You have an idea for a new product or service. To begin, you need to come up with a business plan and prototype. After that, you’ll need to conduct a preliminary patent search and find an angel investor. Once you’ve secured an angel, you can continue developing your invention and pursuing your dream of entrepreneurship. How to start an invention idea?
Develop a business plan
Developing a business plan is an important part of starting an invention business. The plan will help you allocate resources and define the nature of the business. It will also help you to obtain financing for your business. Developing a business plan will help you determine if your invention idea is commercially viable.
The business plan should include a description of your invention, its manufacturing and distribution methods, projected costs, and profits. It should also include details about potential markets and competitor analysis. Finally, the plan must include timeframes for the development and commercialization of the invention.
Create a prototype
The first step in developing a new product or service is to create a prototype. This early working version is ideal for pre-sales, marketing, and raising financing. It also allows you to test the concept and iron out any bugs before it enters the manufacturing process. If the product is complex, it may require several iterations before a final version can be created. It is also important to make the prototype of the highest quality possible to avoid having to make significant changes when the product is in the manufacturing process. How to start an invention idea?
Depending on your budget and the goals of your invention, you can choose between several types of prototypes. Some are very basic, and you can create them from household materials like milk containers or household glue. These models allow you to test the feasibility of the product before investing time and money into its final production.
Conduct a preliminary patent search
Conducting a preliminary patent search before pursuing a patent application is the first step in the patent process. This search can help you determine whether or not your idea is patentable and unique. Afterward, you can contact a qualified patent attorney who can guide you through the next steps. It is a common mistake for intelligent engineers to conclude that their idea isn’t patentable, but the search process will help you avoid this mistake.
You can start conducting a preliminary patent search yourself by using web resources. A good place to start is the USPTO Web site. It contains many free patent search tools and a tutorial that can guide you through the process. The library of the USPTO also contains relevant legal, business, scientific, and technical information.
Find an angel investor
One of the best ways to find an angel investor for your invention idea is to start asking around your friends and family. Often, these individuals are willing to invest in you or in your invention as long as you can convince them that your idea will be a hit. The key is to make your pitch as concise as possible, and try to think like an investor.
Angel investors typically have some business experience, so you will need to show them that your idea will be a success. Once you have secured some angel investors, make sure to put together a business plan. This contract will help you make sure both parties agree on the terms of the investment.
Gather information on competitors’ products
When starting an invention, gathering information on competitors’ products is essential to ensure your success. It’s crucial to avoid naming your new product the same as a competitor’s, and you’ll need to make sure that the market you’re entering hasn’t already been flooded with a similar product. It’s also important to research prices and perceived value of similar products. Gathering information on competitors’ products will help you create a better product that’s cheaper to produce and sell to consumers.
The packaging of your competitors’ products is very important, and it can influence the purchase decisions of consumers. If possible, visit a store that sells your competitor’s products and analyze their packaging. This information will inform your own product packaging.