The Big Idea Group has announced a new search for commercial products with a submission deadline of March 31, 2010.

Big Idea Group is searching for inventions that could become the basis of a profitable microbusiness. BIG plans to form a venture to bring the best invention (or inventions) to market. The winning inventor(s) will receive not only a royalty on products sold, but also an equity stake in the new business that we form to launch the invention. Multiple inventions might be selected.

This particular search is geared around consumer products that fall into one of these five categories:

• Hardware
• Lawn and Garden
• Pets
• Housewares
• Sporting Goods

The Big Idea Group asks that your submission answer the following questions:

• How would you describe the innovation? How does it work, and what does it look like? How is it made?
• How is your idea unique and innovative? Describe how it significantly differs from current alternatives and why it’s better.
• What are the target market and the potential of the innovation? Discuss who would buy/use the innovation and evaluate market size—both immediate and longer term.
• How is this innovation a good fit for BIG and the basis for a viable microbusiness? Demonstrate how it meets the criteria of this Hunt, particularly in regards to being the basis for a profitable, sustainable microbusiness.

There is often a desire to keep everything close to the vest and do it all yourself. Unfortunately, bringing a product to market from conception is highly complex and challenging. Only a small fraction of “ideas” become profitable products or businesses. How to approach this will vary depending on what your personal goals are. Are you happy with a licensing arrangement? Would you prefer to sell the idea outright? Do you want to be the CEO of a new company?

How you answer these questions (and others) may help you decide if pursuing something like the Big Microbusiness hunt is for you. To be successful, it is usually necessary to let others share in the risk and reward for a new product or venture. Doing things “on the cheap” is fantastic to a point, but under-capitalization is the downfall of many.

Regardless, you should try to answer the types of questions posed above. This type of exercise forces you to think about your idea in ways that might not have to this point.

If you have an idea and need professional help with advice on a patent or developing a prototype, please contact us. Consultations are always free.

Thanks,

The Brainstorm Patents Team