Before submitting an idea to IDC, there are a few basic research questions that should be thoroughly explored. To view this information in the form of a flow chart click here.
- First, a thorough description of the idea should be written in a professional, paragraph format. This should include any background about the industry, how the idea was generated, extensive details about the service or product, and a brief description of the current market need.
- The second research topic should include a bulleted list of vital attributes. These attributes are those that are pertinent to the ideas success. For example, IDC’s iPhone application, BarcodeScan, would not be possible without a UPC input section. Please be as specific when inputting this information and provide as many attributes as possible.
- The third section should contain information on the initial market research. This should expand on the market need and include a comprehensive list of competitors and similar products. Any links to previous research completed in academia or field application should also be included in this section.
- Before continuing the submission process, information also needs to be collected ensuring the idea is legal in the United States. If it is legitimate, a all-inclusive patent search will be completed and owners of protected intellectual property (IP) should contacted allowing the use of their work. Furthermore, possible crucial data sources and licensees should be listed.
- The fifth step in the research process includes identifying any protection needed for IP. This includes what type of protection should be pursued (Patent, Copyright, Tradesecret) as well as if any international protection is needed. An approximation of the cost for IP protection should also be included.
- Identifying the marketing needed is also important for resource allocation. To determine this IDC will need information about market segments (how many customers possible and their general demographics and psychographics), any marketing partners required, and how much it will cost to educate the consumer about this product.
- Based on the company employee profiles found under the about section of www.idcprojects.com, and additional abilities you can provide, what technical areas covered and what additional skills are necessary for proper completion of the product? Does the product require any special resources that can be made available or are there any open source documentation that is already completed and available for use?
- Finally, compile a list of monetary potential. This should include the total size of the profit attainable over the lifespan of the project as well as yearly profits. Documentation to support these estimates should also be provided.
For information on the project selection criteria please click here.
For information on project life cycles please click here.
To submit an idea, click here.