The idea is the most difficult part of the process of creating a product, without it there will be nothing, and yet it usually comes spontaneously. However, the road from idea to product is long and full of obstacles, and usually requires a lot of time as well as resources.
Regardless of whether you want to produce a product and place it on the market, or you want to create something that you will license to another company, the choice is yours. However, the idea must be protected to prevent theft and others from monetizing your work.
For this purpose, we made this article where we’ll talk about the whole process from idea to a prototype and then a product. This will help you make a plan and will certainly make the period ahead easier. Keep reading and find out more.
The first thing you should do after coming up with a profitable idea is to begin documenting. Documenting is basically a business plan and includes the idea itself, how will it work, where you plan on implementing it, and everything else.
This is highly important so you can prove that you are the inventor and prevent your idea from being stolen. Also, it is a crucial step you need to do to patent your product in the future. The documentation is done in a specific notebook with numbered pages, so nothing can be added or removed.
Bear in mind that sending a letter to yourself containing the idea does not work in court anymore, so patenting is essential. In case you need more information about documentation in patent services, check this website.
Check if the product already exists
Checking if the product already exists is highly important before you get too invested in working on your idea. Not only you’ll save time, but also resources which will surely be helpful. Normally, you can research existing patents by yourself by visiting trademark and patent offices.
In case you want an expert to research, you can always hire an attorney and let them see whether your idea is eligible to be patented as your own. Besides checking if you are eligible to use patenting services, you’ll also know about who your competitors are, so you can strategize better in the future.
Consider potential market implementations
In the initial stage of making your idea into a complete innovation, it is also wise to consider all the possible market implementations for your product. This way, you’ll learn more about the profitability and whether it is worth investing effort and time into developing such a product.
Also, you’ll be early with your marketing strategy and prepared for the common obstacles you may come up with. In addition, you can research more about the niche of your interest to learn more about the regulations and gain knowledge that will aid your decision-making.
Create a prototype
After working on your idea and all the needed documentation, it is time to create the prototype. During the model creation, you are putting everything you’ve written in the documents into practice. The created model will help in the presentation of your innovation to your potential buyers.
However, be sure not to patent your work before creating the prototype. This is highly important since you can notice all your design flaws and improve their pre-production. Also, you can see whether there are other features you’d want to implement to make the product more complete.
The model creation begins with a basic sketch in the documentation. After that, you can convert the sketch into a 3D model using computer software. The 3D model can be further observed, or you can find a company that can create a physical prototype using the virtual model.
Patent your work
After working through the idea and creating a model, it is time to patent your work. It is important to understand that there is a specific time frame that you have to follow when applying for a patent. It must not be more than one year since you announced the product.
That’s why it’s important to keep yourself silent about your ideas because if you didn’t know this rule, you could seriously damage the innovation and your potential profits.
Normally, you can apply for a patent on your own, but the lack of knowledge can compromise the situation. For that reason, hire an experienced attorney to write the patent for you. That way, the patent will be strong enough so the competitors cannot find a way into using your idea for their credit.
During the filing process, bring your documentation as well as the model with you. This significantly speeds up the patenting process. Also, be sure you are patenting at a registered and licensed office to know you are legally protected.
When choosing a patent expert, it is wise to ask them about their experience. That way, if you are patenting an industrial product, the patent professional should be an industrial engineer or at least know that niche.
Lastly, you should talk about the costs of this process. For that reason, choosing a smaller patenting service firm would be a better idea since they offer lower prices and will be closer to you.
Market the product you’ve created
With a complete product in your hands, it is time to think about how are you going to market. This includes the manufacturing process, where are you going to sell it, and for how much.
Also, this is the time when you decide whether you’ll be selling the product on your own, or giving a license to another company. The royalties are usually under 5% and that is why most inventors are scared to go in this direction.
You’ll not have to worry about manufacturing costs and difficulties in business maintenance. By giving a license to another firm, you’ll surely earn a lot more throughout the years which makes you a long-term winner.
It might take time until you see your product get popular and enjoy the riches of your invention. This usually takes multiple years. However, the patience and the work you’ve put into developing the idea into a complete product will surely pay off in the end.