How to Evaluate An Invention Idea
Learning how to evaluate an invention idea can make you a lot of money or at least save you money. Before investing your time and money into an invention idea, review it with these steps to help in deciding what to do next.
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Instructions
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As an inventor, it is easy to fall in love with an invention or idea before fully evaluating it. While it's great to be passionate about your idea (and perhaps even a necessity), it's also important to be objective when reviewing it. Let's take an introductory look at how to evaluate an invention. This will not be exhaustive but instead a good start to deciding whether you should proceed in any way with your invention.
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Let's start with the most basic question: Does your invention or idea solve a need? This need could be the need to save money, a very basic one. It could be the need to save time or the need to ensure child safety. In any case, the invention needs to be a solution to some type of problem or need.
Some things are very neat but are actually very impractical. Take for instance something such as a motorized paper clip. While very novel, it is probably far more expensive than a traditional wire paper clip and thus impractical.
The best needs to solve are saving people time, money, or effort.
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Does it have the "wow" factor? If you've ever seen the show Pitchmen on Discovery with Bill Mays you might understand this. While some products are useful, they are rather dull to observe. Other products are highly demonstrable and cause people stand in disbelief or amazement when used. Examples include products that instantly eliminate stains or allow plants to grow 3 times as fast.
While not a necessity for an invention to be successful (pet rock anyone?), it does help greatly and makes marketing easier.
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Is the product or idea able to be manufactured? Can it be injection molded or created from an existing economical manufacturing/assembly process? Does it require some space shuttle alloy to work or is it made from common affordable materials?
Can the invention assembly be automated and thus made relatively cheaply or does it require human labor (potentially more expensive, at least if sourced domestically)?
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Is the invention profitable? Two parts go into this answer. How much it costs to make and how much it can be sold for.
How much it costs to make/source is a function of the materials, labor, and packaging (perhaps also shipment).
How much it can be sold for can be more difficult to answer and often requires market research (even if informal).
By applying lean design principles and design for manufacturing theory, invention ideas can be simplified while maintaining form and function.
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Finally, is the invention's intellectual property patentable? If you can not obtain protection on the idea or design, it will be easier for others to copy.
Alternatively, the idea may already be patented even if no product using the intellectual property is on the market. Start by doing your own patent search online using Google Patents or the USPTO's site.
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Tips & Warnings
The fewer parts/components the better. Less assembly/material cost and easier logistics. Also less chance for a part to be left out of the assembled product.
The Innovation Institute is one of the better invention review companies and is run out of a university.
Be very careful of invention submission companies. Most of them will "churn the file" and produce paperwork while providing little to no value and charging you for all of it. This is a huge and largely fraudulent industry although there are some legitimate companies. Be sure to read reviews and do research before signing up with any of them.
