Step-by-step from invention to market

Author :

Fiona Rom

So you’ve got a brilliant idea for a product that will change the world – but now what? Here are eight tips to help you take your invention from concept to business reality.

1. Create a record of invention. This should include a clear description of your idea, the date, your signature, and the signatures of two people you trust who have ‘witnessed and understood’ your invention. Throughout the project, keep complete and accurate written records that document each step you take including test results, experiments, and modifications. Keep copies of all correspondence, including emails, and all invoices and receipts relating to your invention.
2. Be discreet. Until you’ve registered a patent, make sure that non-disclosure agreements (otherwise known as NDAs or confidentiality agreements) are in place and signed before you discuss your idea with anyone outside your trusted confidantes.
3. Research new-product development. Go to your local book store or library and search the internet to educate yourself about the basics and create a road map for the future. Find out as much as you can about manufacturing and pricing of products, distribution channels, designing a product with an eye to packaging and shipping, and product liability.
4. Do a product and patent search. Have a thorough look on the internet to see whether anyone else has already patented or is marketing your idea. Don’t necessarily be discouraged if you do find something similar – you may have a modification or a new approach. If you’re improving on something that’s already been patented, is your invention a new physical feature, a combination of prior separate features, or a new use of a prior feature? Does it produce a new and unexpected result? Employ the services of a patent professional to help you file the patent; shop around for the best reputable and affordable option.
5. Consider viability of sales. Are the total sales likely to be at least twenty times the cost of inventing and patenting your idea? Take into account the cost of filing fees, hiring a lawyer to help with your patent filing, and payments to anyone employed to develop the product.
6. Develop your brand. A great name or brand image can exponentially increase your chances of success when marketing your idea. A catchy image will help in the development process, inspiring you to make new design decisions or improvements to include a broader range of markets.
7. Fund the invention. Create a customised ‘pitch’ targeting potential investors or manufacturers to give your audience a clear concise idea of what your product does, how it does it, and its consumer appeal. Have a tested prototype they can see, and provide printed brochures, business cards, projected financial information and a business plan. Make a webpage they can visit.
8. Network with other inventors. Join a local inventors’ organisation – the best people to guide you are those who have successfully developed and marketed new products. Inventor organisations include inventors, lawyers, prototype makers and others in the field of new-product development. When questions or problems come up, you’ll have someone you can trust to turn to for advice.

Remember, successful product development is a team sport. Put your energy into the things you do best; be honest about your weaknesses and get help in those areas where the expertise of others could be useful. Keep your passion for your invention alive, and enjoy the journey!