While our process might vary according to the inventor and invention, in general these are the steps we and our most successful inventors follow.
What We Need From You
- Ideation: The inventor comes up with an idea. In addition, we encourage inventors to do competitive and IP research, market research, prototype the idea (as cheaply as possible), test it, and then refine before approaching us--or anyone.
- Contact: The inventor contacts BIG and arranges to present the idea.
- Preparation: The inventor preps the idea for presentation. Please see details for each submission type.
- Pitch: The inventor pitches to BIG. If the presentation is by phone or in person, BIG gives immediate feedback. However, we withhold final judgment in order to evaluate the idea more completely.
What BIG Does
- Evaluation: BIG evaluates the concept. We might do competitive and IP research, market research, or ask a few trusted consultants for their opinions.
- Response: Within 45 days of the inventor's presentation, we let the inventor know our decision. We might
We might then choose to license to a third party or bring the invention to market ourselves. Bottom line: We decide to represent or produce only about 1-3% of the ideas we see.
- Development Planning: If BIG decides to pursue the idea, we decide on which monetization strategy and client(s) to target. We then plan an appropriate product positioning and development scenario. If inventors have talents to assist us, we might involve them in development. If not, BIG undertakes the design, engineering, sourcing and costing, market testing, presentation prep, etc.
- Engineering: BIG resolves details about how the invention functions and how it's constructed. We might have engineering drawings done, material specced--even a prototype built. Prototypes can be very rough, with off-the-shelf parts (a "works-like" model). Or they might be very polished and not only function but look like a manufactured product; see "design" below.
- Design: In this context, we mean how the invention looks--its external shape, materials, color, logos, etc. Sometimes we actually build a looks-like prototype to communicate the design. More often, we will create visual studies (computer- or hand-renderings).
- IP: We will evaluate the intellectual property position and decide on an appropriate strategy.
- Other: Depending on the product, we might invest more in the following areas. We must balance cost of our investment against potential returns.
- Branding & Positioning
- Sourcing & Costing
- Market Testing
- Presentation Preparation: We create a package for our clients with visual studies, prototype, and marketing materials and then pitch the invention.
- License or Production: If a third party is involved, BIG presents to clients, and gets feedback. At this point, we might negotiate with the company and sign a licensing agreement, do further development to make the invention more licensable, or release it to the inventor if we're not finding receptive companies. If BIG signs a licensing agreement with another company, we split all monies 50/50 with the inventor. If we produce the invention ourselves, we manufacture and distribute it. The inventor is paid a percentage of sales.
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