fully computer operated office will need rolling chairs and computer tables. Likewise, a large business firm requires different cabins, rooms and receptions. And furnitures have to be set according to their required and appropriate setting.Some of the basic categories of Office Furniture include office utility items like rolling chair, view desks, leather desk chairs, roll top, corner desks, conference room furnitures, reception furnitures, storage cabinet, magazine racks, and etc. Fulfilling the diverse need of office work, these furniture items are used in desk work, seating, conference meeting, file storage, reception and canteen. Durability and overall quality of the office furniture you are buying depends upon the budge you have allocated, and also on the handling of these furnitures.Colour, style and design of the furniture have to be kept in mind while choosing the right Office Furniture. Colour and design of the furnitures have to be chosen as per as nature and profile of the company work. And not to forget, the ultimate care has to be taken of worker's comfort who hold the key to success of the organisation. Choosing the one furniture company from where you can avail office furniture is not now-a-days a tough task. Emergence of several of company on Internet gives you easy access to buy such items easily. In the world of licensing the product, upside, risk mitigation and disruption features are crucial. Management is irrelevant as the licensee presumably has the management in hand to drive the project to success. The same elements that excite venture capitalists also excite the licensee. They are keen on a strong Unique Selling Proposition detailing the niche the product will claim. A powerful, well-structured sales model will quantify and support the sales universe available to the product or technology. There are many successful approach strategies available when seeking to license an exciting new product. The following are some broad elements we have utilized in our consulting firm with success. Remember there is no linear, set in steel index to follow. Innovate, adapt and keep pushing and try everything necessary to get that appointment with the decision-maker. Create a Working, Production Quality Prototype Whether you have a new product, a service or a technology, you MUST be able to demonstrate the unique features and benefits of your offering. Some inventors have a facility to create, design and construct the necessary demonstration unit. The great majority of people do not. This is a simple hurdle to overcome. In every city in America there are job shops, product design and development firms, engineers and software writers capable of providing professional guidance resulting in production of the prototype required. A key by-product of this process will be the creation of 3-D, Computer Assisted Design art. This art is essential in the assembly of the product for production, in obtaining crucial and totally accurate cost of goods and filing patents. Patent Filing – Intellectual Property Protection Very few licensees are interested in investing significant monies in marketing a new product without the guarantee of some patent, copyright and/or trademark protection. See a Patent Attorney. Patent law is exceedingly specific and for this reason it is a legal specialty. A competent patent attorney will conduct a search and, using the results, advise the possibility of successfully receiving a utility patent (highly preferred), design patent (patent on art, easily overcome) or not being artful enough to receive any cover. If an item has dicey patent prospects we like an alternative strategy. I have been a proponent for several of my clients of a strategy we call “patent pending forever”. Our goal is to keep a product in patent pending status for as long as possible by timing addendum to the application and art and filing these in order to keep having the filing reviewed again. During patent pending a filing is essentially in limbo. The advantage for the inventor is that there is no publication of the details of the art, features and unique benefits of their product. Secrecy is an asset. Once a patent number is received two undesirable things happen: details of the patented product become public knowledge, and the clock starts ticking against the 20-year life of the patent. For most entrepreneurs seeking a license, we do not push for international patent filing. International filing is very expensive and we let the licensee assume this expense. Source of Production, Manufacturing Depending on the product, service or technology offered for license, you MUST source production. The reason is simple: this will set you apart from the dreamer. It reflects your commitment to the opportunity. It reassures that th Payroll Louisiana, Unique Aspects of Louisiana Payroll Law and Practice nology, you MUST be able to demonstrate the unique features and benefits of your offering. Some inventors have a facility to create, design and construct the necessary demonstration unit. The great majority of people do not. This is a simple hurdle to overcome.The Louisiana State Agency that oversees the collection and reporting of State income taxes deducted from payroll checks is:Dept. of Revenue P.O. Box 201 Baton Rouge, LA 70821-0201 (225) 219-0102 www.rev.state.la.us/Louisiana requires that you use Louisiana form "L-4 (R-1300), Employee's Withholding Exemption Certificate" instead of a Federal W-4 Form for Louisiana State Income Tax Withholding.Not all states allow salary reductions made under Section 125 cafeteria plans or 401(k) to be treated in the same manner as the IRS code allows. In Louisiana cafeteria plans are not taxable for income tax calculation; not taxable for unemployment insurance purposes. 