How to Tell If Your Invention Would Be Profitable
If you've come up with a new idea for an invention, you may be tempted to patent it right away and find a way to get it to the masses. However, before you invest a ton of time, money and resources into an invention, it's worth doing a bit of research first. You should make sure there is a need for the product and that it will be a profitable venture.
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Conduct market research on your invention. Inquire if there are other products like it already on the market. If so, find out how they differ from your invention and how those products have fared in terms of profits and public opinion. Research information on the companies that produce those products by looking at company websites and in company literature.
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Conduct a survey regarding your invention. You can either contract a larger company to do the survey for you to get additional results or do the survey yourself, perhaps through social media. Use those results to determine whether people would purchase your invention and what the feedback is regarding it.
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Do a prototype of your invention, if you have the resources. This allows you the opportunity to work out any kinks before presenting it to investors or a company for manufacturing. Make sure the invention is as sound as possible, so you have a better chance of selling it.
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Meet with a few companies after the prototype process has been completed. Take notes at each meeting and determine who would be willing to offer you the best deal for your invention. This gives you an idea of what you stand to make from your invention before you invest considerably in it. However, don't divulge too much information in these meetings, because despite the fact that you've patented your invention, a shrewd company might take your idea and make revisions to make it seem original, snatching the core concept out from under you. And while you do have legal protections under your patent, it would require considerable resources to fight a major company. Save yourself the trouble by keeping meetings exploratory and simple, without giving too many details about your invention.
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