Do you have an idea for an invention? Many of our readers do. Well, if so, here are a few sets of questions to ask yourself as you get started.
1. Will it work? This one might sound a little silly, but it is one of the most important questions. The invention not only has to work. It also has to be provide reproducible results and reliably hold up to use without breaking or failing to function properly.
2. How much would it cost to make? Sometimes otherwise great ideas are not practical to produce, or will not hold up to mass production when such quantities are necessary to make a profit.
3. How much would it cost to disctibute? Getting the invention to the target customers sometimes proves difficult, or expensive.
4. Who are the customers, and what is their need for the invention? Are there a lot of interested customers? Where are they, and what are they willing to pay?
5. Who is the competition? This is crucial. Do your homework here. Is there another product out there similar to your idea? If so, how would you differentiate your product in the market? What is that differentiation worth to overcome current consumer inertia? Is your idea truly better, or will it somehow cost much less. You have to be realistic with yourself when assessing this.
6. How much effort are you willing to invest toward developing your idea? Take some time to clculate the money and hours that it will take to get the product to market.
Be careful and discuss your idea with an intellectual property attorney regarding patentability and protecting your idea. Then if it makes sense, go for it and good luck with your success.
