What Happens Next

‘I’ve got a product idea, what happens next?’

Protect your idea: First of all ensure you have given proper consideration to the protection the novel aspect of your concept; see the advice from Briffa Intellectual Property Lawyers in our downloadable area. Another useful source of information is the Intellectual Property Office but the main guidance is take advice early on, it will highlight known pitfalls and protect the investment in time, cost and energy you have already incurred.”

Consider confidentiality Make sure that anyone you talk to about your idea is bound in a Confidentiality/Non-disclosure agreement; again see our downloadable area for an example agreement.

Seek an objective opinion of your product from an independent source. Family and Friends are not a good measure of its potential as inevitably they will be subjective and supportive out of affection for you.

Do not rely on support from third party organisations; i.e. your idea might be for the latest burglar deterrent. Of course Age Concern, the Police or you local neighbourhood watch will think it is brilliant and a good idea but it is costing them nothing to support.

Test the concept with hardened businessmen because the acid test is, will someone part with their hard earned cash for what is on offer.

Properly research the market, look for trends, competitors or alternative methodologies that could reduce or develop the potential; i.e. you could have a new use for coal only to find the Mines are shut, alternatively your new use for coal could be the saviour of the Mining Industry.

Look at the cost of manufacture against the expected sales revenue and be realistic. Too many people are lured into believing their idea will sell in there millions and part with lots of money on stock that gets stuck in the warehouse. Do not underestimate the cost of marketing or wholesaler and retailer margins.

What about manufacture; do you intend to set up your own facility and processes or, will you outsource or licence to a third party? Does the product suit high volume production or do you need low volume specialist services? If considering third party manufacturing outsource look for the application of recognised quality standards – ISO9001:2008 – to ensure consistency in production. Seek references and review past history of customer satisfaction – if they’ve done well for others they are more likely to do well for you.

Think about what further development is required to make the product market ready and acceptable. Are aesthetics or ergonomics important? What is the likely product life cycle? Will after sales support be a cost burden or a lucrative service? Does cost need to be engineered out and if so what is the effect on reliability? Do you have the skills and understanding necessary or will you need to buy it in?

Do not lose sight of Transport costs; are there any Import or Export duties likely to be incurred? What about international documentation, what is required, who will do it and at what cost? Your local Chamber of Trade, Business Link and The DTI are all good sources of information and points of reference.

Give some thought to regulation. All products sold in Europe must be CE marked and comply with the relevant EU Directives and legislation. What applies to your product? Does it need independent certification? Who will do it and what will it cost?

Insure against risk. Public Product Liability Insurance is a legal requirement. Again, discover the cost and build it into your pricing structure. Other insurances for consideration would be Goods in Transit, Commercial Legal Expenses, Professional Indemnity, Annual Business Travel, and most importantly Intellectual Property Insurance. IP insurance can help cover your legal costs should you need to take enforcement action. It can also act as a deterrent to potential infringers.


Consider Point of Sale- Packaging, Method of Distribution- Packaging, Method of Distribution, etc. Who will sell the product; retailers, wholesalers, distributors or agents? In which markets will you operate? What sales literature is needed, will it need to be translated into different languages.

Essentially the message is “be prepared” and question at every stage. Whoever you see to develop the idea will challenge your assumptions and projections vigorously until they are satisfied it is worth investing time, money and effort in going forward. This investment in doing your homework can only pay dividends because you will not be presenting a half baked idea destined for failure, you will be well on the road to success.

We hope this is helpful and wish you good fortune with your venture.