What To Do If You Have An Idea For An Invention?
Are you an inventor, a company or an individual with a fantastic idea?
If you have an idea for an invention, you came to the right place! Bringing an idea to life can be overwhelming, if you don’t know where to start we can put you on the right path to success.
First thing you should do is understand where your realistic intentions for your idea. Do you want to licence your idea to a large corporation and make a royalty from each sale; do you want to sell it online and manage it on your own; do you want to see it in a retail space and build a company from it that you will manage, Or do you want to sell your IP?
Your intention decides what steps you will take in order to bring this idea to reality.
Below will explain each step people typically take and how it can make a huge difference in your product development process.
Selling your idea:
In some cases inventors don’t want to get involved in the sales and manufacturing of their idea, they want to sell that great idea to an investor or a large corporation. In this scenario the most important thing you need to have is a patent. A strong intellectual property and a fantastic idea can put you through the door and into the spot light for interesting buyers and investors. This is not a simple route to take and it’s not simple to find the right company that would be interested in your idea. But they do exist and it is possible.
When you intend to go this route, the development process can be limited. The most important thing to have is tools to showcase your idea for the pitch. In some cases it can be a video, in others you may require a prototype so people can feel and interact with your idea. This really depends on where you are going. Some companies leave this up to you and others may require specifics. All that matters here is that you own your intellectual property because this is what they will be buying from you.
Licence your idea:
If you don’t want to give away the intellectual rights of your invention than this may be a better option for you. This process will most likely entail you needing a patent. To licence your idea your interested buyers may need more details on manufacturing, production cost and even estimated retail value. Marketing materials are essential, materials such as Graphics, renderings and even mechanical drawings will help bring your idea to realization in people’s minds. You may require a prototype here as well because licensees may even want market research data.
Building a company from your invention:
This is probably the most complex and time consuming yet rewarding of the directions you can take with your idea. When you are building a company from your idea, whether you are selling online or at your own store or retailing via others, you will most likely be dealing with manufacturing straight on. Industrial design, patent, mechanical engineering, electronic engineering (if your product requires) prototyping, lots of testing, market feedback, packaging, shipping and website, just to mention a few of the steps you will be taking on.
Unlike other directions, you will profit more from each sale if you are selling online and managing your own sales. Unless your sales force is strong you may not sell as much as you would if you go retail. Inventors of course should be pursuing as many points of sale as possible. You must always try to create as many possible routes where your invention is being sold.
Many inventors start off with the idea to sell or licence their product but realize that it’s not as simple as they thought. This does not mean they can’t sell it and be successful. It only means you have to choose another direction if you want to pursue your idea and continue trying.