401(k) plan deferrals are not taxable for income taxes; taxable for unemployment purposes.In Louisiana supplemental wages are required to be aggregated for the state income tax withholding calculation.You must file your Louisiana state W-2s by magnetic media if you are have at least 250 employees and are required to file your federal W-2s by magnetic media.The Louisiana State Unemployment Insurance Agency is:Department of Labor 1001 N. 23rd St. P.O. Box 94094 Baton Rouge, LA 70804-9094 (225) 342-7690 http://www.ldol.state.la.us/wrk_owca.aspThe State of Louisiana taxable wage base for unemployment purposes is wages up to $7000.00.Louisiana requires Magnetic media reporting of quarterly wage reporting if the employer has at least 250 employees that they are reporting that quarter.Unemployment records must be retained in Louisiana for a minimum period of five years. This information generally includes: name; social security number; dates of hire, rehire and termination; wages by period; payroll pay periods and pay dates; date and circumstances of termination.The Louisiana State Agency charged with enforcing the state wage and hour laws is:Department of Labor 1001 North 23rd St. P.O. Box 94094 In every city in America there are job shops, product design and development firms, engineers and software writers capable of providing professional guidance resulting in production of the prototype required. A key by-product of this process will be the creation of 3-D, Computer Assisted Design art. This art is essential in the assembly of the product for production, in obtaining crucial and totally accurate cost of goods and filing patents. Patent Filing – Intellectual Property Protection Very few licensees are interested in investing significant monies in marketing a new product without the guarantee of some patent, copyright and/or trademark protection. See a Patent Attorney. Patent law is exceedingly specific and for this reason it is a legal specialty. A competent patent attorney will conduct a search and, using the results, advise the possibility of successfully receiving a utility patent (highly preferred), design patent (patent on art, easily overcome) or not being artful enough to receive any cover. If an item has dicey patent prospects we like an alternative strategy. I have been a proponent for several of my clients of a strategy we call “patent pending forever”. Our goal is to keep a product in patent pending status for as long as possible by timing addendum to the application and art and filing these in order to keep having the filing reviewed again. During patent pending a filing is essentially in limbo. The advantage for the inventor is that there is no publication of the details of the art, features and unique benefits of their product. Secrecy is an asset. Once a patent number is received two undesirable things happen: details of the patented product become public knowledge, and the clock starts ticking against the 20-year life of the patent. For most entrepreneurs seeking a license, we do not push for international patent filing. International filing is very expensive and we let the licensee assume this expense. Source of Production, Manufacturing Depending on the product, service or technology offered for license, you MUST source production. The reason is simple: this will set you apart from the dreamer. It reflects your commitment to the opportunity. It reassures that th Business To Consumer Telemarketing On The Rise Again artful enough to receive any cover.If there is one area of call centre activity which has been hit harder than other sectors of the call centre industry then it must be B2C telemarketing. In 2004, CM-Insight’s Mike Havard predicted the death of the cold call within 5 years unless companies changed their actions. Despite the doom and gloom over the last few years, we are now starting to see the resurgence of outbound. However, it has now transformed and is smaller and cleverer. Prospects are targeted more accurately, the agents speaking to them are more professional and the message being delivered is far more in tune with the individual needs. We examine the chequered history of B2C outbound and look at what it holds for the future.Of course, some of the UK’s more professional companies did change their course but some went even further down the road to self-destruction. With conversion rates dwindling, some companies made even more low-quality calls to achieve the same volume of sales. They ignored related legislation in the belief that if they threw enough mud against the wall, some of it would stick. Over more recent years, we have seen some trends which could have further undermined telemarketing.• The explosion in offshore call centres. • The rise of the TPS and stronger enforcement of regulation • “Non-branded” companies using call-centres to sell products such asWhen smaller centres were opened by entrepreneurs in countries like India and The Philippines, most of these were only able to operate outbound projects. Unlike clients who were “offshoring” inbound, the outbound clients didn’t care as much as in most cases, they were not messing with a brand. They were simply trying to get as many new customers as possible regardless of the consequences. With these offshore centres desperate to win any project they could, there were a number of very worrying bi-products:• A dramatic rise in the number of telemarketing calls people receive • Clients increasingly pushing for pay-per-performance mode If an item has dicey patent prospects we like an alternative strategy. I have been a proponent for several of my clients of a strategy we call “patent pending forever”. Our goal is to keep a product in patent pending status for as long as possible by timing addendum to the application and art and filing these in order to keep having the filing reviewed again. During patent pending