Turning an idea that you have into a new product will, most likely, be a complex and daunting process. However, if done properly, it could help you with starting your own company, and in the future, it could open so many doors to you, all of which will allow you to grow and expand your business even further.
Before you start talking to different investors that might end up offering you a low price for purchasing your idea for a new product, it’s crucial that you protect it. But, in order to do this, you must understand the entire process of inventing a new product, which is something our article can help you with. Here is what you must do before you start looking for investors:
1. First, Document Everything Revolving Around Your Idea
We all come up with ideas from to time, however, if you truly believe that you have something that could help a lot of people, you should know that having an idea is essentially worthless. In the end, you’ll require proof that you’ve actually thought about the new product first, and because of this, it’s crucial that you document every single thing revolving around the invention idea that you have. What does this mean you should do?
Well, basically, it means that you should grab a notebook and write down everything that relates to the new product. From what it actually is to how it’ll operate, all the way to how you’re planning on manufacturing it and how you’ll place it in the market. The notebook you write your idea down will literally be your Bible throughout the process, thus, make sure that you have it with you at all times in case you want to change something.
2. Second, Research The Idea
Before you can file for a patent, you’ll have to complete two research processes – a patent search and market research. The patent search will enable you to learn whether or not such a product already exists. Thus, before you go ahead and start looking for a patent lawyer, you should learn if someone else already patented the idea you have. Once you do this, your next step is to research the market, which is a bit more daunting.
Just because you have an idea for a new product, it doesn’t really mean that people will purchase it once you release it to the public. Hence, before you invest your money and time in filing a patent, you must complete this step. Now, you should know, it can be daunting, which is why it might be best if you have help from professional organizations that’ll help you throughout the entire process such as https://trendingnewsbuzz.com/inventhelp-reviews-helping-you-choose-the-right-provider-as-a-new-inventor/.
3. A Prototype is Essential in The World of Inventions
A prototype is basically a model of the product you want to make, and it must showcase every single thing that you’ve documented in the notebook. By having a prototype ready, you’ll be able of having a physical object that you can use for presenting the product to lending companies. You must never, I repeat, NEVER proceed to file for a patent before you make a prototype, mostly because you could find a design flaw or there might be new things that you’ll want to add, meaning that you’ll have to file for a patent again.
To create a prototype, you should first sketch out the ideas that you have. Next, creating a concept is always useful, thus, don’t forget to determine which materials you’ll use so that you can create a 3D model. When you’re satisfied with the results of the two steps we’ve mentioned, you can create a working model. You should keep in mind, if the prototyping will cost a lot of money for a product such as medicine, it’s best if you create a computer-generated virtual model that’ll save you a lot of money.
4. By Now, You Can File For a Patent
By this step, you’ve probably worked out the entire concept of your invention, and if so, you could opt for filing a patent. You can choose to file a utility patent which includes things such as new machines and processes or a design patent which includes non-obvious designs. Of course, you could write the document by yourself, however, before you file it, make sure that a patent attorney looks it over so that they can ensure that it cannot get infringed.
When it comes to choosing a lawyer that you’ll work with, there are some things to remember. For starters, you should do some digging on several individuals and once you narrow down your list, take your notebook and prototype with you so that you can make sure that they work with you. Also, ensure that they’re registered, ask them about their experience/background, and don’t forget to discuss the fees you’ll have.
5. You Must Come up With an Amazing Pitch
It would be easy to simply get a patent and start selling your process, but instead, you’ll have to talk to lending organizations so that you can actually get your products. Thus, you should create a pitch that’ll include estimated sales, a general value of the product, statistics, a description of your patent, as well as any other data that you might consider important. There are various online guides that’ll help you come up with a perfect pitch for investors, so, don’t neglect to look them over.
As we mentioned, it’s never easy to turn an idea into an actual product. However, if you choose to follow the advice we’ve mentioned in our list above, you won’t only ensure that you make the entire process easier, but you’ll guarantee that your idea is fully protected by the law.
Since you’re now well aware of the things you must do, you really shouldn’t spend any more of your free time reading guides similar to this one. Instead, return to the beginning of our list, and start with the first piece of advice we’ve mentioned, which is grabbing your notebook and writing down everything that revolves around the idea you have.