Six Steps for Turning Your Idea into an Innovative New Product

Many people have great ideas, but only a few are able to bring them to fruition. A likely reason is that the path is often unclear and may require a significant amount of legwork. Tackling the challenge is a lot easier if you can identify the most crucial steps in the process. Here are steps that will help you turn your abstract idea into a physical product:

1. Document the Idea

Put the idea in writing. Maintain a journal. Have a space available where you can log unfiltered, unordered thoughts. If the product will require schematics, draw it. Even if you’ll need an engineer or an artist later, do what your artistic ability will allow. Safeguard these documents prior to patenting. You might consider keeping a small notebook with you at all times so that you can take notes whenever you get a new idea.

2. Perform a Patent Search

Just because your idea isn’t on the market doesn’t mean that it doesn’t exist. Query your idea against both patents and non-patent prior art. Even the prior art can block a new patent. If similar ideas exist, then you’ll have to determine how to distinguish your idea in a way that will allow for a distinct patent. You need to come up with a product that no one has created before!

3. Research the Market

The reason why so many unrealized patents exist is that the market wouldn’t support them, so challenging the market is an equally important phase. After estimating manufacturing and distribution costs, you can gauge feasibility via meetings with local retailers and wholesalers. For example, sometimes making a small improvement on an existing product isn't worth the additional cost for consumers. If there is no market for it, your product won't sell.

4. Create a Prototype

The prototype is something that a potential buyer can hold and feel, and thus is very important. It will also be used to file the patent and acquire loans and licenses. If you require a third party, then choose one that has a strong reputation and a history of using injection and micro molding to create prototypes.

5. File the Patent

Using the prototype, file the patent. You don’t need a patent lawyer to file; however, if this is an innovative idea that you have a lot of confidence in, then hiring a patent lawyer is the best way to protect your interests. You don't want to make any mistakes that will compromise your ability to have full control over the product.

6. Be Willing to Bring Your Product to Market Yourself

Avoid platforms that help inventors bring products to market. You can attempt to sell your idea to another company first, and it may work out; nevertheless, most recent successes of new products were buy-outs, and that’s because the companies that buy prefer to do so after the risk is taken. Before deciding how to proceed, you will need to consider how much confidence you have in a product. If you sell the product rights and the product succeeds, you will lose all the money you could have made in the long run.

If you have an innovative idea that you truly believe in, then you should treat it like a full-time job. Create checklists and schedules, and put as much time into the process as your current financial situation will allow.