02 May The inventors checklist – Concept to commercialisation
We’ve compiled an essential checklist for each and every budding inventor out there. If you’re aiming to take your idea from concept to commercialisation without issue, our guide is perfect for you!
1. Make sure your idea solves a problem
Focusing on a specific problem attributed to a market is more manageable than jumping in the deep end of a crowded market you may not know much about. Identifying a niche problem usually stems from an area that you know well. Solving an issue within a market you know a lot about, have contacts within and are passionate about dramatically improves your chances of success.
2.Ensure that your solution isn’t already out there!
Before anything else, you must be certain your solution isn’t already out there. Stay up to date with the latest news about the market you’re aiming to launch in. This way, you will know whether your idea offers the best possible solution. This will also open your eyes to new ways you can integrate and adapt other innovations to improve your own idea.
3.Can you protect your idea?
Your idea could be the winning ticket for a luxury villa in the Maldives. It’s very important that you take the appropriate steps to protect your idea. Protecting your idea can take many forms. Ensure that everyone you show your idea to signs a NDA (non-disclosures agreement). If a company will not sign your NDA, then perhaps it’s best to apply for a patent or design registration first. It’s a good idea to get your product as close to being commercially ready before spending any money on IP. This reduces the risk of having to reapply for a patent once your product is out of the development phase. Finally, draft your patent with a registered patent attorney. This minimises the risk of potential rivals managing to get around your patent.
4.Have you got your route to market mapped out?
Ensuring your invention gets to market requires more than just a great idea. To ensure a successful launch it’s important to conduct some market research. You must understand your target consumer, how they buy and what drives them. This should really be done before you spend a lot of time and money creating your product. After your initial idea has been formulated, it is essential that your idea continues to shine. Are you a keen marketer with a breadth of business knowledge? If not, are you eager to learn how to formulate a plan to get your product to market?
5.Have you got enough funds?
Setting a realistic budget to bring your idea to life is paramount. The NPD process comes in many shapes and sizes. The most obvious costs within the NPD process is the size of your project, the R&D phase, the materials, the manufacturing process, and the total quantities needed to be produced. Often overlooked and underestimated are the tooling costs, the development phase and the costs of the first production run.
With all of this in mind, if you are thinking about embarking on a new project and are still unsure about costings, obtaining funding or how to tackle what you may encounter. Why don’t you give us a call and we will help you plan to overcome any potential pitfalls!