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Critical Elements in Getting Your Invention to Market

Coming up with an idea is the easiest step in the invention process. The rest of the process can be time consuming and challenging. By understanding the process and gaining as much knowledge as possible, you can be better prepared to meet the challenges along the way. The following are the critical steps in taking your product to market along with the resources to provide the required information.

It is important to establish a date of conception of the idea. The reason for it is to validate the date of the invention. Keep a journal of the progress of your invention in a bound log book. This notebook should be updated periodically as you take actions regarding your invention. Also file a disclosure document with the U.S. Patent & Trademark Office. The purpose of this form is to establish the Patent Office as a witness to the conception date of the product.

Complete the disclosure document. Draw a diagram of the new product with a description and mail it to the U.S. Patent and Trademark Office with the $10 fee. Include a stamped self-addressed envelope. The following web site has more information on the invention disclosure document and a sample invention disclosure. http://www.patentapplications.net/disclosure/

Another step you need to complete is to validate the product's uniqueness by conducting a preliminary patent search. Many inventors assume that because they have never seen a product that it does not exist. This is not the case. Before you begin to think about building a prototype or filing for a patent, you need to take the time to conduct research. Why? Because the subsequent steps can be costly and you need to first determine if the product has already been invented. You can have this done by a patent attorney for a fee of approximately $400 or you can do it yourself by going to one of the patent depository libraries. Also, there are two web sites where you can look at existing patents. Searching these sites will give you an idea of the uniqueness of your product before you approach a patent attorney.

U.S. Patent and Trademark Office

Delphion Intellectual Property Network

Before spending any more money on your idea for a product, you need to determine market acceptability. This is done by researching the market to determine if there is a demand for your product. There are many novel products but not all of them can be sold in the marketplace. In fact more than 95% of all patents never make money for the inventor. This step, although important, is often bypassed by inventors. It can be done by conducting research to determine if people would purchase your product. Also, you need to determine the size of the potential market. This information can be obtained online or with a visit to the public library. A reference librarian can assist in finding resource materials that will help you in calculating the total number of potential buyers for your product.

If the results of your search indicate that there is not a comparable product, then you can proceed with having a working prototype of the product built.

After the prototype is built, you need to determine the costs to produce the product. Find out if the product can be manufactured at a cost that is low enough that consumers will pay the associated retail price.

Decide on whether to seek a patent based on the above results. Patent filing fees and attorney fees cost $2500 or more. Obtaining a patent is a great way to protect an invention but no guarantee that it will make money. There are a plethora of patents, but very few of them really make money.

Once the patent pending stage has been reached, you need to determine whether to venture, that is make the product yourself, or license the product.

Many entrepreneurs do not have the entrepreneurial skills necessary to start a venture, so licensing is a viable option.