Evaluating your Invention Idea

by Invention Idea

Is my Invention Idea any Good?

Let’s face it, your time is valuable but your invention ideas may or may not be.  It’s time to set your passions aside for a second and really evaluate whether your invention idea is any good or not.

Below is the beginning of a two part post on questions that you should ask yourself when evaluating your invention ideas.

Compare and Contrast

  • Are there other products out there on the market that are similar to your invention?  If so, how does your invention set itself apart compared to these competing products?  Remember, you’ll also need to make sure that your invention ideas do not infringe upon the rights of other products that are already out there on the market.  Your patent attorney can point out any potential problems for you if you decide to go ahead with a patent search.
  • Does your invention have built in obsolescence?  In other words, if your invention idea takes advantage of the latest in technological wizardry then will people still be interested in it 18 months from now?  If not, then your invention idea may have built in obsolescence which may or may not be a good thing (By the way, MBA’s like to call this a product’s lifecycle).

Can you Relate?

  • How many possible benefits can you identify by using your invention?  Does your invention save the customer time when used properly?  Does your invention possess that “wow” factor to improve the lives of your potential consumer?  If you find that your invention ideas are lacking in benefits, figure out how you can modify your product to make it more appealing.
  • There are so many new innovations out there that require a degree in rocket science to not only understand but also to use.  Is your invention one of them?  Consumers are often drawn to products that are easier to use than other available choice.  Having a product that does not require complicated instructions can help set you apparent from your competition.  Sometimes, the ultimate goal is for consumers to not only love your invention but to also become dependent upon it.
  • Will your consumers even accept your product once it goes to market?  Perhaps, you can gather a small survey sample of potential customers to tell you what they think of your product before you get too far with mass producing your invention idea?  Surveys are a great way to find out what your target market wants and needs.  If you are looking for a profitable invention then sitting down with your potential customers should definitely put you on the right path.
  • Sometimes if you are truly innovative with your new invention ideas, you might not be able to make any comparisons between your product and other products out there are on the market.  That’s okay too.  Do the best you can in terms of putting yourself in your potential customer’s shoes.  The more you think like an end consumer, the more profitable your invention idea will likely become.

Get Physical

  • Are you even sure that your invention is going to work?  Sometimes, the smartest thing to do is to invest in a prototype of your invention idea first.  That way, you can see exactly how your invention ideas functions.  In addition, having an actual prototype is a great way of finding out ways to improve your invention idea to make it more useful and marketable to the masses.
  • The size of your invention could be important, as well.  Is your invention bigger or smaller than other products out there on the market?  Next, evaluate if the size of your invention is an asset or a detriment.
  • How much does your invention idea weigh?  Is it lighter or heavier compared to other products out there on the market?  Again, evaluate whether the weight of your invention is an asset or a detriment.
  • Is your invention idea more precise or accurate than the competition?  Remember, having a high quality product could potentially set you apart from your competition.  Ask yourself how you can take advantage of this asset.

Safety First and Going Green

  • Will your invention idea be safe to use?  Is there a way for your product to become the niche leader in terms of safety?  Take for example Dyson’s Air Multiplier fan.  One of their major selling points is that their fan does not having any rotating blades that could potentially cause injury to children.
  • Another great trend to be a part of nowadays is having an invention idea that is environmentally friendly.  Not only is this a great selling point but there is also a lot of opportunity for environmentally friendly niche products out there on the market.  How can your invention idea take advantage of this?

Stay tuned for our next post, where we’ll talk about some more questions that you need to ask when evaluating your invention ideas.  In the meantime, go get started answering some of the questions we outlined above right now!

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