Here’s how to prototype a great idea, turn that prototype into a product, and bring it to market.
- Timing is everything with new products. If the new invention is the first invention, it may face adoption issues. If it is too late, you may not be able to compete in the market. Knowing when to strike will have a hugeimpact on the success of your product.
- Product development requires research, prototyping and practice with the elevator idea, so don’t go it alone. There are many resources to get you started.
- Don’t forget to take steps to protect your business, ideas and personal assets. It differentiates itself from the rest of the market by acquiring trademarks for company names, merging new organizations and filing new patents.
- This document aims to help business owners, entrepreneurs and inventors turn the spark of an idea into a global sensation.
mediaindonesia.net– Innovation is not an easy process, but it has the power to open more doors for you in the business world. The first step to turning your idea into a product is to share it with the world. But even 140 years ago, it was difficult to sell electricity.
In the late 1800s, many prominent scientists denounced Thomas Edison. These scientists claimed that electricity was a fairy tale and could not be exploited on a large scale. We were now a group of Malaboori and we live in a permanently illuminated world and everything started with ideas, dreams and patience. Understand what you need to invent mentality and new things correct and can be a creator of a new product. It is necessary to know how to start and free inventions.
Challenge of the present invention
The success in the world of innovation is all the time. If you wait too long, someone else to capture a similar idea and captures your niche market. However, if your invention is the first of its kind, the market may not be ready and you will have to fight an uphill battle to make room for your product.
Henry Helgeson, co-founder of Cayan (now part of TSYS), addressed this issue with his mobile payment technology company in 2011, several years before mobile payments went mainstream. He advises other startups in the early innovation phase to be patient to keep up with the competition as the market catches up.
“Our industry (mobile payments) partners will never happen, but we’ve been on the move and will be doing it for everyone in three to four years,” said Helgeson. “It will take a while … This is not what you can do at night. But when you move forward, it is very powerful. ,
According to Heelson, if you are at the next end, then you have to see your competition and decide whether you want to continue your way or if you are better in any other way with your invention.
He said, “You will always have to change the feeling of setting the necessary things and [product] to return to the market.” “As long as you do it quickly, it’s okay.”
Another big challenge informs people about your product. Your idea can be very good, but no one knows without marketing plan. “Looking back, we thought we were going to focus too much on our products and selling ourselves,” Helgeson said. “You need a plan to [sell it].”
In an interview with Business News Daily, marketing and communications expert Nicole Lininger said that many budding entrepreneurs don’t have a big advertising budget to promote their inventions. .. She recommended starting with a top-notch, comprehensive, and cost-effective social media marketing plan.
The secret of success
Are you ready to turn your product ideas into reality? The experts we spoke to offered the following advice for aspiring inventors and entrepreneurs.
1. Don’t go alone.
There are many stages in the invention process, and doing all the work yourself can be tedious. Linger recommends seeking professional help to ensure that certain elements of the process are in competent and experienced hands. For example, if you are looking for a manufacturer if you are looking to develop a prototype, or Rocket Lawyer if you are looking for a qualified patent attorney. You should also consider business partners, said Anayet Chowdhury, co-founder of educational technology company ArgoPrep.
“Believe in your idea [or] product and find co-founders with specific skills that you don’t have,” says Chowdhury. “Companies with co-founders are more likely to succeed than individual owners.”
An incubator can also be a great place to succeed by providing you with tools, resources, and a supportive community throughout the process.
Kate Bell, founder and director of Zip Us In, which provides jacket extenders for pregnant women, uses IncuHive as her business foundation. “The commercial support has been great and the vast experience behind me has given me confidence in the expansion plan. IncuHive contributed to investor marketing and provided a meeting room and advisory board. ”
According to Lininger, inventing a product requires a lot of prior research, patience, and resilience. Take the time to do due diligence before you start. This is especially important when considering patent protection for ideas. “Copyright and Intellectual Property (IP) Increase My Design and adjust yourself.
