How to Bring New Inventions to Market
The entrepreneurial spirit combined with solid invention ideas ultimately is what makes inventors successful. However, being successful and bringing a new invention to market involves more than simply thinking up and designing a product. Successful inventors conduct much research before developing their ideas and creating prototypes as one of the first steps is to assess the current market. Bringing a new invention to market also often involves acquiring start-up capital and connecting with professionals to help.
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Instructions
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Define your product and the target market for your invention. Decide on the population or demographics to who your invention is aimed. Define both the features of your invention and the benefits it offers consumers.
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Research the current marketplace to help determine a spot for your invention. Research products that have a similar purpose as your invention. Compare your invention to the success or failure of other companies' products to determine how your invention differs. Look at consumer trends in the marketplace. Think about how your invention satisfies a need or want. Talk with consumers on a one-on-one basis to find out what types of products are in-demand.
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Refine your product--or make plans to do so--based on your market research. Increase the value of your invention by adding additional features, making it more useful or desirable to consumers. Adding features that makes your product more beneficial helps not only with sales in the market, but also your marketing campaign.
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Build a professional prototype of your invention. Make sure that your invention serves its purpose and is designed to your specifications. Fine-tune any "kinks" with the prototype so that it contains very little, if any, flaws and to get it ready for potential investors.
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Protect the invention's proprietary information and your intellectual rights. File a patent with the U.S. Patent and Trade Office (USPTO) to safeguard your ideas. Ask for help from a patent attorney, if required. Avoid discussing your invention with close friends or other inventors before your patent is filed to prevent the theft of your invention idea.
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Develop a marketing plan to help introduce your invention to the market. Marketing plans show potential investors and companies you work with that you know your target market and are serious about your invention. Include sections in your marketing plan for defining your product, identifying your target market as well as your competition. Come up with a budget for start-up costs associated with obtaining the manufacturing of your product and the distribution channels.
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Set a price for your invention. Decide on the retail price for your product. Think about whether you want to use a market-entry pricing strategy, such as penetration pricing or price-skimming. Penetration pricing means that you set a lower price for your invention to penetrate the market and gain market share. Price-skimming involves setting a very high initial price to appeal to buyers who are not price-sensitive.
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Contact the appropriate companies, investors or distribution channels for your invention. Hire a lawyer to help negotiate the best terms of your business deals. Negotiate the licensing or selling terms of your invention to corporations who already have manufacturing and distribution capabilities. Or, make presentations of your invention to distribution channels, such as retail outlets, to help get your product on store shelves.
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Submit press releases and articles to publications about your invention to spread the word. Contact area newspapers to have a profile or announcement written about your invention. Contact the editors of trade magazines and other publications, especially those read by your target market, to get an article featuring your product.
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