So, a little light bulb inside you head has lit up and you are struck with the notion that you invented something. You are not sure 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 assure you that in the end you will be happy that you took my advice.
Before we proceed with the discussion, I would like to provide a few words of wisdom. While working on your idea you will encounter individuals who will criticize your work and then try to discourage from forging ahead. Some of the Inventions is going to be deserved and should be taken into account. If you notice that the valid point is raised which you never thought of before – the higher off you are. It offers you chance to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism which is not based upon any facts.
Whenever you figure out how to separate these two, you will end up better of. My advice to you personally –
– Don’t be afraid to question professionals, since most experts are one-track minded and oblivious with other things
– Don’t be scared to challenge other people’s ideas, uphold your principles and become firm
– Don’t hesitate to find out that the own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you are prepared to market your idea, you will need to cope with large corporations. Stay in mind that the larger the company is, the more bureaucratic it is actually. Many big companies lose focus and quite often hire employees that are either not qualified to do the job, or just not interested in what they are doing. If you come across these people that want to make you feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged from this – chances are you will be better off coping with smaller company that is certainly more focused and willing to take risks!
Step 1 – Stay Focused and Clearly Document Your Idea
This task has huge benefits, because –
1. You may clearly define your idea/invention
2. While documenting your idea, you may find ways regarding how to expand your invention
Always try to wear paper what exactly it is that you simply invented – precisely define your idea, its purpose, limitations and target market. If you fail to precisely define your idea, then because of this you need to take a step back, re-analyze your thinking and simplify things. The most typical error that folks make at this point is finished-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. posseses an idea concerning 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 as well as a screw driver. However, incorporating these products definitely makes the What Is A Patent larger and heavier. In order to make knife lighter, John K. goes back towards the drawing board – he compromises his original, Automatic Push/Pull mechanism design in attempt to accommodate unnecessary additional features which have nothing to do with his unique design. By taking away features from his original design, John K. makes his final design very pedestrian and it also lacks in originality.
Within the final analysis, John K. should have stopped right before making any changes to his original Automatic Knife Mechanism and asked himself these – am I better off with the original mechanism or with pedestrian mechanism which has additional features? Are definitely the additional features even necessary?
The aforementioned example clearly illustrates these – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Additional features will come into play later, as soon as you clearly described and shaped your invention.
Step Two Exploratory Stages – See whether your idea is exclusive
Once you’ve documented your idea, you should begin considering the following – how unique is my idea? In order to respond to these questions, you will need to carry out some legwork and hit your neighborhood library and internet. Until you allocated a substantial amount of your financial budget to Patent Lawyers, that will carry out the research for you personally, you will be more satisfied doing initial research alone. Why? Simply because you may discover throughout your exploratory searches that your design is not really unique and save from paying Big Lawyer fees. A note of caution – don’t get discouraged should you determine the idea similar to yours already exists and already patented. The truth that someone came to the similar conclusions when you, just a bit bit earlier is good – there is a competition! Levels of competition are good, level of competition is healthy! Carefully examine competing product, even take it apart, if necessary. Figure out what differentiates your idea from competitor’s, its limitations and exactly how successful was another individual (or perhaps a company) with marketing it. As you can see, you can actually learn from mistakes of others, avoid their mistakes and forge ahead fully mindful of competition along with their limitations.
Step 3 – Product Safety Considerations
Whether you decided to produce a baby product or some form of household appliance, a special care should be consumed describing potential hazards associated with the use of your products or services. For example, should you invented a brand new toy designed for young children, try to generate the 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 fail with all the operation of your product and figure out ways on how to improve product safety. The questions that you simply may ask yourself would be the following –
1. Am I using proper materials?
2. Maybe the part which has by far the most hazards ought to be redesigned?
Try to generate a comprehensive set of parts that can be potentially hazardous and fix your design before you begin marketing your products or services. You may think of this step as unnecessary, but let me warn you – most marketing companies will require you to describe all Security features of your idea, and you might stay away from a while by doing preparations in advance.
Step 4 – Demographics and Determining who will Use Your Product
Ones you do have a clear picture of your product and you figured out all nuances of product design, attempt to determine that will make use of your product, when and where. Make an effort to think about these questions –
1. Exactly what is the age bracket of target audience?
2. Is my product intended for Men, Women, or Both?
3. Where and when can it be used?
Correctly answering these questions can help you properly advertise your product and stay abreast of your competition. Additionally, knowing solutions to the aforementioned questions can help you in putting finishing touches on your own product. How? If your product is ideal for children, then it should be bright and colorful. Additionally, if your product is ideal for cold climate, you ought to avoid marketing it in areas where it’s hot all year long.
It is extremely likely that the product is tailored for certain industry (for example, agricultural); then think of those that will benefit the most from your invention! Should your product is made to work with specific soil or crops, then you certainly should target geographical region rich with desired characteristics. As you can see, this method demands a thorough research, planning and leg work; the benefits, on the other hand, is going to be payoff rewarding!
