So, you have an awesome idea for a device invention that you are sure people are going to love and be willing to buy. However, you will need to create a credible plan to transform your idea into a viable and marketable product before you can start making any money from it. The good news is that this is often more doable than you might realize – here’s a step by step guide to get you started.
#1. Document Your Invention Ideas:
When it comes to monetizing your idea for an invention, the first step is to establish your ownership rights. It’s impossible to profit from your invention simply by having a vision for it, so you’ll need to put together the right documentation to establish that you were the first to have the idea. To do this, you’ll need to make sure that you have an inventor’s journal, where you’ll write down all the ideas that you have about the concept, design, and marketability of your invention. You should have a trusted witness sign and date all the ideas.
#2. Ensure You’re Not Accidentally Stealing the Idea:
Before you go any further it’s a good idea to make sure that you are, in fact, the first person to invent this device or product. Just because you have never heard of this idea before you came up with it, doesn’t mean that it’s not already a thing – so conduct a patent search to make sure that you aren’t accidentally stealing somebody else’s idea. Visit the US Patent and Trademark Office website to search for your idea and ensure that nobody else has already patented it beforehand.
#3. Conduct Some Market Research:
Once you are sure that this idea is your own then it’s time to check out your market and make sure that it’s a product people are actually willing to pay money for. It can be easy to fall in love with your own invention ideas but bear in mind that others may not always feel the same way. Come up with a potential target market and ask your potential customers for their honest opinions on your idea. And, listen to what they have to say – it may be that with some tweaks and changes your invention could be a very marketable product.
#4. Make a Prototype:
Finally, you will need to prove that your idea will work in real life and be able to live up to its hype. The prototyping process is necessary to not only see your invention at work but also figure out any potential flaws, get market feedback, and come up with new features that you may not have thought of beforehand. You can use sites like Upverter to put together a design for your prototype, using the community uploaded guidelines or starting from scratch, even if you have no previous engineering experience. You should begin by creating a sketch, before making a 3D model of your design and finally, putting together the first prototype, which is essentially the first draft of your invention.
Once you’ve done all these steps, it’s time to patent your idea and begin creating the real thing.
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