How to Get Started With a New Product Idea

Bright ideas can be brought to life by persistence and faith in one's idea.

Many people have had an idea for building a better mousetrap or developing an innovative product that will shake the world. Few of these ideas ever come to fruition because the entrepreneurial fire burns out quickly. The true inventor's zeal burns long and steady through the years it might take to research and develop a product for the marketplace.

Instructions

1. Research is the backbone of new product development. Depending on the complexity of the new product idea, an inventor may need to draft and redraft the idea. Initially, the product concept may come to life on paper, where the obstacles and challenges to its development are considered and thought through.

2. Check the US Patent office records to determine if someone already holds a patent for your product idea. This can save you a lot of time and effort. You can do a preliminary search online; however, as you move forward you may want to hire a patent attorney to do a thorough search. Patent infringement is a serious matter and you'll want to protect yourself.

3. Build a model of the product according to your design so it can be fully tested. Big auto companies create full-size clay models of cars to determine if the design elements work once off the paper. The inventor of the Dyson Vacuum perfected its design after fifteen years and 5,000 prototypes.

4. Build a working prototype. At some point, you'll have to move beyond the paper product into real-world development. You may need to search out one or more companies that can assist you in building a prototype of your product. In every industry, there are companies in nearly that exist to build prototype products where chemistry, technology, and manufacturing needs will be determined. You may eventually need several iterations of prototypes developed.

5. Seek out investors. With a prototype in hand, you're in a position to reach out to potential investors to give you the initial capital you'll need to mass-produce your idea. Some industries are ripe with investors, especially in the technology area. Finding investors in other categories may prove challenging. Don't neglect to approach family and friends to invest as they've witnessed firsthand your commitment to the idea.

6. Determine how you will manufacture the product. The company that assisted with building the prototype can probably be of assistance in identifying manufacturers, many of which may be located overseas.

7. Developing a marketing plan is the last piece of the new product puzzle. Work with an advertising agency and design firm to develop packaging and introductory advertising.

References

• History of Dyson Vacuum