Innovation’s Pioneers and Followers
Many times within the process of structuring and enhancing your product idea the main question that comes to mind is, is there others out there that is similar to what I have to offer? At this point it is good to understand what product diversification is. Just like there is more than one brand of television, or phone, and even cakes or pies with the same types of ingredients; you have your unique insight and enhancement that you are bringing to the table. Basically, product diversification is the process of expanding the array of opportunities that are available based on the demands of the market. You will have different pricing and marketing strategies that are based on the product adaptations that you implement of your item or service. Therefore, no brand or strategy is the same as another. Your product idea may differ from previous pioneering product [the originating inspiration] but it will still exemplify your unique flavor and style. In this case, there is the opportunity to confirm whether licensing of the product is available. If you find a good mentoring corporation to support your product idea, you may be able to benefit from receiving royalties from the product or design, or they may just say ‘Do what you will, just make certain my checks in the bank’. Again, this is only if you are adapting a product that is on the market where a patent was established.
If your product or service is completely new, then lucky you. You will just have to follow the process of filing for a patent. By no means do you have to wait for this process to begin to sell or form your business but it does protect you from potential competitors seeking to gain a market share for your product. If your product is the first of its kind and you receive your patent, then others who seek to sell or use its likeness will have to receive permission of licensing from you instead.
If you would like to receive more tips and advice for getting started with your new product or service, consider the HFE Entrepreneurs Co-op program. The HFE Entrepreneurs Co-op package is a 7-month counseling program designed to carry you through the various stages of business creation and start up. Subjects that covered include Product Development, Goal Setting, Business Formation, Social Relations, Funding Methods, HFE Co-op Entry, and Customer Retention. I will counsel you in expressing the uniqueness of “YOU” and your product. In months 1-5, you will be taught ideation and research, goal setting, marketing, business formation, financing, and how to develop your social presence. When you first sign up for the co-op, you will receive your first packet that helps you to determine and articulate what your product is as well as defining other metrics of understanding the market. Then each session you will receive additional packets that takes you on the next step to developing your business up through four additional session. We will discuss the processes of financing and marketing your project. In your 6th and 7th session, you will join a host of other entrepreneurs who are ready and willing to purchase from you for the sole purpose of learning to build and maintain customer relationships. So give me a call today to get started.
Christine YS Malone