Tip of the Week: Tip #3 of 25

Tip 3  Should you proceed with your invention?
Blog By Inventor Process Team

Should I proceed with my idea? That is the million dollar question for most inventors. Unfortunately, there’s no magic formula, there’s no “X squared plus Y” equals success and of course there’s no crystal ball. However, there are several criteria to keep in mind when deciding if your invention is worth pursuing. And while these criteria may vary from invention to invention there are fundamental considerations that remain relatively constant with almost every product.

To Pursue or Not to Pursue:

  1. Is your product unique and appealing?
  2. Have you taken basic steps to research the invention? Have you Googled it?
  3. Can it be legally protected? Can you get a patent?
  4. How much will it cost to make versus its selling price?
  5. What’s the competition? Keeping in mind similar products do not necessarily disqualify your product from market success. Competition may be a key indicator that your product has merit.
  6. What’s the size of the target market?
  7. Can it be easily mass produced?
  8. Eliminate the frivolous and technically unfeasible.
  9. Are you committed to your invention and the process?

Over the next several weeks in our ongoing series “25 Tips for Inventing” we’ll dive head first into those criteria as well as other key topics for independent inventors, such as securing and negotiating licensing agreements.

Please keep in mind the professionals at Inventor Process are here to help so don’t hesitate to contact us. Helping inventors is all we do!

We hope you enjoyed Tip #3. Please consider sharing this information. It might benefit someone you know. Check back next week for Tip #4. Follow us on Facebook, Twitter & Google+, and we’d like to hear your feedback on this post and other topics.

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