Merwyn Readiness Quiz IMPORTANT:Please answer the following questions as accurately and conservatively as possible. There is a normal inclination to allow your passion to skew your thinking imposing a high level of enthusiasm and opinion of your idea. All of that is good but it needs to be suspended to allow for a candid and objective evaluation like this. Name Phone Email 1. Status of Your Innovation/Invention/Product Issued Patent Patent Pending Have operational prototype Have funding Have independent research of the innovation/invention/product 2. How frequent is the problem that your invention is trying to solve? Daily Two or three times each week Weekly A couple of weeks each month Once a month Less frequent 3. For people who experience the problem, how much of a problem is the problem you are solving? Painful and very serious Concern for the consequences Troublesome Annoying 4. Your invention provides a solution or benefit to help people who have a problem or need. How specifically can you describe the benefit that you deliver? Very precisely (like 52% greater cleaning power or 25% faster) In general terms (like better, clearer, more effective, etc.) Do not currently know. 5. Most products deliver more than one benefit (like faster cleaning, easy to use a spray bottle, fresh clean scent). For most people, there is one major benefit and then supplementary benefits. What is the best description of the benefit your product delivers? Absolutely the major reason people buy a product like this. A secondary benefit for most people but primary for some. A new benefit that people have not been able to get before with the product of this kind. Not sure 6. When people hear that a product can deliver a specific benefit, they almost always need information that will help them believe the product can do what you say it can do. Which of the following answers describes best the reason to believe you can communicate to potential buyers? Specific research-based data. Easy to understand description of how the product works. General statement without many specifics. Not sure 7. One of the important considerations people have when buying a new product is how "new and different" it is compared to their current product and other options. Which of the following best describes the degree of "new and different" for your product. WOW new and different – a true and genuine breakthrough. Extremely new and different – a difference so significant it will be worth paying a lot more for. Meaningfully new and different – a noticeable, measurable improvement. Incrementally new and different – a good incremental improvement. Somewhat new and different – a difference for the sake of being different. Not sure 8. Your product probably has a benefit advantage versus other products. How much of an advantage are you offering? Revolutionary innovation: satisfies a major customer problem or enables the creation of a whole new industry; buyers will consider this to be in the top 2% of all ideas they have ever seen in products like this. Major impact innovation: dramatically, measurably enhances a products superiority in an existing category; buyers will consider this to be in the top 25% of all ideas they've ever seen in products like this. Above average impact innovation: the invention creates a significant incremental impact in an existing product; buyers will consider this innovation to be in the top 40% of all ideas they've ever seen in products of this type. Average impact innovation: this convention improves an existing product; buyers will consider this innovation to be average relative to ideas they have previously seen. Not sure. 9. How will customers perceive the price that you are selling your product for? WOW price – something to boast of friends about. Excellent price – worth going out of your way for. Very good price – better value than what's available today. Fair price – fair and reasonable. Poor price something to complain about. Not sure. 10. How will customers perceive the VALUE of your product – VALUE it is a combination of the price people are asked to pay for the benefit they receive? WOW value for the money: this is a no-brainer for customers who find it to be an incredible improvement. Dramatic value for the money: customers are excited because it improves the value they received versus previous prices they have paid. Above average value for the money: tangibly better than other offerings. Fair and reasonable value for the money: reasonable but not necessarily exciting. Below average value for the money: initial reaction is that it's not a better value than most other options. Not sure. 11. How much and what quality of data have you already developed for your product? Very high quality: conducted professional quantitative research of the product among prospective buyers. High quality: conducted independent research of the product among prospective buyers I do not know. Quality: friends, families, and associates have been very helpful.Thank you for taking the Merwyn Readiness Quiz. Please click SUBMIT for your results and next steps. Time is Up!