Most inventors want to monetize their efforts and knowledge – and start a business based on it. A good idea and concept are always mentioned as the most significant parameters because they are hard to come by in today’s modern market. Almost everything is already “invented”. The competition is huge and global, so the entrepreneur competes with offers from all over the world.
So now you wonder: How can you turn your concepts into marketable products? Here’s how you’ll achieve that.
Today, the Invention Niche Is Inseparable from Entrepreneurship
When we talk about inventions, we also talk about entrepreneurship. If you are an inventor who’s also an ambitious entrepreneur – the journey from an idea to creating a marketable product will not scare you. Although this road is often long and rocky – many will tell you it can be worthwhile. With a good and original idea, a developed plan and strategy, a created prototype, and a registered patent – you are already halfway to the desired success.
However, after all these steps, one more part of the journey awaits you – and that’s placing your product on the market. We agree that this journey is not easy and not for everyone – but if you enter the whole process well-prepared, there is hardly anything that can stop you on the way to success.
From Concept to Commercial Product
All inventors dream about their ideas becoming alive. In the mind of most inventors is the benefit that users will have from their products. However, one should not think that inventors do not expect some profit from their work – and get back the money they invested in inventions and research. Therefore, each of them tries to make the ideas practical and applicable.
However, when you want to position yourself on the market, you must pay attention to whether your idea concept will succeed in becoming a marketable product. Here are some tips on how you can increase your chances of that.
Start with An Idea
Every day we make dozens of various decisions and create ideas based on situations or experiences we’ve had. Unfortunately, we forget most of these ideas the very next day. It’s because we do not give it enough time and we don’t consider them in detail.
However, some creative moment happens, like when we talk to someone and think: “This is a great idea.” Ideas are mostly created based on personal experiences in a professional or private environment. We process so much information every day – and recognize segments where we would like to see improvements and changes. It is the first step toward the creation of a new invention, product, or design.
Ideas should be practically applicable, accessible, and useful to a large number of people. If your idea is like that – perhaps you should consider its further development. You can read more and find out what other steps you should take to turn your concept into a marketable product.
Apply the Idea to Different Fields
Can your idea or product be useful elsewhere? It is not always easy to see all the possibilities. However, you should at least try. Imagine some original application of your idea, and try to find a better solution for marketing the final product based on it. You can achieve this by combining it with another idea.
Namely, your product might not work well because it needs an additional element. A good thing would be to write down all the ideas in your invention’s playbook – and then try to come up with a winning combination.
Analyze the Market and Competition
The product created based on your idea should be used by those for whom it is intended. That means that you need to properly define your target group. Without this, there is no question of the practical application of your idea and bringing the product to life.
In addition to the target group, you should also research the market where you will offer your invention or product. It is not the same whether it is a smaller or a larger market – because this very fact brings another thing with it – and that is competition. Therefore, you must keep all these things in mind before you decide to bring your idea to life and try to turn it into a marketable product.
Create a Prototype
It is needless to say how much a prototype is important for bringing your idea to life. Not only will the prototype be significant to you during product patenting – but it also has the role of attracting potential investors to your project. Also, making a prototype will enable us to see our future product realistically and from all aspects. That gives us the chance to spot some mistakes or deficiencies we can eliminate before we start with the production.
Solve Possible Problems While Still Working on Your Idea
While developing a product, we are sure some problems will arise. It’s a normal part of the creative process that you’ll be able to overcome if you stay focused enough. Your idea is that your future product should be intended for a larger number of users. Therefore, you need to find an adequate way to understand and solve problems. The best way is to thoroughly analyze your steps and solve problems on the fly before patenting your product.
Patent Your Product
That is the final stage, very important when you want your work, effort, and investments to finally pay off financially. However, this job requires a lot of effort and additional knowledge in the field of patent laws – so everyone will always recommend the help of an expert in this field.
First, they know how and in what way to distinguish types of patents – and then they are also familiar with other legal regulations. Also, they can help you significantly during the research on the validity and originality of the patent. That will bring you security and enable you to invest your time in other things related to product marketing.