02 Apr A Legal Perspective On Product Development
There are several steps involved in getting a product from conception to sale.
A generated idea becomes a workable concept. A concept, once analysed from a business point of view is developed into a product. Finally, the developed product is commercialised for profit.
Generally speaking, each step of the aforesaid process involves a different skill set and a different procedure. New product development can be a daunting task in itself and those tasked with the development of products may not be properly prepared to deal with the business and commercial aspects that go hand in hand with it. Adding to the challenge is the fact that there exists various legal implications and concerns that must be taken into consideration.
We all know that products are not conceived overnight and sold for billions the next day. Profitable products are generally born from fully functioning businesses that are equipped to handle each intricate component of new product development. It is highly advantageous for individuals to conceptualize and develop their ideas within the context of an operational business. “Business” can, of course, take many forms – from a sole proprietorship to a company – each having its own legal implications, its own advantages and disadvantages and each requiring special consideration and deliberation.
Once a form of business has been decided upon, it is imperative that all legal requirements, including statutory prerequisites, are recognized and met. This will allow the developer the opportunity to realise his product concept fully within a protected, compliant framework.
Once the new business has developed its new product, the product will be prepared for end use. While most people are no doubt aware of the marketing and sales considerations in preparing a product for end use, little thought is given to the legal input that may be required.
Depending on the nature of the product, various legal assessments will need to be conducted in order to ascertain firstly, whether there are any legal impediments to the commercialization of the product and secondly, the solutions to such impediments. Furthermore, a host of legal documents will need to be prepared in order to ensure that the product and business are fully protected.
In addition to the legal involvement within the framework of the product-user relationship, assistance may also be required within the context of the businesses relationship with third parties, such as distributors and service providers.
As may be gleaned from the aforesaid, there is more to product development than simply developing a product. At Vasco de Oliveira Incorporated we offer new and existing businesses turnkey legal solutions to assist not only in the development of their products but in the building of their businesses.