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How To Invent A Good Invention

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					Inventing a good Invention

Ask and answer some basic questions



  1. Is your invention original or has someone else already come up with the invention?

  2. Hopefully, you have already answered this question in your basic research. If not,
check trade directories or the Internet.

  3. Is your invention a solution to a problem? If not, why do you think it will sell?

  4. Does your invention really solve the problem?

  5. Is your invention already on the market? If so, what does your invention offer over
the others?

  6. How many competing products and competitors can you find on the market?

 7. What is the range of price of these products? Can your product fall into this range?
Don’t forget to factor in profit and perhaps wholesale pricing and royalty fee, if any.

  8. Can you position your invention as a better product?



List the pros and cons that will impact how your invention sells and objectively evaluate
your list



  1. Demand – is there an existing demand for your invention?

 2. Market – does a market exist for your invention, and if so, what is the size of the
market?

  3. Production Capabilities – will it be easy or difficult to produce your invention?

  4. Production Costs – can you obtain accurate manufacturing costs (both per unit and
setup/tooling)?

   5. Distribution Capabilities – will it be easy or difficult to distribute or sell your inven-
tion?
  6. Advanced features – does your invention offer significant improvements over other
similar products (speed, size, weight, ease of use)?

 7. Retail Price – do you have a price point advantage or disadvantage?

 8. Life – will your invention last longer than other products?

  9. Performance – does your invention perform better than other products (including
improved or faster output, less noise, better smell, taste, look or feel)?

 10. Market Barriers – is it difficult or easy to enter your market?

 11. Regulations and Laws – does your invention require specific regulatory require-
ments or are there special laws that must be followed (e.g., FDA approval)?



Seek advice or input from others (consider confidentiality)



 1. Target professionals / experts in the field.

 2. Ask for objective feedback and advice.

 3. Talk to marketing professionals.

 4. Ask sales people in the field.

 5. Talk to people you know in the field.

 6. Talk to close friends and family members whom you trust.

 7. Ask for input on the invention such as features, benefits, price, and if they would
buy it.

				
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posted:1/11/2013
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