So You Have a Great Idea, Now What? First Steps Every Successful Inventor Takes to Get a New Product to Market

Coming up with a groundbreaking idea is just the beginning of your journey as an inventor. The path from concept to market-ready product can be challenging, but with the right steps, you can turn your idea into a successful invention. In this post, we'll explore the critical first steps every successful inventor takes to bring a new product to market through either licensing or venturing. 

Evaluate Your Idea: Is It Marketable?

The first step in your journey is to evaluate your idea critically. Ask yourself if there is a real need for your product. Who will use it? What problem does it solve? Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to assess your idea's potential in the marketplace. This step is crucial to ensure that you're investing your time and resources in a product that has a viable market.

Talking to potential customers, industry experts, or even using online surveys can provide valuable insights. Their feedback can help refine your idea or reveal aspects you hadn't considered. Remember, the goal is to ensure your idea has a demand before you proceed further.

Protect Your Intellectual Property: The Importance of Patents

Once you're confident in your idea, the next step is to protect it. Intellectual property (IP) protection is crucial to prevent others from copying or profiting from your invention. This often means filing for a patent, which legally protects your invention and gives you exclusive rights to produce and sell it.

There are different types of patents (utility, design, plant), so it’s essential to understand which one applies to your invention. Consult with a patent attorney to guide you through the application process. Remember, securing a patent can be time-consuming and costly, and although considered a vital step in safeguarding your idea, filing for a Provisional Patent Application (PPA) is a great first step that won’t break the bank! It establishes a priority filing date, gives you 12 months to shop your product to potential licensees, and is relatively easy to create. 

Conduct Thorough Market Research

Market research is the backbone of successful product development. This step involves understanding the market you're entering, identifying your target audience, and analyzing competitors. Effective market research will help you fine-tune your product, develop a pricing strategy, and identify the best distribution channels.

Researching the competition will also help you understand what makes your product unique. What are your competitors doing right, and where are their gaps? This knowledge will allow you to position your product effectively in the market and highlight your product’s point of difference.

Create a Prototype: Bringing Your Idea to Life

A prototype is a physical or digital representation of your product. Creating a prototype allows you to test your idea, make improvements, additional iterations, and demonstrate it to potential licensees, investors or partners. Depending on your product, you might start with a basic model to test the concept before moving on to a more refined version. Think about not what you can add but what features you can take away from your product to get to its Minimum Viable Product (MVB). 

Prototyping can reveal design flaws or functionality issues that weren't apparent during the initial idea phase. It also provides a tangible product to showcase during pitches, making it easier for others to understand your vision and see it in action!

There are many resources available to help with prototyping, from 3D printing services and local Maker spaces to specialized prototype development firms. Choose the method that best suits your product and budget.

Develop a Go-to-Market Strategy

With your prototype in hand, it’s time to think about how you will introduce your product to the market. A go-to-market strategy outlines how you will reach your target audience, generate interest, and ultimately sell your product. For licensing, this includes creating a list of potential licensees, creating your marketing materials, filing IP, and pitching to prospective companies. For venturing (bringing the product to market yourself), in addition to manufacturing considerations, this strategy should include your marketing plan, distribution channels, pricing strategy, and sales approach.

If  you’re planning to venture your product, consider whether you will sell directly to consumers, through retailers, or via online platforms, or both. Each approach has its advantages and challenges, so choose the one that aligns with your resources and target market. Additionally, develop a marketing plan that highlights the unique features of your product and appeals to your target audience. When pitching to buyers, you can initially send your one page sell sheet with video, then you’ll want to have samples and pricing ready to go.

Bringing a new product to market requires careful planning and execution. By following these first steps—evaluating your idea, protecting your IP, conducting market research, creating a prototype, and developing a go-to-market strategy—you'll be well on your way to turning your great idea into a successful product. Remember, the journey from concept to market is a marathon, not a sprint. With persistence and the right strategy, your idea can become the next big thing!