Each day, people come up with all kinds of creative and ingenious ways to solve many of life’s everyday problems. They say that necessity is the mother of all invention and that saying sure rings true when it comes to innovation! Of course, few people create something new that has never existed before. Instead, they take an existing idea and refine it so that it offers better results.
If you’ve come up with an interesting concept and have ideas on how to make it a reality, today’s blog post is for you! Keep reading, and you will learn more about how you can turn your invention or refinement into a fruitful and marketable product.
Make a record of your concept
Should your idea be written down on the back of a fast-food restaurant napkin, you need to make a more official record of it! In a nutshell, you need to spend some time properly documenting your idea. Ideally, this is something you should do on a computer and keep a copy of your idea backed up, preferably in the cloud or some other off-site location.
Create a prototype
It’s all well and good having an idea, but you need to test it to find out if it’s going to work or not. The way to do that is by creating a product prototype. In essence, it’s a working example of what your idea can do in real life, as it were. It’s not designed to look like the finished product; rather, a prototype is to demonstrate the features and capabilities of your idea.
Apply for a patent
Once you know that your prototype works as intended, you want to start taking steps to protect your idea. In most cases, this means applying for a patent. It makes sense to hire a patent attorney, as they can search for current inventions that might have the same concept as yours. After all; the last thing you want to do is invent something that is essentially a carbon copy of someone else’s idea!
Start a business
Assuming you got your patent, the next step is to create a business. Why is that necessary, you might wonder? Well, your goal is to attract customers, distributors, retailers, and, of course, investors to your idea.
Unless you have a lot of money saved up to produce your invention, you’re going to need to borrow some working capital.
The good news is that you can obtain a no collateral business loan so that you can start creating the final product and sell it. Another option is to pitch your invention to some angel investors; people with money looking to invest in the next big thing.
The future is bright
If you’ve reached this stage, congratulations because you are now ready to push forward with marketing your invention!
By now, you will need to create a solid marketing plan to see the fruits of your labor. Once you do that, you can determine which distribution channels work best for your product so that you can refine them for more refined results.
I hope today’s blog post has given you some help and inspiration for your invention, and to make your business a successful one. Thanks for checking it out!