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Is your invention GOOD enough to succeed in the marketplace?

by | Jan 2, 2015 | For Inventors, Helpful Articles for Inventors, Inventor Education, Source Direct

Ideas for new inventions can come at a dime-a-dozen. Everyone thinks they have the latest and greatest idea for making the world a better, more efficient, and cooler place to be. Despite a biased belief, not all ideas will work – or even make it to prototyping.
Here are some things to keep in mind when attempting to bring your product idea to life:
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  • Does it serve a purpose? Consumers are consistently looking for a solution – does your product provide a solution to their imminent problem? If you are looking to create an item purely of a novelty nature, consider that it’s “purpose”.
  • Is the target demographic realistic? Speak to different consumers in your target demographic to see if they like or dislike the idea. Pre-development testing is a good idea, so you get an understanding of what could happen on the store shelves. Is this something that your demographic can get excited about?
  • Has someone else come up with this idea, or something similar? This is huge. Obviously, there are different competing brands with virtually the same product (Coke/Pepsi, McDonalds/Burger King, Mac/PC). Yes, the examples provided are broad, but you should make sure that there  are enough unique identifiers to your product to make it different. 
  • Do you have the captial to pull this off? By capital, I don’t necessarily mean money (completely). Do you have the supplies, resources, materials, and financial backing? It takes a lot of work to bring a product to life.
  • Is your idea solid? Could you pitch this idea in front of potential investors, and be confident? You must have 100% confidence in your product to see it to completion.
A funny quote about inventions.. “The very existence of flamethrowers proves that sometime, somewhere, someone said to themselves, ‘You know, I want to set those people over there on fire, but I’m just not close enough to get the job done.” ― George Carlin

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