New Product Development Process Stage 2

(Idea Screening Criteria)
You can screen and qualitatively determine the technical and business merit of your new product idea by providing answers to the following questions for each of the products that you would like to develop and commercialize.

1. What compelling evidence do you have which clearly demonstrates that you are the sole inventor of the subject new product idea? Please provide copies of the recorded idea from your notebook and/or other document.
2. Which Unmet needs is the product going to satisfy? Why should a customer buy this product and not that of competition (if it exists)?
3. Is there sufficient data to substantiate that these are truly Unmet needs for the customer?
4. Are there any barriers to entry for the new product, i.e. utility or design patents; trademarks, etc., etc.? If not, how easy it might be for someone to reverse engineer and copy the new product?
Note: Please provide us with complete copies of any patents or Provisional Patent Applications (PPA) you might have.
5. Which product features will satisfy these unmet needs? How?
6. What product claims will be made? Can these claims be substantiated through scientific and other compelling evidence?
7. Are design criteria established for the product?
8. Have preliminary product, component and packaging specifications been developed? Do you have any product models or prototypes made?
9. What type of testing will be done in order to evaluate the soundness of the product design?
10. How long should the product be expected to last?
11. Does the new product have sales potential in the targeted market? If so, provide numbers, etc.
12. Who is the competition?
13. How can they affect the new product's sales?
14. What are the most effective channels of distribution?
15. What are the prices of own and competitive, similar products? What is the expect net profit (after taxes) per each product sold?
16. Which are the major factors that influence potential users? Price, quality, brand name, service, etc.?
17. What is the best way to gain exposure in this market?
18. Are there any drawbacks to selling in this market?
19. Who are the best potential buyers and representatives for the new product?
20. Are there any potential licensing or joint venture partners in this market?
21. Do you have the required experience, know-how and resources for effectively marketing /selling and distributing the new product?
22. What level of funding do you need? Do you have a business / marketing plan which could justify how these funds would be allocated?
23. Why would a potential investor be willing to fund your new product efforts? What should he /she expect in return?
24. What are your underlined assumptions concerning the viability of this business?
25. What are your "What if" scenario concerning your projected estimates for market size, penetration potential, profit margin, etc.?



Reference: http://www.technobusiness-solutions.com/screen1.html