How we do it
At Morgan IAT we know that getting an idea or product to market can be difficult and costly and that it is not always easy to obtain finance. We carry out work free of charge in exchange for a share of a product’s potential. This may be in the form of a royalty, a share in the IP rights or a manufacturing agreement. Each idea or product is regarded as unique and each partnership is negotiated on that basis. This unique approach is a reflection of our passion for innovation and our desire to be an enabler in bringing ideas to market.
Morgan IAT will provide you with a professional, innovative service from project initiation all the way through to the product going to market. We offer a 5-stage plan which covers important factors such as market research, design, specification, costs and client involvement, followed by product development and manufacture.
Project Initiation – Stage Gate 1
The concept is discussed under a non-disclosure agreement (NDA) to ensure confidentiality and funding is agreed. If Morgan IAT fund the project, then we could ask for a fair proportion of the IP and manufacturing option. If you fund the project then we would charge a fair commercial rate for the work we do. The most successful ideas are drawn from a real need so we look to “Identify the User” and the priorities to meet that need. We then create a concept model, which enables us to agree a functional specification, the next stage of the process.
Project feasibility – Stage Gate 2
It is now that we can assess the risks involved, such as: costs, timescales, and current/potential markets. We are now able to assess the overall viability of the project both technically and commercially and whether there is a market that can be reached cost effectively.
Technical Requirements – Stage Gate 3
We now know the feasibility and have established that we can do it cost effectively whilst making a profit. We can now move into the identifying and documenting the technical requirements, which will be critical to the next phase.
Design Specification – Stage Gate 4
Our design specification is far-reaching and extremely detailed. It focuses on all aspects of design including safety regulations, potential copyright infringement. At this stage we run an in-depth research phase to identify potential hurdles. We also look to investigate other potential markets for the product; this enables us to “design in” features that will enable us to potentially cross-sell the concept.
Design Specification/Project Plan Signoff
This is the final stage before initial product development and prototyping. It is during this phase we do a final assessment of the time scales and plan the project phases and milestones.