So, a little light bulb within you head has lit up and you are struck with the notion that you invented something. You are unsure yet how practical your idea is at this time, but something tells you that this might be the. Big break you were looking for. What you do next and how you approach your next steps is extremely important and will either lead you on to glory or will doom your undertaking. The steps that I will outline a little later might seem unnecessary; however I want to guarantee you that in the end you will be happy that you took my advice.
Before we proceed with all the discussion, I would like to offer a few words of wisdom. While dealing with your idea you will come across people who will criticize your work and try to discourage you against forging ahead. Some of the Innovation will be deserved and must be taken into account. If you notice that the valid point is raised that you never thought of before – the greater off you happen to be. It offers you opportunity to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism that is not according to any facts.
When you learn how to separate these two, you may be better of. My advice to you personally –
– Don’t be afraid to question professionals, since the majority of experts are one-track minded and oblivious to other things
– Don’t be afraid to challenge other people’s ideas, stand by your principles and become firm
– Don’t hesitate to find out that your particular own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are able to market your idea, you should handle large corporations. Keep in mind that the bigger the company is, the better bureaucratic it is actually. Many big companies lose focus and often hire employees who definitely are either not qualified to do the job, or just not interested in the things they are going to do. If you locate these folks who want to help you feel insignificant (and your idea unimportant and impractical) don’t get discouraged with this – chances are you will be more satisfied working with smaller company that is more focused and willing to take risks!
Step 1 – Remain Focused and Clearly Document Your Idea
This method has huge benefits, because –
1. You may clearly define your idea/invention
2. While documenting your idea, you may find ways concerning how to expand your invention
Always try to use paper what exactly it is that you simply invented – precisely define your idea, its purpose, limitations and target market. If you cannot precisely define your idea, then this means that you need to take a step back, re-analyze your thinking and simplify things. The most typical error that people make at this point has ended-complicating their idea. A fast example will clarify this point:
Case Study 1
John K. has an idea regarding how to improve Automatic Knife Mechanism. While laboring hard on his invention, John K. produces technical drawings and decides that his future product will benefit from the addition of extra items – a scissor and a screw driver. However, adding these items helps make the Brainstorming Invention Ideas larger and heavier. In order to create knife lighter, John K. goes back to the drawing board – he compromises his original, Automatic Push/Pull mechanism design in try to accommodate unnecessary additional features which have nothing concerning his unique design. Through taking away features from his original design, John K. makes his final design very pedestrian and it lacks in originality.
Within the final analysis, John K. needs to have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself the following – am I more satisfied with all the original mechanism or with pedestrian mechanism which includes extra features? Are the extra features even necessary?
The above mentioned example clearly illustrates these – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features will come into play later, once you clearly described and shaped your invention.
Step 2 Exploratory Stages – Determine whether your idea is unique
Once you’ve documented your idea, you should begin taking into consideration the following – how unique is my idea? In order to respond to these questions, you will have to perform some legwork and hit your neighborhood library and internet. Until you allocated a substantial amount of your budget to Patent Lawyers, who will perform the research for you personally, you may be happier doing initial research on your own. Why? Simply because you may discover during your exploratory searches that the design is not really unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged in the event you determine that this idea comparable to yours already exists and already patented. The reality that someone arrived at the similar conclusions when you, just just a little bit earlier is great – you have a competition! Levels of competition are good, levels of competition are healthy! Carefully examine competing product, even carry it apart, if necessary. Determine what differentiates your idea from competitor’s, its limitations and exactly how successful was another individual (or even a company) with marketing it. While you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully aware of competition as well as their limitations.
Step Three – Product Safety Considerations
Whether you opted to generate a baby product or some type of household appliance, a special care ought to be consumed in describing potential hazards associated by using your product. As an example, should you invented a new toy created for small kids, try to create this list of parts that can potentially harm your little customers. Stay in mind that numerous people, unfortunately, disregard exploitation manuals. Know what can or may go wrong using the operation of the product and determine ways concerning how to improve product safety. The questions that you may ask yourself would be the following –
1. Am I using proper materials?
2. Maybe the part which contains by far the most hazards ought to be redesigned?
Try to come up with a comprehensive list of parts that can be potentially hazardous and correct your design before you start out marketing your product. You may think of this step as unnecessary, but let me warn you – most marketing companies will need you to describe all Safety measures of your idea, and you might save a while by doing preparations beforehand.
Step 4 – Demographics and Determining who will Make Use Of Product
Ones you have a clear picture of your own product and also you resolved all nuances of product design, make an effort to determine who can make use of your product, when and where. Try to think about these questions –
1. What exactly is the age bracket of target audience?
2. Is my product intended for Men, Women, or Both?
3. Where and when can it be utilized?
Correctly answering these questions can help you properly promote your product and stay abreast of your competition. In addition, knowing techniques to the above mentioned questions can help you in putting finishing touches on the product. How? Should your product is ideal for children, then it needs to be bright and colorful. Furthermore, should your product is designed for cold climate, you ought to avoid marketing it in places that it’s hot all year long.
