I had the pleasure of attending The 2012 International Home and Housewares Show in Chicago. If you’ve never been and you have a new product or even just a new product idea, it’s definitely worth going. One of the presenters was Kevin Harrington of TVGoods and formerly a part of my favorite television show Shark Tank. He spoke about what he looks for when reviewing products to license or sell. These ten key criteria give us invaluable questions to ask ourselves as we develop our new product ideas.
1. Does my product solve a common problem?
2. Does it have unique features?
3. Is there a magical demo?
4. Can you easily explain how it works?
5. Are there proven results? Before and After photos are essential.
6. Is it credible? Are there studies or testimonials to back up your claims?
7. Can you answer the questions that the viewer is thinking about?
8. Is there a magical transformation?
9. Is it multifunctional? If your product is successful, you WILL get knocked off. Make sure you’ve thought of every use for it before your competitor does. Also consider every way it might be made better.
10. Is there a powerful offer and price?
If you can answer yes to most or all of these questions, congratulations—it’s likely you have a winning product on your hands. Be sure to protect yourself. Have anyone you’re talking with about your product sign an NDA as well as a Non-Circumvent Contract. If you have any questions, please feel free to send me an email at email@example.com or leave a comment below. I’m always happy to help out my fellow inventors!