New Product Conclusion2018-09-13T18:14:16+00:00


8.  Conclusion: You Can Succeed

Remember The
Big Picture


Many people have ideas for new products, and many who start out down the path to make their product idea into a reality never achieve the success hoped for. This doesn’t have to happen to you.


The first key to succeeding is to recognize that invention alone will not likely bring success – development of a commercially successful product is usually the necessary goal.


Take the necessary steps to protect your legal and business interests:


  • Remember that product development is a business venture, and treat it as such. Keep expenses associated with your product development separate from your personal finances. Keep good records for tax purposes. Consider the form of business entity that is most appropriate for your venture, as well as the need for any licenses, permits, or insurance for any business operations.

  • Make sure that you have the correct written agreements in place between you and anyone else involved in the development, manufacture, importation or sale of your product. Find and work with professional, reliable, and trustworthy people.

  • Take the necessary and reasonable steps concerning the protection, ownership, and control of the intellectual property rights associated with your product. If this isn’t done you may lose critical and valuable rights.

  • Make an investigation into the possible legal rights of others (e.g. patents or trademarks owned by other people) before making a commitment or substantial investment in your product or its brand. This can avoid unpleasant surprises, such as lawsuits.

Do your homework and avoid moving forward on just personal enthusiasm and speculation. Conduct a reasonable amount of market research to answer basic and important questions about demand for your product and competition. Obtain some objective evidence that your product can be enough of a commercial success to justify whatever the required investment will be, with the understanding that there will always be some risk of failure.


Don’t avoid the details. Do the research, crunch the numbers, and put together a written business plan that clearly shows a path to success with your product idea.


Be prepared for the fact that you may need to raise substantial money from lenders or investors in order to adequately fund your product venture so that it can succeed. Be at least generally aware of the various pros and cons for the different types of financing, what investors or lenders normally look for, as well as the existence of laws which you must comply with when raising financing.


Be diligent in investigating, protecting, and pursuing your product idea. Timing can be critical when it comes to protecting and introducing a new product into the market. So avoid any unecessary delay.


Don’t be afraid to get help from others. It is almost a certainty that you will need to call on the expertise, time, and resources of others in developing and bringing your product to market.


One of the first persons to add to your team should be a qualified attorney who can provide valuable advice and services in making sure that your interests are protected when dealing with others. Attorney David M. Kleiman would be happy to consider having you become a valued legal services client.


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8.  Conclusion: You Can Succeed

Remember The
Big Picture


Many people have ideas for new products, and many who start out down the path to make their product idea into a reality never achieve the success hoped for. This doesn’t have to happen to you.


The first key to succeeding is to recognize that invention alone will not likely bring success – development of a commercially successful product is usually the necessary goal.


Take the necessary steps to protect your legal and business interests:


  • Remember that product development is a business venture, and treat it as such. Keep expenses associated with your product development separate from your personal finances. Keep good records for tax purposes. Consider the form of business entity that is most appropriate for your venture, as well as the need for any licenses, permits, or insurance for any business operations.

  • Make sure that you have the correct written agreements in place between you and anyone else involved in the development, manufacture, importation or sale of your product. Find and work with professional, reliable, and trustworthy people.

  • Take the necessary and reasonable steps concerning the protection, ownership, and control of the intellectual property rights associated with your product. If this isn’t done you may lose critical and valuable rights.

  • Make an investigation into the possible legal rights of others (e.g. patents or trademarks owned by other people) before making a commitment or substantial investment in your product or its brand. This can avoid unpleasant surprises, such as lawsuits.

Do your homework and avoid moving forward on just personal enthusiasm and speculation. Conduct a reasonable amount of market research to answer basic and important questions about demand for your product and competition. Obtain some objective evidence that your product can be enough of a commercial success to justify whatever the required investment will be, with the understanding that there will always be some risk of failure.


Don’t avoid the details. Do the research, crunch the numbers, and put together a written business plan that clearly shows a path to success with your product idea.


Be prepared for the fact that you may need to raise substantial money from lenders or investors in order to adequately fund your product venture so that it can succeed. Be at least generally aware of the various pros and cons for the different types of financing, what investors or lenders normally look for, as well as the existence of laws which you must comply with when raising financing.


Be diligent in investigating, protecting, and pursuing your product idea. Timing can be critical when it comes to protecting and introducing a new product into the market. So avoid any unecessary delay.


Don’t be afraid to get help from others. It is almost a certainty that you will need to call on the expertise, time, and resources of others in developing and bringing your product to market.


One of the first persons to add to your team should be a qualified attorney who can provide valuable advice and services in making sure that your interests are protected when dealing with others. Attorney David M. Kleiman would be happy to consider having you become a valued legal services client.


Previous Guide Section

Next Guide Section