Key Considerations for Inventors

Before doing anything with an idea, an inventor should first consider a few things.

First, has this idea been done before? Redoing something already out there will be more difficult to patent and the product will need to stand out from the crowd, whether that’s through heavier marketing, higher-quality, or a smaller price. If an idea hasn’t been made before, consider whether there’s a reason for that. The most common issue may arise in ease of manufacturing, which may drive the product out of budget for consumers.

Another consideration when bringing an idea to market is how much money an inventor has to complete all the steps required. Many inventors will need investors or a loan to get started before they’re able to make a profit.

Lastly, what is the selling price goal for the product? It’s good to have a set expectation upfront and then see whether the product can be manufactured for less than that, typically a minimum of 3-5 times less in order to make a profit. 

Quick questions to ask yourself:

1. Has this idea been done before

2. Is there a reason this design has not been made before

3. What is your budget

4. What is your selling price goal, if applicable

These considerations help inventors to navigate the path to success with confidence and strategic decision-making.