- February 4, 2018
- Posted by: aadibi
- Category: Information For Inventors, Information for Startups
According to a 2005 survey, half of all new inventions were created by accident. Someone sees a problem, then becomes passionate about the solution and the rest becomes a success story. Do you have an invention that could be part of this successful statistic?
For an example, after witnessing a marine turtle die of plastic ingestion, a zoologist named Louise Hardman created a product to help remove plastic from the world’s oceans. For many, turning a passion with a purpose into a product is a dream come true.
The problem is, about 95% of new products fail when they hit the market. You need to have a strategic plan in place to be part of the 5% that has success. With so much information out there, how do you know where to start?
Fear not. We have created a step by step guide on turning your passion into a reality.
Visualize Your New Inventions
So the lightbulb in your head is constantly going off. You have an idea that you are passionate about, and you want it to take off faster than a rocket ship. The first step is to deeply think about every single detail about your product.
Maybe you do not fully have an idea yet, that’s ok too. First, make a list of everything you are passionate about, then think about a problem with each one. After that, think about how you could improve on that, solving the problem.
There is your idea.
Write Everything Down
The action of writing triggers your subconscious memory. Also, writing things down can help with strategic problem-solving. Or perhaps you’re worried that someone will steal your idea, we have a solution for that.
Start an inventor’s journal, get a book with consecutively numbered pages that you cannot remove or add. This gives you more of a chance of it standing up in court if need be. Next, get someone to sign and date it, this will show when you created this idea before you spend a ton of money on it.
Research Everything About Your Product
Next, you want to research the market. You want to make sure there is a need for this product, and the idea is not just supported by your mother. Do some deep digging, preliminary research.
Discover who your target customers will be and if they will actually buy it. Are there any online forums of people complaining of that exact pain you are creating a solution for?
Next step, do some financial research. Can it be manufactured and shipped at a profitable cost? You need to be able to sell it at a competitive price, with the ability to make enough, especially at the start.
Research your competition and what the prices are for similar products. Analyze every detail about your competitors, check their customer reviews and create something better.
Create the Prototype
Now that you have gathered your information about your product, it is time to start creating! Doing a good job on the prototype gives you more of a chance for the investors and licensers to give you a hand. The prototype is where you discover all the flaws in your new inventions, so be ready to make a lot of changes.
Make sure you hold off on filing your patent until you have thoroughly played with your prototype. Otherwise, it will be too late to include all the edits. This could risk you losing the patent of the updated design to someone else who was previously in your shadow.
Some Rules of Thumb When Preparing Your Prototype;
- Begin with a drawing
- create it using any materials, it doesn’t have to be the official materials
- If your prototype is impossible to make by hand, consider a digital computer design of your inventions.
You can also hire or outsource a company to make it for you, that also could cost you quite a bit of money. If this is the route you want to take, look into hiring some engineers from your local college or university.
Create a Presentation
The presentation is your way to demonstrate your prototype to investors, manufacturers, and buyers. Be prepared for some constructive criticism, this will only better your invention, perfecting it for the market.
Get comfortable using diagrams, images and models. You could also hire a graphic designer to assist you in creating a visually appealing presentation.
How to Patent Your New Inventions
Now that you have created a prototype and had some successful presentations, it is time to file that patent!
Record everything that got you this far, the inspirations and why you created it. Include your research that you did not discover any relevant inventions for proof. You can fill out the paperwork yourself, but do not file it without a patent professional, or perhaps even a patent attorney.
Find an attorney, registered with the US patent and trademark office. Check that they have a similar background to the field your patent is in. After that, get a provisional patent application, which prevents anyone from copying you while your patent is processing. Market Your New Invention
Now that you have created your product, received your patent, and the manufacturer has mass-produced your product; it is time to sell!
Make a commercial, put an add in magazines, create a POP display, anything that gets your foot in the door to get more awareness. Keep in mind that investors may only give you less than 10% of profits, but this saves you the business hassles associated with the product.
Now that you understand the process of creating your new inventions, it is time to take action! If you are feeling a bit overwhelmed and want advice from a professional attorney, feel free to contact us.