Bringing a new invention to life can be exciting yet daunting. Having an innovative idea is the first step, but understanding what to do next can often be overwhelming.
Documentation
Document every step of the invention process in a bound inventor’s notebook, which is a special type of diary that is designed to protect the inventor’s ideas and developments. This should include the concept, sketches, materials used, modifications, and any conversations or meetings related to your invention.
Research
Before proceeding further, it’s essential to conduct thorough market research. The goal of this research is to answer the following questions:
- Is there a market for your invention’s product or service?
- Are there any existing similar products or patents, and how does your invention differ or improve upon them?
- Who are your potential competitors and customers?
Investigate possible manufacturers, suppliers, or distributors if you plan to produce and market your invention independently. Will InventHelp review my idea? InventHelp will review your idea and provide you with a free consultation. Once you submit your invention idea, an InventHelp representative will analyze it to determine whether it has commercial potential. If so, the company may offer to help you market and sell your invention.
Prototype Development
Creating a prototype is a crucial step for multiple reasons:
- It demonstrates the practicality and functionality of your idea.
- It presents your product more tangibly to prospective investors or licensees.
- It aids in identifying any design flaws or improvements needed before it goes into mass production.
File for a Patent
Applying for a patent can be an intricate and lengthy process. If your research reveals that your invention is unique and potentially valuable, a patent can be a worthwhile investment. These exclusive rights prevent others from replicating, using, or selling your invention. You can choose to work with a patent attorney or use resources like the United States Patent and Trademark Office’s “Patent Application Guide” to do it yourself.
Production and Marketing
With a patent pending or in place, you can proceed toward the product’s production and marketing. You have various options:
- Licensing: You can license your patent rights to a company who then manufactures and markets your invention while you receive royalties.
- Manufacturing: If you choose to manufacture the product yourself, you will have to consider sourcing manufacturing, locating distributors, and marketing your product to retailers and customers.
- Entrepreneurship: If you seek to create a startup, remember to develop a business plan and secure resources and funding for your venture.
Seek Professional Assistance
Consider seeking professional assistance, such as patent attorneys/agents or invention promotion firms. Companies like InventHelp can guide inventors through invention process steps, including patent services, prototype creation, and submitting inventions to companies.
How much do inventors make on royalties? Inventors can make a wide range of royalties, including licensing fees, product sales and advertising revenue. Royalties are usually based on the percent of each sale or use of your product. The royalty rate will be determined by the type of invention and its value to the company. For example, if you sell a patent for $100 million, then you may receive $10 million in royalties for it.
Conclusion
Getting from a new invention idea to a market-ready product is a complex process filled with potential pitfalls. Each step along the way presents its own unique challenges. By following the above steps and approaching the process with patience, persistence, and mindfulness, you can maximize the potential of your innovative invention idea and set the stage for success.
