Financial Consideration

STEP FIVE

COST ASSOCIATED WITH INVENTIONS

Inventing costs money. There are very few inventions or ideas that get leased or make it to market without spending money. People do many steps on their own. Some people have resources to fund their own project while most require fund raising. What are the costs of bringing a product to market? The costs to bring something to market vary by each invention. There are many things to consider for a cost analysis including the items below. It is important to note that the cost of each item listed below varies dramatically depending on the invention. A person needs to go through this list and research each item to see if it is required and what the price would be.

A classic example of cost differential is items in the medical field. If an item is considered by the FDA to be similar or exactly the same as an item already approved by the FDA, the cost is about the same as most inventions. However, if it is not considered similar, a series of studies must be done at different levels resulting in a successful 510K after spending millions of dollars. Therefore to find out about the costs, one can contact a patent attorney and find out how much a patent application would be for an invention. Contact a prototype manufacturer to see how much a prototype will cost.

Later in the section titled "Inventors Stories", we hope to include costs associated with the project to give you a sense of what they can be.

LIST OF THINGS TO DO A COST ANALYSIS OF:

• Patents
  Search
  Provisional
  Design
  Utility
  Plant
• Trademark
• Prototypes
  Virtual
  Proof of concept
  Working
• Focus Groups
  Online
  In person
• Manufacturing
  Manufacturing drawings
  Tooling
  Manufactured goods
• Packaging
  Design
  Produced package
  Packaging product
• Warehousing
• Shipping
• Marketing
  Website
  Advertisements
  Social media
• Distribution
  Distribution Company
• Retail
  Retail mark up