Feasibility evaluation and help for financial members
The Inventors Association of Australia (Vic) have a free invention and innovation evaluation service called the “feasibility committee” which assists in evaluating an inventor’s new product, invention, innovation or idea.
You must be a financial member of the association to use this service and you will be emailed a confidentiality agreement before the meeting signed by a representative of the association to protect you and your idea.
The feasibility committee comprises two to five inventors who are experienced in many aspects of marketing, licensing, patenting, manufacturing, prototyping and sales. The members of the committee do not profess to be experts in these fields, but you can obtain very useful information by presenting your invention, innovation or idea to this experienced group.
IAA(Vic) is an inventor self-help association, it does not develop inventions, innovations or ideas for the inventor, we guide you to do this yourself.
Sessions are normally 30 mins and you can see a sample at Feasibility Online Application Form. This is emailed to applicants with a Non Disclosure Agreement for them to fill in and bring with them to the meeting after emailing the President to request a booking. The application form asks many questions and only the relevant ones need to be answered.
The application form makes the evaluation process faster because many questions the committee members would have to ask the inventor will be answered and they also help the inventor by asking questions that he or she may not have thought about which encourages them to think more sharply about their invention and what they want to do with it.
The committee meets in confidence in a separate room and this service may also be used as a mentoring process where inventors are given advice and direction at each stage of their invention’s development. There are many steps along the way to proving the idea including making the prototype, proof of concept, market research, refining the manufacturing process, packaging, distribution, assembly and sales. Each step can be run by the feasibility committee to obtain their advice and comments.
The feasibility committee see many ideas and inventions that the inventor is convinced has enormous potential, but very few ever make it to market and very few of those are economically successful, however we are committed to helping everyone and we do not judge because the unlikeliest of inventions may be the next big thing.
Note: Fraudsters thrive in this area
This is how they do it: Inventors are often gifted in a creative or problem-solving capacity without always being as gifted in business skills. Fraudsters know this and they also know that inventors are easily flattered.
They advertise that they can develop your invention for you and that you can make lots of money and they have a ready supply of buyers.
The first thing they do is offer to evaluate your idea and of course you get a glowing report of its possible worth which seems to validate your own thoughts and your capacity as a great inventor. You get excited and they charge you for all manner of services including the evaluation, patent advice, patent searches, drawings, prototypes, marketing information and then the actual marketing process. The marketing usually fails which leaves you out of pocket for tens of thousands of dollars.
The fact is that we have not yet met anyone reliable has a ready supply of investors for good ideas because an idea is not worth very much until somebody has put in a lot of time and money to work out the correct market, produce the product and sell it to distributors. Only then will the product be worth something unless you have a great idea that would suit a particular business person which can happen. What you must do with these marketing fraudsters is to check their success stories thoroughly before committing your capital.
You can join IAA(Vic) here