a filing is essentially in limbo. The advantage for the inventor is that there is no publication of the details of the art, features and unique benefits of their product. Secrecy is an asset. Once a patent number is received two undesirable things happen: details of the patented product become public knowledge, and the clock starts ticking against the 20-year life of the patent. For most entrepreneurs seeking a license, we do not push for international patent filing. International filing is very expensive and we let the licensee assume this expense. Source of Production, Manufacturing Depending on the product, service or technology offered for license, you MUST source production. The reason is simple: this will set you apart from the dreamer. It reflects your commitment to the opportunity. It reassures that the product can be built (we see a number of projects that are unrealistic from an assembly and economic standpoint). Now, let’s discuss a touchy subject in the current economic climate. I love my country. America is the land of opportunity. However, I am a capitalist and the rules of capitalism are much bigger than any one individual: including you, the entrepreneur. If at all possible I prefer to assemble components, source, and manufacture here in the United States. However, it is becoming more and more difficult to be competitive here in America. I have clients that are adamant they do not want their project assembled offshore. Do not be a Luddite. You really have two options: you can go with the flow, or you can be drowned by the overflow. In the past decade, we have not found a single project that could be produced in the United States as inexpensively as we could produce offshore, including the cost of freight, customs and duty. Not even close! We search out four or five factories, or offshore resources, for submission of the 3-D CAD art and a Release Packet. The Release Packet contains all of the hard samples of components that will be parts of the finished product. After this is forwarded, we typically receive quotes in four to six weeks. This quote should include all line item costs contained in the Bill of Materials for the product, plus outer packaging, costs of display (if any), shipping carton, inserts (directions for assembly, etc.), plus freight to United States port of arrival, customs, duty and inland freight to your warehousing/fulfillment point. This is a dead net cost of goods. Use of Cost of Goods (COG) Knowing the cost of goods is crucial! This number proves the viability of the products pricing model, confirms margin assumptions and the ability to construct an exciting sales model. If COG is too high, and there is no capacity to squeeze costs, the future license prospects for the product are not exciting. This number sets the parameters for the potential of your project and indicates to the potential licensee that they are dealing with a thoughtful, serious and skilled licensor. Research The licensee with an exciting opportunity on offer will want to know (not guess) everything possible about the market they are about to enter. This will include; customer demographics, size of market, growth of the category, competition, and potential licensors. Cite sources of research and assemble as a portion of the Opportunity to License document you will offer. This is the knowledge that will set you apart from run of the mill tire kickers hoping to make a deal. Professional Endorsements Nothing resonates with buyers more than professional endorsements. I am not necessarily talking about celebrity endorsement. They are great for certain products. A pediatrician endorsing a juvenile product, or a professional association giving a positive quote on a service, or an educator endorsing a toy, are simple examples of taking a product and brandishing it with the glow of an expert. This is invaluable and a technique we utilize regularly for our projects. Include these quotes in all collateral materials. Test Market/Focus Group If you only have one prototype it can be difficult to assemble a focus group or test market. What we recommend is to show the product to strangers sequentially in the field where the product would typically be used. Recently, with a single prototype of a baby stroller accessory, we spent an afternoon in Central Park in Manhattan, demonstrating the unit to mothers pushing strollers. We walked away with positive quotes for attribution from 26 of 29 mothers that used the prototype. These we included as an exhibit in our product folio. Opportunity to License Document With all of the above in hand, you have the data and resources to assemble an approach document. We all have heard stories about the inventor sidling up to a banker in a bar, uninvited, and successfully pitching his idea over a scotch and soda. Good Luck! You get only one chance to make a great first impression. Do not shortcut on any aspect of the initial approach. With your patent, prototype, possible endorsement, research and costs well in hand, you are ready to assemble the written document that will detail the features and benefits of your project and quantify the opportunity. As you are not seeking funding, and are not interested in self-marketing, a classic business plan is not required. However, you will need a written synopsis of your project, written along the lines of the business plan. We call this the Opportunity to License. This document needs to be crisp, exciting and short, eight to 10 pages, plus exhibits. The exhibits should include; patent information, list of contributors to the project, CAD art, bill of materials, cost of goods, research data. Selling the Opportunity Successful completion of the above now places the opportunity in position to seriously, and professionally, approac
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