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Q: New product development ( No Answer,   1 Comment )
Question  
Subject: New product development
Category: Business and Money > Small Businesses
Asked by: macrosoft-ga
List Price: $50.00
Posted: 17 Feb 2005 08:48 PST
Expires: 19 Mar 2005 08:48 PST
Question ID: 476018
I am a physician and have come up with an idea for a new medical
device.  I would like information on how to go from the idea to the
actual developed product.  This would include specifics on the
companies or people that this could be presented to.

Request for Question Clarification by jbf777-ga on 17 Feb 2005 09:02 PST
Hello -

Can you tell us what category the item falls into on a general level? 
Is it electronic or manual?  What field is it in?  Is it a diagnostic
tool?  The more specific you can get, the more it will help.

Thanks,

jbf777

Clarification of Question by macrosoft-ga on 17 Feb 2005 14:42 PST
The idea I have is for the consumer level.  It is electronic, needing
specific software written for it to function.  It is in the health and
nutrition area.

Request for Question Clarification by jbf777-ga on 17 Feb 2005 15:17 PST
Thank you.  Is this something of which you would like to fund the
development and/or marketing, or would you rather have the idea sold
or licensed to another company?

jbf777

Clarification of Question by macrosoft-ga on 18 Feb 2005 05:34 PST
I am open to either option.  I feel this product would not only be
profitible, but also a true benefit for the public
Answer  
There is no answer at this time.

Comments  
Subject: Re: New product development
From: markocmu-ga on 24 Feb 2005 17:50 PST
 
Your best bet is to apply for SBIR's or STTR's from the NIH to develop
a prototype (unless you already have one, but you can still apply if
you have a good enough idea).  If you want to start a business, you'll
need to hire (or convince to work for free) some Mechanical and
Electrical engineers (if you don't think you can make it yourself), as
well as some computer scientisits (or one of each may do, depending on
how ocmplex the device is).

If you want to turn this into a business, then you'll need to
incorporate, deal with a lot of legal issues, find funding, etc.  If
you just want to license it to a company, then you'll have to come up
with a good reason why the potential company should buy it (i.e., it
will increase their sales by $X a year and it fits in well with their
portfolio of products).

Either route you go, you are going to need to get a patent on this
idea (if you already haven't).  If you don't, a large company could
simply steal the idea, and if you try to sue, they'll likely destroy
you with their massive legal department.  And if you, incorporate and
start a business, the same deal goes.  Also, if you try to raise money
for the company, a patent also makes your company look a lot better.

Also, you're going to need a functioning prototype.  If you sell off
to a company, they'll want to know that your idea actually works. 
Also, it will be worth more if they already have a function version,
its less work that they have to do.  Same thing with starting a
company, its always a good idea if you have a working prototype to
show investors, to show that you're not just a pipe dream.

So, it looks like you should be looking for some engineers who are
willing to build a working prototype, and a lawyer who will be able to
file your patent (unless you feel confident doing these by yourself). 
Hope this helps.

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