Copyright © 2006, Slingshot Product Development Group inc. Taking Your Invention from Drawing Board to Market

Copyright © 2006, Slingshot Product Development Group inc. Who is Slingshot? We assist inventors, start-ups, and established companies with the creation of new products We innovate products in a variety of industries: consumer, medical, military Staff of 15 designers and engineers focused on taking products to market

Copyright © 2006, Slingshot Product Development Group inc. Some of Slingshot’s Clients The Coca Cola Company NASA Lockheed – Martin Boeing Plantronics Yamaha Kimberly Clark Meco / Samsonite Panoz Auto Development Snapper SeaRay CharBroil Toto Hoshizaki Radiant Systems Isonics Homeland Security

Copyright © 2006, Slingshot Product Development Group inc. Slingshot’s Approach to Start Ups 1.Minimize upfront investment 2.Equip the inventor to get funded and become a start-up Investor Presentation Prototype Business Plan input 3.Once the start-up is funded… Optimize Design / Engineering Documentation / Regulatory reqs, etc. Qualify and Engage Manufacturing Irrimax Wound Irrigation Device Start-Up company launched by Slingshot

Copyright © 2006, Slingshot Product Development Group inc. Inventor Misconceptions It’s perfect just the way it is Someone will buy the patent There’s nothing like it All I have to do is show it to Wal-Mart Everybody will want one I can get a 2 nd mortgage and … all I have to do is get some made, then I’ll start getting cash… I just don’t have enough time so I’ll quit my job and…

Copyright © 2006, Slingshot Product Development Group inc. So, how much is a good idea worth?

Copyright © 2006, Slingshot Product Development Group inc. How do you turn an idea into a profitable business? Appropriate Funding Marketing / Sales / Distribution A Good Product

Copyright © 2006, Slingshot Product Development Group inc. Invented by a doctor Now distributed by Cardinal, one of the nation’s leading healthcare distributors Case Study: Irrimax

Copyright © 2006, Slingshot Product Development Group inc. Where to start Basic Questions: Is there something like it out there? Will it sell? How much will it sell for? How much will it cost to make? How many can I sell?

Copyright © 2006, Slingshot Product Development Group inc. Tip #1 – Find Prior Art (hyperlinked by popularity) (grouped results) (tried but pulled from market) Ask around – solve the same problem Collect competitive products (patent database) It’s not just about “is it already out there”, it’s also about “what can I learn” and “what strategy do I use to position this product”.

Copyright © 2006, Slingshot Product Development Group inc. Tip #2 - Patent Searching Log/plan your research Brainstorm your search words and keep refining Cross search “referenced by” and “references cited” Cross search “inventors” and “assignees” Bring results to a patent attorney Don’t just search blindly until frustrated/exhausted. You can start to feel how everything is cross- referenced back to a few core patents.

Copyright © 2006, Slingshot Product Development Group inc. Tip #3 - Patent Attorneys Interview several patent attorneys – Association of Patent Law Firms – Don’t Ask: Can I get a patent on this? Do Ask: How strong is my intellectual property position and strategy? Ask: Cost for a provisional patent application? Ask: Confidentiality Agreements

Copyright © 2006, Slingshot Product Development Group inc. Tip #4 - The 10-Person Test (true insulters, not flatterers) Don’t Ask: Do you like the idea Do Ask: Would you pay $?? for this product

Copyright © 2006, Slingshot Product Development Group inc. Tip #5 – What is the size of the opportunity? Market data and free business consulting- –Small Business Development Center. – & Determine your specific primary target market Come up with factual numbers that help estimate the market size Use a creative approach, look for the data indirectly –special interest magazines/clubs subscription totals –annual reports

Copyright © 2006, Slingshot Product Development Group inc. Have fun with the process. Don’t pour your whole life savings into it (use other people’ money). You must have a passion for building a business… inventions aren’t a “Get Rich Quick” scheme In Closing