So, a little light bulb inside you head has lit up and you are struck with the notion that you invented something. You are unsure yet how practical your idea is at this time, but something tells you that this might be the. Big break you were seeking. What you do next and how you approach your next steps is really 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 guarantee you that in the end you will be happy that you took my advice.
Before we proceed with all the discussion, I would personally like to offer a few words of wisdom. While caring for your idea you will come across individuals who will criticize your work and then try to discourage from forging ahead. Some of the Patent Idea will likely be deserved and must be taken into account. When you see which a valid point is raised that you never thought of before – the greater off you might be. It provides you with possibility to stop and view your idea from another perspective (or angle). However, you may also encounter a so-called destructive criticism that is certainly not based upon any facts.
Once you discover ways to separate those two, you may be better of. My advice for you –
– Don’t hesitate to question professionals, since most experts is one-track minded and oblivious to other things
– Don’t be scared to challenge other people’s ideas, stand by your principles and be firm
– Don’t be scared to learn that your particular own idea is faulty. Pause, make corrections, re-analyze and move ahead
When you find yourself ready to advertise your idea, you will need to cope with large corporations. Stay in mind that the bigger the company is, the greater bureaucratic it is actually. Many big companies lose focus and quite often hire employees who definitely are either not qualified to do the job, or just not thinking about whatever they are going to do. If you discover these people that want to make you feel insignificant (as well as your idea unimportant and impractical) don’t get discouraged with this – then chances are you will be happier coping with smaller company that is more focused and ready to take risks!
Step 1 – Remain Focused and Clearly Document Your Idea
This method 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 invented – precisely define your idea, its purpose, limitations and target audience. If you cannot precisely define your idea, then which means that you ought to take a step back, re-analyze your thinking and simplify things. The most typical error that individuals make at this time is over-complicating their idea. A quick example will clarify this point:
Case Study 1
John K. has an idea regarding how to improve Automatic Knife Mechanism. While laboring hard on his invention, John K. produces technical drawings and decides that his future product will gain benefit from the addition of extra items – a scissor as well as a screw driver. However, adding these items makes the How To Register A Patent In The USA larger and heavier. In order to make knife lighter, John K. goes back to the drawing board – he compromises his original, Automatic Push/Pull mechanism design in try to accommodate unnecessary extra features which have nothing related to his unique design. By taking away features from his original design, John K. makes his final design very pedestrian and it lacks in originality.
In the final analysis, John K. needs to have stopped right before creating any changes to his original Automatic Knife Mechanism and asked himself the following – am I happier with all the original mechanism or with pedestrian mechanism that has extra features? Would be the extra features even necessary?
The above mentioned example clearly illustrates the subsequent – concentrate on your original idea and ignore additional, superfluous features that might muddle your vision. Extra features can come into play later, as soon as you clearly described and shaped your invention.
Step 2 Exploratory Stages – Determine whether your idea is exclusive
Once you’ve documented your idea, you can start taking into consideration the following – how unique is my idea? In order to answer these questions, you will have to do some legwork and hit the local library and internet. Except if you allocated a large amount of your finances to Patent Lawyers, who will do the research to suit your needs, you will end up better off doing initial research alone. Why? Since you may discover throughout your exploratory searches that your particular design is not unique and save yourself from paying Big Lawyer fees. A note of caution – don’t get discouraged if you determine that the idea much like yours already exists and already patented. The reality that someone got to the similar conclusions while you, just just a little bit earlier is nice – there is a competition! Competition is good, levels of competition are healthy! Carefully examine competing product, even take it apart, if necessary. Figure out what differentiates your idea from competitor’s, its limitations and just how successful was someone else (or even a company) with marketing it. While you can see, you can actually gain knowledge from mistakes of others, avoid their mistakes and forge ahead fully conscious of competition as well as their limitations.
Step Three – Product Safety Considerations
Whether you decided to produce a baby product or some type of household appliance, a special care ought to be taken in describing potential hazards associated with the aid of your product or service. For example, should you invented a whole new toy created for small kids, try to create a list of parts that can potentially harm your little customers. Stay in mind that many people, unfortunately, disregard exploitation manuals. Determine what can or may go awry using the operation of the product and determine ways on how to improve product safety. The questions that you simply may think about are definitely the following –
1. Am I using proper materials?
2. Maybe the part which contains the most hazards should be redesigned?
Try to come up with a complete listing of parts that can be potentially hazardous and fix your design before you start marketing your product or service. You may consider this step as unnecessary, but let me warn you – most marketing companies will require you to describe all Safety measures of your idea, and you might save yourself some time by doing preparations beforehand.
Step 4 – Demographics and Determining who will Make Use Of Product
Ones there is a clear picture of your own product and also you figured out all nuances of product design, make an effort to determine who can use your product, where and when. Attempt to ask yourself the following questions –
1. Exactly what is the age bracket of target market?
2. Is my product created for Men, Women, or Both?
3. Where and once can it be utilized?
Correctly answering these questions can help you properly market your product and remain up to date with competition. In addition, knowing techniques to the above mentioned questions can help you in putting finishing touches on the product. How? In case your product is ideal for children, then it ought to be bright and colorful. Additionally, in case your product is designed for cold climate, you should avoid marketing it in places that it’s hot all year long.