Step 5 – Produce Full or Small Scale Model of Your Product Or Service
It is extremely important to produce a working model away from your idea. Why? Having a real-life model of your idea (or perhaps a scaled-down version of this), will help you to –
1. Identify its limitations and provides you an opportunity to re-think some aspects of your initial design making necessary corrections
2. Enhance your final design
As well as the previously discussed items, the last model can help you psychologically. There is no better feeling then so that you can physically see and touch the development of your personal mind! Because you are touching the real-life model of your final design provides you with positive psychological boost equal to not one other you’ve experienced during design process, motivating you even more to achieve success!
The simplest way to approach this step is to try to draw on a piece of paper the ultimate version of your product, the way you look at it at this point in time. Your drawings should show one last idea/product under different angles, in a 2-D and three-D. The image might not pretty because not a lot of us have the necessary drawing skills. However, this drawing task can help you immensely solidify your design and pin-point items that you will still have to work on. In addition, I strongly recommend that you generate your initial product prototype from clay or other material that is readily available. Why? Because this prototype along with initial drawing can help you explain your idea to technical individual that, consequently, will transform your design into highly technical engineering drawing.
As soon as you prepared your model, try to determine 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 because the price that you’ll charge for the product will be based on the production expense of each individual unit. You don’t must be 100% correct at this time with your material selections, but it’s very good to know what materials should go into manufacture of your products or services allowing you to have a ball-park figure on the final expense of your products or services.
Step 6 – Estimate Cost and Gross Profit
When you determined who will use your product and where (or perhaps your product’s market), it is time and energy to think “big” – attempt to work out cost/benefit analysis of your own 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 made in a manner which it would hold the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and through the help of her husband managed to produce a full-scale version of Can I Patent An Idea made of clay. Before involving an engineer, Mary A. estimated that her product is going to be made entirely from plastic. The estimated production cost of 1 bottle holder is $3.00 (we presume the manufacturing plant is situated in China and shipping expenses are 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. In addition, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); additionally, each stores demands a 40% commissions per each purchase – meaning that $6 is paid as a commission to the store for every $15 purchase. Mary A. immediately worked out that her total profit is going to be $6 per each bottle holder ($15 – $6 – $3). Presume that one 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 amount of 330 X 3 X 6 = $5940.
Step 7 – Product Marketing
Correct online marketing strategy is totally essential to the prosperity of your idea. Partnering with marketing company which you can trust and rely upon pays big dividends inside the long run and should not be overlooked. What should you know about marketing companies? Most of these companies are split into two groups (I will contact them 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, most companies that belong to this group are charged with fraud and inventor should carefully consider who they really are dealing with. Within the best case scenario, you might potentially lose all of your money and valuable time; in worst-case scenario, as well as losing money someone else may take advantage of your invention (unless, of course, you had been lucky enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose things to say while focusing on emphasize areas they believe are most pertinent for their invention. I would personally like to point out IdeaJets website (www.ideajets.com):
IdeaJets is actually a marketplace where individuals with ideas and firms who search for sharp minds meet. As well as helping you find a right partner who can help you realize your thoughts and dreams, IdeaJets also brings inventors in touch with other ambitious men and women to cultivate and promote the culture of inventiveness and success. You can meet your fellow inventors using IdeaJets messaging system or in Forums. Hopefully, by sharing ideas and opinions, users might view their inventions or ideas in a new light, refine and re-define those to further enhance their chances to achieve success. As of right now, IdeaJets is totally free!
Conclusion and a few Final Thoughts:
As one can see, it takes plenty of patience, preparation and perseverance on the part of inventor to succeed. The main thing is always to not get discouraged by the presence of competition and potential rejections. Because I mentioned inside my article, level of competition is good and healthy. If your competitor is enjoying a great success with the product comparable to what you’ve developed, then because of this the item that you are currently working on has great potential. Carefully examine competitor’s product and figure out its weaknesses or vulnerabilities. This, obviously, presumes that you simply finalized your initial design, figured out each of the kinks and produced a complete-scale (or scaled-down) version of your product. Once you know enough about competitor’s product, carefully study your market and demographics – this will help in designing marketing plan specifically tailored towards your product. Placed on paper and document your findings because you may forget some details afterwards and realize that the information you painfully need is gone. In general, attempt to incorporate all your findings xqvfcq to cost, market and demographic analysis into Business Plan and store it in a safe place! A lot of companies you are going to try to work or partner with will need you to produce Business Strategy documentation. Without having you will force you to produce Strategic Business Plan documentation almost overnight and this is simply not a simple task. My suggestion to you – start working on the Business Strategy from the very beginning and save yourself from having sleepless nights! And a final word of wisdom – don’t be scared to become over-confident, because confidence and belief in one’s own powers are a good recipe to success!