When considering how to start an invention, timing is a key factor. You will want to consider your team, your business model, and the potential revenue streams for your invention. You will need to seek the help of subject matter experts if you have questions regarding funding, licensing, or business model. It is also important to consider your invention’s feasibility and end-users. You will want to design something that will be easy to use and explain to a prospective customer.
Creating a prototype
If you’re considering launching a new product, a prototype is the best way to test the marketability of your product before spending any money. A prototype is the first working version of your product, and it’s ideal for pre-sales, fundraising, and marketing. It also allows you to work out any kinks before production. Prototypes should be high-quality, though, to limit the amount of decision-making for your manufacturer.
You’ll need to determine the size, cost, and complexity of your prototype. The materials that you choose will depend on the budget you’re working with. However, you can start with something as simple as a plastic milk bottle and household glue. If your idea has potential to become a profitable business, a prototype can help you secure financial backing and convince investors of its viability. You can also try out the prototype on friends and family to get feedback.
Researching your invention idea
When researching your invention idea, it’s vital to consider the marketability of your concept. Marketability is the key to determining the cash value of your invention. By conducting market research, you can assess how useful your invention is, what price you can expect it to sell for, and whether there’s a current market for it. If there’s a market for your product, you can increase its odds of becoming a hit.
Once you have a product or service idea, the next step is to research the marketability and patentability of it. Marketability research is crucial when you’re launching your business, because you’ll have to decide whether or not your invention idea is already patented or filed for patenting. While it can be a challenge, a comprehensive research plan can make the process go more smoothly and help you protect your investment. Here are some tips to help you research your invention idea.
Reaching out to others
One of the most important things to do when starting an invention idea is to reach out to others to get feedback. You can find this type of person in your social network. If possible, find groups on LinkedIn where people in your industry gather. This will not only attract attention, but can also open up a variety of opportunities in the future. The best way to approach such a person is by making your idea as simple as possible.
Finding a licensee
There are several steps to licensing your invention. First, you must choose the right manufacturer. Check the current market for similar products and contact the manufacturers with your idea. You can also check networking forums for recommendations and information on specific companies. Make sure to check the track record of these companies and the benefits of working with them before signing any agreements. Also, you must plan your licensing agreement ahead of time. Here are some tips to licensing your invention.
Research the company’s history and product line. Do a market study on your potential licensee’s current product line and business mission statement. Don’t give up too soon. A bad match won’t only waste your time, but it will also make it harder for the next independent inventor. If you are not comfortable with conducting market research, find a licensed agent yourself. You can use the services of an Inventor Smart agent to help you pitch your idea.
Securing your invention idea
Securing your invention idea is vital when starting a new business. Although intellectual property is a powerful tool for protecting a business idea, it may not be appropriate at the early stages of an invention idea. Rather, you should focus your efforts on securing the idea and preventing it from being stolen. There are many ways to do this. Listed below are some of the most common methods. Once you have a great idea, you should start thinking about securing your idea.
Once you have these, incorporate these changes into the design. InventRight1 co-founder Stephen Key suggests that this method removes obvious workarounds from the field and helps you reinforce your point of difference. As an added benefit, you’ll avoid infringement. This is especially useful if your invention idea is a game-changing idea.