It is quite likely that your particular product is tailored for certain industry (as an example, agricultural); then think of people who will manage to benefit the best from your invention! If your product is designed to work with specific soil or crops, then you definitely should target geographical region rich with desired characteristics. As you can see, this method demands a thorough research, planning and leg work; the rewards, on the other hand, will be payoff rewarding!
Step 5 – Produce Full or Small Scale Type of Your Product Or Service
It is rather important to make a working model off of your idea. Why? By having a real-life model of your idea (or a scaled-down version of this), will assist you to –
1. Identify its limitations and offers you an opportunity to re-think some elements of your initial design to make necessary corrections
2. Improve your final design
Along with the previously discussed items, the last model will allow you to psychologically. There is absolutely no better feeling then in order to physically see and touch the development of your personal mind! Because you are touching the true-life model of your final design will provide you with positive psychological boost similar to no other you’ve experienced during design process, motivating you even more to achieve success!
The simplest way to approach this task is to try and draw on a piece of paper the ultimate version of the product, how you view it at this point over time. Your drawings should show one last idea/product under different angles, in a 2-D and three-D. The photo might not pretty because not many of us possess the necessary drawing skills. However, this drawing task will help you immensely solidify your design and pin-point things that you still must work on. Additionally, I strongly suggest which you generate your initial product prototype from clay or any other material that is easily available. Why? Because this prototype together with initial drawing can help you explain your idea to technical person who, in turn, will transform your design into highly technical engineering drawing.
As soon as you prepared your model, try to find out what materials should go in into construction of real-life product. Will your products or services be build of plaster or metal? If metal, then what kind of metal – could it be aluminum, copper or some form of alloy? Once you determined the required materials, estimate production cost because the price that you’ll charge for the product will depend on the production expense of each individual unit. You don’t must be 100% correct at this stage along with your material selections, but it’s very good to know what materials will go into production of your product allowing you to have a ball-park figure on the final expense of your product or service.
Step 6 – Estimate Cost and Gross Profit
As soon as you determined who will make use of product and where (or maybe your product’s market), it is actually time for you to think “big” – try to work out cost/benefit analysis of your own product. Below is a case study –
Mary A., a homemaker with three little children, designed a plastic bottle holder for babies and small toddlers. Her bottle holder was designed in such a way which it would hold the bottles, spoons and bottle caps. Mary A. created numerous drawings of her product and with the help of her husband managed to produce a full-scale version of Inventhelp Company made of clay. Before involving an engineer, Mary A. estimated that her product will likely be made entirely from plastic. The estimated production cost of 1 bottle holder is $3.00 (we presume that the manufacturing plant is located in China and shipping costs are already factored in to the estimated production cost). Mary A. did comparative shopping and determined that other types of Baby Holders are selling around $15 dollars. Furthermore, Mary found out that three local baby stores each serve 1000 shoppers per day (including online purchases); in addition, each stores requires a 40% commissions per each purchase – which means $6 pays as being a commission for the store for each and 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 the 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 marketing strategy is totally important 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 must not be overlooked. What in the event you know about marketing companies? Most of these companies are split into two groups (I am going to give them a call groups A and B) –
1. Group A: These firms claim they have specific knowledge and inside connections in a broad range of industries. Along with been expensive, a lot of companies that are part of this group are charged with fraud and inventor should carefully consider who they are working with. Within the best case scenario, you could potentially lose all your money and valuable time; in worst-case scenario, as well as losing money another person may take advantage of your invention (unless, needless to say, you were fortunate enough to patent it!!)
2. Group B: These firms give inventor complete freedom in marketing their idea. Inventors choose things to say and focus on emphasize areas they believe are most pertinent with their invention. I would like to point out IdeaJets website (www.ideajets.com):
IdeaJets is really a marketplace where individuals with ideas and firms who search for sharp minds meet. In addition to helping you discover a right partner who can help you realize your thoughts and dreams, IdeaJets also brings inventors in contact with other ambitious individuals 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 them to further enhance their chances to achieve success. Since right now, IdeaJets is completely free!
Conclusion and a few Final Thoughts:
As one can see, it will take plenty of patience, preparation and perseverance for inventor to be successful. The biggest thing is always to not get discouraged by the existence of competition and potential rejections. When I mentioned inside my article, level of competition is good and healthy. If your competitor is going for a great success with all the product similar to what you’ve developed, then which means that the merchandise that you are focusing on has great potential. Carefully examine competitor’s product and find out its weaknesses or vulnerabilities. This, needless to say, presumes that you simply finalized your initial design, figured out all the kinks and produced a full-scale (or scaled-down) version of your product. As soon as you know enough about competitor’s product, carefully study your market and demographics – this will help you in designing marketing strategy specifically tailored towards your products or services. Wear paper and document all your findings since you may forget some details later on and realize that the information you painfully need is gone. In general, attempt to incorporate your findings xqvfcq to cost, market and demographic analysis into Business Strategy and store it in a safe place! A lot of companies you may make an effort to work or partner with will need you to produce Strategic Business Plan documentation. Without having one will force you to definitely produce Business Plan documentation almost overnight and this is simply not a simple task. My suggestion to you – start working on the Business Strategy from your beginning and stay away from from having sleepless nights! Along with a final word of wisdom – don’t hesitate to be over-confident, because confidence and belief in one’s own powers are a great recipe to success!