Bring an Invention to the Market

Many people sometimes have a bright moment. "The USA has more than 150,525 independent inventors. Yet only a small part of all those good ideas also reach the market.
The route from idea to market is complicated and has nasty pitfalls," Martin Berger. His association helps inventors to map out that route.

Invent Help assists both independent inventors and companies. They know each step that helps individuals in particular. Inventors in rewarded service have many disciplines to be able to make decisions quickly. The independent inventor stands alone."

Doing business is not for everyone: "Many inventors find paperwork difficult; you have to be sufficiently commercial and creative to be successful. However, you can also learn a lot of entrepreneurial skills, and you have to work together to build a company.
Above all, don't go on the market with an idea. It must be an invention that you have validated in the market. In these four steps, according to Berger, you successfully turn a company into an idea.

Step 1: Does someone else already have my idea?

The primary step is to investigate whether the concept has already protected by someone else or not. Are there any intellectual property rights to an invention? If you don't find out, much trouble can arise.

You can do that research yourself through a unique patent website, but requires some technical knowledge and understanding. You can also do it with a patent office or other professional. You will receive an invoice, but the costs are not too bad.

The real costs only follow when you decide to further develop an idea by protecting patent rights through patent offices and the United States Patent and Trademark Office. Indeed, if you want to protect an idea, say an innovative lawnmower, in several countries. For sophisticated hardware that can go up to the millions. For substantially lower software.

But if an invention is useful and an entrepreneur has done his homework well (the step-by-step plan completed), then you will always find money, the adviser knows. There is much money in the USA, and we are doing well in the innovation rankings. In the initial phase, you have to have the guts to invest in your idea and look up the money.

Step 2: Where is my market?

Step two is about what is going on in the market where your invention located. What is already in the market that does more or less the same and at what price is that available? What would the market have for your invention?

You answer these and other questions in good market research. You can do that again yourself, but you can also work together here. "The members of Invent Help can choose to conduct that market research with the college or university. Students from the higher classes research few bucks. And that is excellent research.

Step 3: Does my invention work in real life?

An idea can still sound so great on paper, but in the end, it's all about practice. To investigate whether your invention also persists in real life, you build a prototype of your product in step three.

Inventors often firmly believe their creation. But it doesn't always work the way they had in mind. So, you have to prove that it works. You can do this from your own 'classic' attic room, but you can also collaborate with a party that has the right facilities.

People with a good idea, but two left hands can outsource the making of a prototype at Invent Help to other entrepreneurs with, for example, lab facilities or a workplace with a 3D printer."

Many researchers work out the idea within the university or college or look for a so-called co-working space with the right facilities. A tip: do not stay too long in the construction process: a common pitfall. If it works, it's finished.

Step 4: Is my plan watertight?

Step four includes the well-known business plan. How do you connect all the previous actions to a route to the market? You can get much information from the earlier steps. It doesn't have to be a book. A good start is also enough and crucial for contacts with market parties or lenders.

The business plan comprises various planes. One of the most critical questions you opt for is which route you choose to reach the market. Are you going to do it yourself and are you starting a startup, or are you selling your idea as a license to a third party?

Around 30 per cent of the inventors want to do business themselves, and the rest opts for cooperation with a market party. If you are going to do the marketing yourself, write a thicker and more watertight business plan.

That plan forms the basis for making the right contacts. Financiers, partners, customers. The first so-called sponsored customer is especially important. Research shows that around 70 per cent of starting entrepreneurs are looking for such a customer, and only 10 per cent find it. Profits can still be achieved there.