Ever had that “aha” moment? The one when you figured out a solution to a problem that’s been bugging you for ages? It’s a great feeling. How do you think you would feel if you shared this solution with your neighbour, who has been facing the very same problem? And then imagine how you would feel if you managed to solve the same problem for people all over the world !! How do you think that would feel? And better yet, what if you got paid for this idea ?
Amazing ! That’s what it feels like to invent a new product, a solution to a problem, and then build it into a successful business.
There are many talented and extraordinary inventors out there. And they come in all shapes and sizes. Maybe when you think about an inventor, you conjure up an image of a “mad scientist” working away in a dark basement. The reality is that many of our everyday products started off as an idea from ordinary men and women who needed to solve a problem. And there are many more inventions and products that could change the world, but will never see the light of day.
So You’ve Had Your Big Idea……What Next?
First things first, you have to do a little research, before you invest any time and money in developing your idea
- Is your idea unique?
Has someone already had your idea? this means researching the market place, finding out what products are already on the market, AND checking what patents already exist. Remember that just because a product isn’t on the market, doesn’t mean that a patent may already have been filed.
- Is there a Market for your Idea?
This requires a bit more Market Research, maybe some surveys – a marketable invention will solve a problem that many people have, it will also be a product that people will buy.
- Is it Sustainable?
Will your product last for more than one year? Or is it a fad or fashion idea?
Protecting Your Idea
We recommend that once you decide that your idea for a product is viable and unique – you think about protecting your Intellectual Property. Applying for a patent can be a complex (and expensive) procedure, so this is one stage of the inventing process that you should take professional advice from a lawyer that specializes in Intellectual Property Law. Don’t be tempted by ‘online offers’ or “DIY packages” – take some time to set up a consultation with a professional. A really good lawyer will advise you from the outset is you have an idea that can be patented.
If you are unable to patent your idea, you may want to consider a trademark for the name of the product, and don’t despair! You can still protect your product while it is being developed, by use of Non-disclosure Agreements that are legally binding.
The Development Process.
Depending on the complexity of your product, this is often the most time consuming and expensive part of the process. It is however, the most important.
Development of your product should begin with the end consumer – the people who will ultimately be buying the product – you are developing the product for them.
The basic stages of this process called prototyping is as follows:
- Build your “proof of concept” prototype
This is where you transform your idea from a sketch to a working model. This prototype doesn’t have to look pretty, it just has to demonstrate that your idea actually works.
- Develop further working models, testing and documenting as you proceed
Each variation should improve the function or design.
- Arrive at a “production prototype”
This model will form the basis for your production. It doesn’t have to be perfect – because some small changes will probably be made during the production phase, but all those changes should be minor.
Now You Are Ready For Production.
Choosing who/how production takes place will again, very much depend on the industry that you are in. Remember that there may be standards that govern your industry, so pick a contractor who is familiar with the regulations.
It is best to do small production runs to start with. Don’t be tempted to do bulk production just to drive down the unit cost – you don’t want to tie up lots on money in inventory.
Now you need to start gathering purchase orders, and getting some sales under your belt!
In Part 2, we’ll look at Launching your product, marketing and building your business.