It is quite likely that the item is tailored for certain industry (for instance, agricultural); then think of people who will benefit the best from your invention! If your product was created to work with specific soil or crops, then you should target geographical region rich with desired characteristics. As one can see, this step needs a thorough research, planning and leg work; the advantages, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Products Or Services
It is extremely important to make a working model away from your idea. Why? Having a real-life model of your idea (or perhaps a scaled-down version of it), will help you to –
1. Identify its limitations and provides you a chance to re-think some facets of your initial design making necessary corrections
2. Boost your final design
In addition to the previously listed items, the last model will help you psychologically. There is not any better feeling then to be able to physically see and touch the creation of your personal mind! The fact that you are touching the real-life style of your final design will give you positive psychological boost equal to not one other you’ve experienced during design process, motivating you even more to achieve success!
The easiest method to approach this method is to attempt to draw on some paper the last version of your product, the way you see it at this point in time. Your drawings should show your final idea/product under different angles, in a 2-D and 3-D. The picture might not really pretty because not many of us have the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point items which you will still must work on. Additionally, I strongly suggest which you generate your initial product prototype from clay or other material that is certainly readily available. Why? Because this prototype in addition to initial drawing can help you explain your idea to technical individual that, consequently, will transform your design into highly technical engineering drawing.
When you prepared your model, try to find out what materials will go in into construction of real-life product. Will your product be build of plaster or metal? If metal, then what kind of metal – is it aluminum, copper or some type of alloy? Once you determined the required materials, estimate production cost since the price that you’ll charge for your product depends on the production expense of each individual unit. You don’t must be 100% correct at this point together with your material selections, but it’s great to know what materials should go into production of your products or services so that you have a ball-park figure on the final expense of your product or service.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined that will make use of your product and where (or your product’s market), it really is time to think “big” – make an effort to work out cost/benefit analysis of your product. Below is really a case study –
Mary A., a homemaker with three little children, created a plastic bottle holder for babies and small toddlers. Her bottle holder was created in a way that it would hold both bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and with the aid of her husband managed to generate a full-scale version of I Have An Invention Where Do I Start made of clay. Before involving an engineer, Mary A. estimated that her product is going to be made entirely out of plastic. The estimated production expense of 1 bottle holder is $3.00 (we presume that this manufacturing plant is found in China and shipping pricing is already factored in in to the estimated production cost). Mary A. did comparative shopping and determined that other sorts of Baby Holders are selling around $15 dollars. Additionally, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); additionally, each stores needs a 40% commissions per each purchase – which means that $6 pays as a commission to the store for every $15 purchase. Mary A. immediately figured out that her total profit will likely be $6 per each bottle holder ($15 – $6 – $3). Presume that a person third of all shoppers in each store have either babies or toddlers who still need bottle holders (approximately 330 consumers per store), Mary A. can generate profit in the volume of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct marketing strategy is absolutely essential to the prosperity of your idea. Partnering with marketing company that you can trust and depend on will probably pay big dividends within the long run and should not be overlooked. What in the event you know about marketing companies? Many of these companies are divided into two groups (I will give them a call groups A and B) –
1. Group A: These firms claim they may have specific knowledge and inside connections in a broad range of industries. Along with been expensive, many companies that belong to this group are accused of fraud and inventor should carefully consider who they really are coping with. In the best case scenario, you might potentially lose your money and time; in worst-case scenario, in addition to losing money somebody else may benefit from your invention (unless, obviously, you had been lucky enough to patent it!!)
2. Group B: These businesses give inventor complete freedom in marketing their idea. Inventors choose what you should say while focusing on emphasize areas they believe are most pertinent for their invention. I might like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where people with ideas and firms who hunt for sharp minds meet. Along with helping you discover a right partner who can enable you to realize your opinions and dreams, IdeaJets also brings inventors in contact with other ambitious people to cultivate and promote the culture of inventiveness and success. You can meet your fellow inventors using IdeaJets messaging system or even in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define these to further enhance their chances to achieve success. At the time of right now, IdeaJets is totally free!
Conclusion and some Final Thoughts:
As you can see, it will take plenty of patience, preparation and perseverance on behalf of inventor to succeed. The most important thing would be to not get discouraged by the existence of competition and potential rejections. When I mentioned in my article, level of competition is good and healthy. If your competitor is going for a amazing success with the product comparable to what you’ve developed, then this means that the product that you are working on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, needless to say, presumes which you finalized your initial design, resolved all of the kinks and produced an entire-scale (or scaled-down) version of the product. As soon as you know enough about competitor’s product, carefully study your market and demographics – this will help you in designing marketing strategy specifically tailored towards your product. Put on paper and document your findings simply because you may forget some details afterwards and recognize that the information you painfully should get is gone. In general, attempt to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! A lot of companies you will make an effort to work or partner with will require you to produce Business Plan documentation. Lacking you will force you to produce Business Strategy documentation almost overnight and this may not be always easy. My suggestion for you – start working on the Business Strategy through the very beginning and save from having sleepless nights! Along with a final word of wisdom – don’t be afraid to get over-confident, because confidence and belief in one’s own powers are a good recipe to success!