Rumor has it that Thomas Edison invented the lightbulb out of the fear of the dark. Whatever his motivations were, one has to wonder if he knew that his invention would be a staple product for homes around the world over a hundred years later.
There’s a lot of steps in turning an invention into a viable, marketable product. Inventors today have more technology available to help on their quest, but fewer unexplored areas and more red tape. Here are some of the steps to take to turn an invention into a product.
Write it Down
To start making that transition from invention to a marketable product, one must first write down their ideas about both. What is the main function of the invention? Who needs it and why will they want it more than they’d want a similar product? What parts, components, and features does the invention have?
All of these are important considerations when submitting an invention for a patent. Keeping these pages and ideas collected in one book will help make it easier to prove that all of the ideas contained belong to the owner. According to the experts at Idea 4 Invention, there should be an inscription written on the inside with space of a witness to sign and confirm that they know the book’s purpose and ownership.
Market Research
Before someone takes the often costly steps of turning an idea into a product, they should do loads of market research. When they think they’re done, it’s time to do more. Market research is important for many reasons. It helps identify how many customers there are in the local region as well as how much competition. Having this information collected also shows potential investors and regulatory bodies that ample thought was put into this idea.
During the market research phase, it’s also a great time to do an initial patent search. There are very few brand new ideas, and it’s quite possible for two seemingly unconnected people to have the same idea. When it comes to patents, the first one to have a valid patent gets dibs on the invention.
Prototyping
Prototyping is arguably one of the most important aspects of the manufacturing industry. It also plays a key role in turning an invention into a marketable product. A prototype is a replica of a future product. It should follow the proposed design and production strategy as closely as possible. The prototyping process helps inventors determine if there are any last minute additions or changes that must take place before they submit for a patent.
Patenting
Once design tweaks have been made, and a final prototype is created, it’s time to apply for a patent. Again, it’s essential that prototyping is done first. If the final, manufactured product has too many differences– even minor ones– from the patent, then someone else can swoop in and capitalize on someone else’s idea; it’s a terrible loophole situation.
By working with a patenting organization and having everything reviewed by a knowledgeable lawyer before submitting, an inventor’s idea will be protected when the product goes to market. Eventually, the patent will change, and other businesses will be able to release similar products.
Sell It
Once all the preparations are complete, and the invention is ready to be sold, it’s time to sell it. This is the time when the inventor must consider how they’re going to communicate their product to the customer demographic identified during the marketing research phase, by creating a marketing plan. This may also include selling the concept to investors who will assist in funding the launch process.
With dedication, research, and hard work, an invention or an idea can become a marketable product. Inventors need to remember to expand their knowledge of their competition and clients while protecting their idea to the full extent of the law.
