David Busker
New member
The most consequential decision you’ll make as an inventor is deciding whether or not to go forward with an idea. Here are five confirmation steps to take prior to making a full commitment.
FRIENDS and FAMILY
“THAT is a GREAT IDEA!!!” I think. My mind starts spinning with thoughts of who will buy it, how much fun it will be to sell and all of the money I’ll make. Then… I ask my wife or daughters or co-workers or friends (sometimes all of them) and - most of the time - they crush the idea like an empty beer can run over by a semi-truck. Family, co-workers and friends are my first filter (assuming they have enough understanding to judge the idea). They’re free, fast and confidential. They’re also too nice. If they say “no” that means I should probably drop the idea. If they say “yes” it means I should continue the confirmation process.
SEARCH ONLINE
Search for competitive products and prior art patents. If you don’t find anything close to your idea then either you’re not looking hard enough or you’re being too limited in your thinking. When you find a patent that comes close, drill deeper into that patent’s citations and references. When you find a competitive product on Amazon, look at the number of reviews (higher is better!) and read the negative comments in particular. Does your invention solve the problems people mention. At this point, you should at least file a provisional patent application on your own. Read online for tips. Here's an outline
GET OBJECTIVE/PROFESSIONAL FEEDBACK
Evaluating your own invention is like judging yourself in a mirror. It’s hard to be objective. Patents are complicated and you may lack the knowledge to make an informed judgment. Objective feedback can come from potential customers. Professional feedback can come from industrial designers, engineers, manufacturers and patent attorneys. You can also sign up for a Brutally Honest Review at Invention City. Good NDAs are great.
CONDUCT A PROFESSIONAL SURVEY
There are two ways to run a survey. One way will give you answers that make you feel good. The other will give you answers you may not want to hear. The first asks questions like, “Do you think this is a good idea?” The second asks questions like, “Between competitive Product X and Invention Y, which would you actually buy?” Beyond asking the right questions, interpreting survey results accurately requires objectivity and experience. That’s why it’s best to hire a professional. Conducting a survey also requires a good presentation. A survey may also be considered public disclosure and you should take steps to protect your idea beforehand. Here’s more on invention surveys.
TAKE ORDERS
Before taking this step you should have a professionally filed provisional patent or a non-provisional patent.
How do you really know people want to buy your product? By having them actually buy your product. You don’t have to invest in manufacturing tooling and make a full production run to do this. Depending on cost, you might make a dozen or so (refined) prototypes, set up an Amazon listing and offer them for sale at your target retail price. The prototypes will cost far more than production units, but this way, without spending $10,000-$200,000++ you can learn how much it will cost to make a sale (conversion cost) and determine profitability. Another option for appropriate products is crowdfunding on Kickstarter or Indiegogo. You don’t even have to run an actual campaign. You can run a pre-launch campaign with 3D renderings and ask people to pay a small deposit to be first in line (and get a discount) when you launch. You can learn how to do this all on your own via Youtube videos etc. You can also get help from Invention City.
FRIENDS and FAMILY
“THAT is a GREAT IDEA!!!” I think. My mind starts spinning with thoughts of who will buy it, how much fun it will be to sell and all of the money I’ll make. Then… I ask my wife or daughters or co-workers or friends (sometimes all of them) and - most of the time - they crush the idea like an empty beer can run over by a semi-truck. Family, co-workers and friends are my first filter (assuming they have enough understanding to judge the idea). They’re free, fast and confidential. They’re also too nice. If they say “no” that means I should probably drop the idea. If they say “yes” it means I should continue the confirmation process.
SEARCH ONLINE
Search for competitive products and prior art patents. If you don’t find anything close to your idea then either you’re not looking hard enough or you’re being too limited in your thinking. When you find a patent that comes close, drill deeper into that patent’s citations and references. When you find a competitive product on Amazon, look at the number of reviews (higher is better!) and read the negative comments in particular. Does your invention solve the problems people mention. At this point, you should at least file a provisional patent application on your own. Read online for tips. Here's an outline
GET OBJECTIVE/PROFESSIONAL FEEDBACK
Evaluating your own invention is like judging yourself in a mirror. It’s hard to be objective. Patents are complicated and you may lack the knowledge to make an informed judgment. Objective feedback can come from potential customers. Professional feedback can come from industrial designers, engineers, manufacturers and patent attorneys. You can also sign up for a Brutally Honest Review at Invention City. Good NDAs are great.
CONDUCT A PROFESSIONAL SURVEY
There are two ways to run a survey. One way will give you answers that make you feel good. The other will give you answers you may not want to hear. The first asks questions like, “Do you think this is a good idea?” The second asks questions like, “Between competitive Product X and Invention Y, which would you actually buy?” Beyond asking the right questions, interpreting survey results accurately requires objectivity and experience. That’s why it’s best to hire a professional. Conducting a survey also requires a good presentation. A survey may also be considered public disclosure and you should take steps to protect your idea beforehand. Here’s more on invention surveys.
TAKE ORDERS
Before taking this step you should have a professionally filed provisional patent or a non-provisional patent.
How do you really know people want to buy your product? By having them actually buy your product. You don’t have to invest in manufacturing tooling and make a full production run to do this. Depending on cost, you might make a dozen or so (refined) prototypes, set up an Amazon listing and offer them for sale at your target retail price. The prototypes will cost far more than production units, but this way, without spending $10,000-$200,000++ you can learn how much it will cost to make a sale (conversion cost) and determine profitability. Another option for appropriate products is crowdfunding on Kickstarter or Indiegogo. You don’t even have to run an actual campaign. You can run a pre-launch campaign with 3D renderings and ask people to pay a small deposit to be first in line (and get a discount) when you launch. You can learn how to do this all on your own via Youtube videos etc. You can also get help from Invention City.
