What you need to know before pitching your idea on Dragons' Den.
|Pitching on Dragons' Den
How to prepare for a fight with the dragons
Dragon's Den is a fantastic way of getting funding for your new idea and also some instant publicity! But how do you get a impressive looking presentation or prototype of your idea to go on the show?
Firstly a impressive product presentation is vital. Handing the dragons a sketch on the back of an envelope is unlikely to impress so really you want something that looks a little more impressive. Developing your product into something that looks credible and viable is likely to require professional help. We suggest you employ a qualified, experienced product designer to develop the idea and produce photorealistic visuals of the concept.
There seem to be very few product design companies who specialise in helping individuals. Most are orientated at develop products for industry and have prices to match. Our partner, Innovate Product Design, specialise in helping individuals develop their new ideas and they product hgih quality photorealistic presentations using their CAD software. More information can be found here: Innovate Design: Idea Development
A prototype often looks more impressive to the dragons but they are often very expensive to produce. One way of reducing this cost is to build a "proof of principle" prototype. This is basically a prototype that looks scruffy but proves the basic idea behind your concept. An "aesthetic model" is another cheaper option. This is basically something that looks and feels like the final product but is in fact just a model of the outside appearance without any internal workings. Combining these two results in a pre-production prototype that looks, feels and works like the final thing but is probably quite expensive.
You will also need before preparing your pitch is some form of idea protection. A filed patent application would be best but a registered design may also be appropriate. See the relevant sections on this site for information on how to do this.
The dragons are likely to want to know if the idea is original. A patent search can halp establish this. More information on worldwide patent searches can be found here: Guide to global patent searches
So once you have the results of a patent search, some form of intellectual property protection, a professional idea presentation and ideally a prototype then you are ready to start on your pitch. This is likely to cost quite a bit of money but then again you have to speculate to accumulate!
How to apply for a patent
This section tells you everything you need to know about completing a Patent Application includes info on: writing a description, claims and abstract and completing patent drawings.
How to get a prototype of your idea
A prototype can be a very valuable tool in selling your idea to industry or gaining investment to set up a business to produce your idea. It can also help assess the costs for a business plan.
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