Innovation is not easy, but it can open the doors for you to the business world. No matter how big or small an idea you have, you should act on it. Otherwise, someone else may come up with a product or service using that idea.
From filing for a patent to pitching to investors, here you will learn about the step-by-step process to convert your idea into a real product. Davison Invention has helped many individuals to turn their ideas into real products or services and generate profits by selling them in the market.
Process of Turning Inventions into Products or Services
If you want to turn your idea into a product, follow the step-by-step processes. Start with gathering information that will give you a clear picture of how demanding your idea is.
1. Do Proper Research
Research is the first step that will give you a clear picture of your market demand and competitors. If you have a fresh new idea, you can file for a patent for that. Learn about the patent filing process before you proceed.
If there are always some products or services surrounding your idea, check if you can still come up with a product without infringement. It’s essential because it can cause legal
disputes in the future. Once you collect all the essential information, you should consider what unique solution you can provide to your users and what’s your market size.
2. Create a Prototype
Now that you have understood the market size and there are no legal restrictions, it’s time to develop a prototype. Here is a crucial thing you should consider whether you want to create and sell your product yourself. Only you have to pay the manufacturer for production.
On the other hand, you sell the rights to a third-party manufacturer to create and sell your product. Here you will receive payments in terms of royalty and license fee. You should learn about the pros and cons of both of these methods before choosing one.
3. Test It and Get Feedback
Once you develop a prototype, you need to test it because you may not be able to create the perfect product on the first attempt. So, it’s essential to test your product and get feedback from people who are willing to use it.
You can simply start with family and friends. Then, you can reach out to others. The more you test your product, the more you can understand about your product. Additionally, it will also give you a chance to find investors and manufacturers.
4. Prepare a Compelling Pitch
Even before you create your product, you need to think about its sales pitch. How will you market your product or present it to investors? Your pitch should be short and concise, including the value statement, a hook, and statistical data.
If you are unsure about creating an elevator pitch, you should learn about it or hire a professional who can do that for you. The most important thing is to include your uniqueness and provide a call-to-action in your pitch.
Finally, you need to negotiate with the manufacturer or investor who will actually convert your idea into a product or service. There is no hard and fast rule to negotiate in this way or that way.
It depends on how well you can make a deal. Try to get more upfront cash and go as high royalty payments as you can. However, don’t expect something that may break the deal.
Now that you understand the different stages of converting your idea into a product or service, what are you waiting for? Start gathering essential information whether there are any existing products or services in the market. Consider whether people are ready to pay and use it. What should be your unique selling point if you put your invention into production. Lastly, don’t hesitate to share your thoughts on this post in the comments section.