A lot of what you will need depends on what the tool will be made out of. Just to give you some idea I had a simple innovation idea for a tool not a completely new tool just a adaptation of one for a tiler that already exists. It was to be made in plastic and the first costing I got for it was £6,000.00 for the design prototype then another 6 for the design of the tooling then 30 for the manufacturing of the tooling. Then we got in to the cost of production one company was saying if I wanted 10,000 they could make it for £1.20 per unit. So at this point it was going to cost me £54,000.00
I did some shopping around and managed to get a rapid prototype made for free.
A m8 of mine was messing with some design programs so he put me a disk together that I could take to the tooling people. I looked at tooling all over the world and got the cost of the tooling down to £6,000.00 and £1,200.00 for the tooling design and that was all in UK (it pays to shop around)
I got the production down to £0.56 per unit but I had to have 25,000 units
So now my costs are £21,200.00
I started to look a getting them out on the shelves and what they would sell for and what I could make on them and that is not good what I found was it was my idea my design my tooling and the best I would get was £1.00 per unit giving me £0.44 per unit so if I sold all 25,000 units I would be better of sticking to tiling.
There is a lot more to this stuff than you would think there is also the patent office to deal with and that costs. There may be better ways of going about it all and you may get better advice than I did so don’t be discouraged as I am not the sharpest tool in the shed.