Finding a Manufacturer for your Invention
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If you have an Idea or an Innovation and looking for manufacturer to go ahead with your own business, here are some tips that throws light on several topics related to Innovation and Manufacturer. What is a Prototype? Necessity of designing a prototype before manufacturing your innovation for a final product? Where to get such Manufacturers?
Your invention needs to be designed in a proper way such that it should come up with a unique product. When the design of your invention is fabricated into finished product, the Manufacturing of the invention comes into picture. The inventors’ idea’s for the invention takes a long journey from paperwork to marketplace. What plays an important role in between is the Manufacturing of the invention. Manufacturing of the invention opens a new horizon for the inventors so the start of the bottom line as new idea without a final product and its market will not contribute to the bottom line.
When someone comes up with the invention and its prototype, there are several ways to develop or manufacture and bring the finished product in the market. The very first way for this is producing or manufacturing the product by self. Starting a production unit is a Herculean task for the inventor as the process may indulge many obstacles as targeting the cost, the market and the human resources. But above all, the control of the invention and the company lies with you when you handle it with yourself without sharing the intellectual rights with others.
The other way of getting your final product is licensing – selling rights to an individual or group to use your intellectual property and getting a fixed amount or a royalty in return. The company using your license will start manufacturing the prototype into finished product. Along with these one can go for collaboration with already existing business or incubation centers. Such an activity will definitely save the money and labor but the bottom line will be slightly reduced as the profit will be shared by the two parties.
Rather one can go for what today’s Fortune 500 companies are doing – Outsourcing. Outsourcing the manufacturing process will save your time to market the product, target sales and create a brand identity. The best examples of outsourced manufacturing are Adidas, Cisco Systems and Nike etc.
For later ways discussed above, one has to find the Manufacturer, who will be giving shape and existence to the innovator’s idea. The hunt for manufacturer might be a challenge for an innovator as the decision of selecting and finalizing a manufacturer can be complicated. The manufacturer may be a home based company or overseas or internationally located unit. Similarly getting a reliable, cost effective and competitive manufacturer who is confident to deliver for your product is important. If the decision in choosing a manufacturer is overruled the invention can be of no use. The innovator has to do some research on the ability of the manufacturer to qualify the process and the cost. The innovator can go for professional consulting to find out the capable manufacturer for the innovation.
The Manufacturers for your innovation can be found out from contacts in the similar field. The exhibitions, trade shows and product fairs can be helpful in finding a genuine manufacturer for your idea. Posting the ideas on the web, on similar communities or on discussion forum can also result in getting a feasible manufacturer. Expert advices are always beneficial to find and select a proper manufacturer.
Vivek is a writer for PITCHINDIA.com, an online business introductory service which connects global angel investors and VCs to entrepreneurs in India. Looking to invest in India? Visit www.pitchindia.com.
You can reach the author at vivek@pitchindia.com
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