Most entrepreneurs who come up with viable invention ideas do not know how to take their invention to the next level. They are always seeking information on how to get their idea or a product to the market and make money from their efforts. Some of them almost lose their home even before they get the innovation to the prototype phase when they are unable to make their dream a reality. The dilemma requires the inventor to make a decision whether to market the innovation, manufacture the product, sell the invention to a larger company or collaborate with interested investors to generate income.
The first and probably the most important aspect is to ascertain that the invention idea is new, and no one else has patented it. The internet offers you the best source of information especially if you try searching using different keywords. You are likely to access a broad range of information revolving around your innovative idea, some of which will help you get a deeper understanding. If you find that someone has patented a similar or a related innovation, you can try thinking of a different application of your idea or product. It is important to note that some people patent an invention and lack sufficient resources to get it to the market. Hence, you can decide to contact the inventor and find out if he or she has already implemented the idea. You can get into an agreement to work together and benefit from it since some patent holders may have held the license for decades and may be willing to give it away in exchange for a percentage of royalties.
If you decide to manufacture the product on your own, you need to have sufficient resources to avoid disappointment. Before you commence operation, conducting market research will help you establish if the product has a ready market. Additionally, you will identify potential competitors and come up with strategies to cope. Moreover, the market conditions will inform you on various aspects to help make informed decisions and suggest effective adjustments at the most opportune stages.
If you choose to sell your invention ideas to a big company, the process is quite easy especially if you have patented the invention idea. Although you may not have to perform the market research before selling the invention, it is important to understand the potential of your invention so as to determine the right pricing. At this stage you might have to consider several proposals from different companies to ensure you make the right decision. Whenever possible, instead of giving away the invention altogether, try getting into an agreement on where you will be receiving a certain percentage of income periodically. It is important to consult widely and engage a legal professional before entering into an agreement with any company.
If the findings from the market research indicate a high potential for success of the invention in the market, manufacturing the product remains the best option. Fortunately, when you have a viable business idea, you have access to several sources of funding to make the products.