About Product Ideas

Entrepreneurs and inventors must learn the importance of timing when dealing with new product ideas. The marketplace is flooded annually with cell phones, software and toys that do not sell due to intense competition. Once a product idea hits the marketplace and fails, consumers and industry experts may look unfavorably to a repeated rollout in subsequent quarters. Every product idea should be vetted with emphasis on finance, manufacturing and marketing.

Function

Product ideas create increased competition among inventors and inspire companies to invest. When a company like Apple produces another generation of iPods, Microsoft looks at ways to improve its Zune MP3 player to stay current. If an inventor creates a new vacuum cleaner with greater suction power, a retailer or venture capitalist may invest in ancillary products and attachments to increase profits. Once a product idea is followed through to store shelves and online shops, the product's functions include simplifying consumer lifestyles and improving living conditions.

Types

Inventors can break down product ideas into two groups: new products and next-generation products. An inventor starting with an initial thought may struggle to develop an idea that is not patent-protected or too derivative of existing products. While the blank page can drive an innovator crazy, the result of a successful new product can be fame and profit. The market for next-generation products and accessories has allowed an easier entry point for novice inventors.

Considerations

Every product idea should be protected by a patent from the U.S. Patent and Trademark Office before production. If a new product is not protected by a patent, other companies can poach the concept and create less expensive models. The patent application process can take months as patent lawyers review sketches, application forms and product descriptions to avoid duplication. After a patent is applied for an idea, producers need to conduct market research before distribution through online and retail outlets. This research pinpoints pricing thresholds and target demographics to tweak the original idea for better customer satisfaction.

Size

The scope of a product ideas depend on the desire for mobility by consumers as well as available resources. Designers working on SUVs in the 1990s focused on oversized models like the Cadillac Escalade and the Hummer to meet consumer demand for compartment space. As gas prices have fluctuated in recent years, new SUV and truck designs have been downsized in reaction to the excesses of past models. The mobility issue means that laptops, cars and mobile phones will continue to decrease in size as technology advances. Car companies and electronics producers are also looking to conserve resources as they develop product ideas.

Time Frame

The ideal schedule for releasing a new product into the marketplace is ahead of the winter holiday season. Inventors and distributors look at the example of the Furby in 1998 as they determine when to release new product ideas. The Furby was released ahead of the 1998 Christmas season and sold over 40 million units over the next three years. Before a product idea can reach the level of a Furby or Tickle-Me-Elmo, the parties involved need to pass the idea through various government agencies. Each product has to meet Federal Trade Commission labeling standards as well as product safety standards before it can be sold. With the holiday season in mind, a product idea should be at the production stage by spring of the release year to fulfill every requirement.

Resources

• U.S. Patent and Trademark Office
• National Business Incubation Association