Not every invention has market value and can be scaled into a successful business. However, if you have an idea that you believe has the potential to be lucrative, knowing how to develop it is crucial if you would like it to be profitable.
If you’ve come up with the idea you see potential in, incorporate the following to ensure it reaches the shelves.
- Do Your Research
The first step is doing research. Research may seem like a broad term, and it is. You must do thorough research to avoid wasting time or resources on your project. The first step is to spend time researching your idea and scanning the market to see if there is anything similar. If there is, find out if your innovation will infringe on any trademarks or patents of existing products.
If it doesn’t, your next step is to look into the viability of your innovation. This means examining consumer demand. The best products solve an existing problem people face. Look at how people live and work and consider how your invention can solve a problem. You can have the best innovation in the world, but if people don’t need it, or if it can’t improve their lives, it is of little value.
- Spend Time Brainstorming
When you have an idea or see a gap in the market, it’s helpful to spend some time brainstorming to flesh out your ideas. While brainstorming in a team can spark different ideas and be a source of inspiration, you can draw inspiration from anything.
Once you’ve drawn up a list of ideas, discuss the pros and cons of each one and how it will benefit the consumer. Also, talk about how viable it is to produce. Use the information you have gathered to narrow down the list until you are left with a product idea that you are certain can be developed.
When you’ve narrowed down your list of possible options, it’s time to define the product by listing all the requirements you want the product to meet. You must also have a clear idea of the product’s functionality and aesthetic. It will be helpful to draw up rough sketches of what the product will look like.
- Calculate the Costs
As fantastic as your product may be, you have to be able to produce it at a price that consumers are willing to pay. Work out an estimated cost that includes raw materials, labor, equipment, and tools. When you’ve calculated the cost price per unit, you can figure out how much you need to sell it to make a profit.
- Build a Prototype for Testing
When you’re sure of the product you want to make, you must make a prototype to test in real life before you have the product patented. If you patent a product and then make changes to it, you will not own the rights to the changes you made.
Give yourself enough time to test the prototype and make notes in your journal of how it works, and if there are any snags or glitches, now is the time to modify it. Each time you modify it, ensure that you test it sufficiently and keep a record of the changes you’ve made.
- Product Development
After the product’s been tested and meets the quality and functionality standards, you can begin manufacturing. You can either manufacture in-house if you have the facilities, equipment, and expertise, or you can outsource production.
- Document the Process
You must document your process and ideas to patent your invention. You have to prove that your invention was your idea. You can record your approach by making notes in a journal and taking pictures of your building process. When you do this, make sure to date every entry in your diary so there is a timeline.
- Patent the Product
When you’re confident that your innovation has been adequately tested and functions to a standard that you’re happy with, you can begin the process of having it patented. There are two types of patents:
- Utility patent
- Design patent
A utility patent is for new machines or processes, whereas a design patent is for ornamental designs. Hiring a patent lawyer is expensive, but it may be a worthwhile investment if your patent is complex. An experienced lawyer will spot loopholes preventing others from infringing on your invention.
Still, getting your invention patented yourself is possible. Apart from keeping a record to prove the work is yours, your research step will help you confirm that your invention qualifies to be patented by showing that it differs from other industry products.
When filing your application, you can either file an RPA (regular patent application or a PPA (provisional patent application).
A PPA is much cheaper. All you need to do is provide a detailed product description and a draw. In return, your product is classed as ‘patent pending,’ This gives you time to attract investors if you’re a solo inventor or come up with the money to fund the patent. After you’ve filed the PPA, you have a year to file your RPA.
- Commercialize the Product
Commercializing involves bringing new products to the shelves and includes manufacturing, distribution, sales, and marketing.
Bringing innovation to the market is a massive undertaking and one that can be difficult to do alone. If you’re a solo inventor, it’s unlikely that you have the time or the knowledge to tackle every aspect of a business, so it’s best to get other professionals involved.
You can manufacture the product yourself or find someone to manufacture the product for you. This means that you will be responsible for manufacturing and sales. Another option is to have the product licensed so that another company makes and sells your innovation, but you will be paid licensing and royalty fees.
You must decide on your distribution channels and create a sales and marketing plan.
- Test the Market
Before going into a full-scale launch, it’s worth testing the market to gauge consumer interest. There are various ways to do this, which include surveys, consumer polls, offering free samples to a few consumers, or test marketing which involves making the product available for a limited time and asking for feedback on the product.
- Make Sure You Have Sufficient Funding
A significant contributor to the success of an innovation is funding. You may have a fantastic idea, but developing and turning it into a business costs money. It would be incredibly demotivating to begin the process of launching a product only to have to halt it because your funding dries up.
You could start by drawing up a budget. Your budget must consist of everything going into making and launching a product. It would be ideal if you have money in savings to go towards the project, but you may need to supplement your capital by using online loans.