“Patents, Copyright, Trademarks, etc., including US Patents and Trademarks, etc.,” I am studying “intellectual property rights including patents”. If you are interested in patent protection, please contact a patented lawyer. † †
To investigate patents for items similar to what you want, visit the US Patent and Trademark Website. Make sure that you have questions, work, sales, sales, sales, sales and sales, and contact a lawyer who specializes in the patent and IP law.
You also need to see that you can expand your competition outside. Marco Cirillo, co-founder and chief technology officer of the social planning app Kibii, tells you who your competitors are, whether your target audience likes or dislikes products already on the market, and your products are strikingly unique. It is recommended to investigate whether. [Read related articles: How to conduct competitive analysis]
“Many founders and entrepreneurs leave marketing as an afterthought,” says Cirillo. “To get the most out of it, you need to research and set goals before you launch your product, which helps your team stay cohesive, have a common vision, and successfully launch your product. I can do it.”
3. Develop a prototype.
Once you have your market and a clear legal path, it’s time to sample. At this stage, you have to decide whether you want to produce or license your product.
The first means making and selling your own product (this includes paying a third party to produce your product). The latter means that you sell the rights to manufacture, use and sell your products to another company and grant this right in exchange for license fees and royalties.
4. Work in the elevator circuit.
You should talk to your friends and professional acquaintances, even before you get the finished product for sale. Lininger emphasized the importance of creating a good presentation. A short sales letter with a hook, a description of value, statistics and other data, a description of a unique aspect of the product, and a call for action. For more information on this topic, see Tips for completing the elevator pitch.
5. Test the product.
Helgeson reminds entrepreneurs that the product is not perfect on the first iteration. You need to adjust the product all the way. The best way to understand these changes is to continuously test your invention with real consumers. We advise you to get honest feedback from the test group and test your ideas.
“The verification process should take place regularly,” Helgeson said. “If you are trying to do something and the markets are telling you otherwise [they want] you are on the wrong track. Be in the field… talk to people, join the industry conversation. Don’t sit in a room and try to dream something.”
6. Add your company.
By incorporating your business, you create a separate legal entity that protects your personal assets from any liabilities over your business. Even better, it’s easy to do. The
Follow these six steps to include your business:
- Choose the company name. Simply choose a company name that doesn’t exist yet to protect it as your own. If you want to register your business name, make sure it is not already with the USPTO.
- Please select a location. Identify the address to use as the registered office. For larger companies, you may need to secure a professional workspace in some areas. Learn how to choose the right location for your business.
- Determine the business entity. A corporation can be incorporated as a Limited Liability Company (LLC), a C corporation for large corporations, or an S corporation for smaller corporations. [Read related article: How to choose the best legal structure for your business]
- Get a Social Security number. An Employer Identification Number (EIN) is an IRS requirement for any business. You can apply for an EIN on the IRS website.
- Manage your money. Create a business bank account to manage your finances and create a barrier between your personal and business assets. Business bank accounts also add a clear record of business activities for tax and accounting purposes.
- Obtain permits and licenses for final state determination. Different regulatory policies may apply depending on the type of business. For example, a person opening a restaurant will need a food handler’s license, while an accountant may need a state license to provide services.
7. Obtain a patent.
If you have one of these lightning-fast ideas for an invention or service, it’s a good idea to get legal protection. That’s what patents are for—they give you a legal right to a specific product, idea, process, or other type of invention with essentially federal protection. As with trademarks, you must file an application with the USPTO to obtain a patent. It’s a very simple process, but you need to document your idea well to make sure no one else has already secured the rights. Once everything is verified, this idea is yours. However, it may need to be renewed every few years.
8. Manage your inventory.
Changing requirements, inaccurate inventory data, outdated processes, or even limited physical storage space slows the burden of product deployment. That’s why inventory management systems are designed.
An inventory management system allows you to analyze current market trends to produce enough product or order enough stock to accommodate demand, avoiding overcapacity and overstock worries. Inventory management systems can help reduce business costs and improve cash flow while improving customer satisfaction. You can find what’s best for you in our guide to inventory management software.