What to do with
Your Invention Ideas
Have Great Invention Ideas?
At Trident, we’re committed to helping inventors get their great invention ideas to market. We have helped hundreds of products launch over the last two decades, and are always looking for new and innovative ideas the world can’t live without. That being said, one of the most common questions an inventor asks is “I have this great invention idea, now what should I do?” If you’re not quite ready to submit your idea to our free and secure ThinkBank (more on the ThinkBank later), here are some things you should consider while you work to refine your concept or physical product.
Is Your Idea Unique
People have great ideas all the time, often to try and solve common problems that come up in everyday life. But, just because you come up with a great idea does not mean someone else hasn’t already thought of it as well. Products sometimes take years to develop, so it’s always possible your great idea is already in the works. One of the first steps we encourage inventors to do is complete preliminary research. With a little internet sleuthing, you should be able to identify if your concept already exists. We recommend you check the following sources, at a minimum:
- Google. It may seem obvious, but many times a quick Google search will reveal your product idea already exists, or is close to something being developed. Just because you have not heard of the product before doesn’t mean it’s not out there.
- Complete a Patent Search. If your initial online search does not turn up any results, completing a cursory patent search is a great next step. There are a lot resources online that offer to help you search for a patent, but many are there just to get your contact information for solicitation purposes. You can go direct to the source yourself by visiting the United States Patent and Trademark Office. They even have a helpful seven step process to follow to assist you in your search.
If you complete these searches without any results it’s possible your idea is unique. Keep in mind as you progress with your concept, a more thorough search with professional help will likely be required.
Market Research
Once you have identified your invention ideas are unique, it’s time to put some thought into how you would develop and market your product. An important question to answer is surrounding the time and effort needed to develop your idea. A great idea is profitable for the inventor, meaning after the initial investment of time and money, the final product would sell enough to recoup the investment cost and turn a profit. You may find that an idea my be great in theory, but not viable profit wise. This is often why the market does not already have a better solution to the problem you are trying to solve.
Understanding your target audience is an important part of this process. While considering who you would be selling to, also ask yourself if the market can bear what you expect a rough cost to be. For example, let’s assume your product idea was a replacement spray paint can nozzle that cost $19.99 each. With the average cost of a new can of spray paint being $7.99, would people buy your product or just a new spray paint can? The answer is, it depends. Maybe this product can be marketed to people who are environmentally conscious. You first would need to identify if that market is large enough and would pay that cost to solve the problem. You also can look to reduce your production cost to make the item more viable. That’s where we come in!
Development of invention ideas & Next Steps
It is important to note that you don’t have to go at this alone! Our team of inventors at Trident are here to help every step of the way. We recommend you create a completely free and secure account in our ThinkBank. The ThinkBank is a place where you can organize your ideas and thoughts as well as upload information about your project for review by Trident inventors. Your ideas are solely owned by you, and we can help advise you what steps to take next. Your idea may be so unique you simply need to patent it before a licensing deal can be offered. Or, maybe a prototype is the next step. Our expert inventors help assess where you are in the development process, and point you in the right direction.
If you feel like you need more help to develop your idea, or simply want to learn more about the inventing process, The Ultimate Invention Launchpad may also be a good fit for you. This self paced, members only information can help you get moving in the right direction with your idea fast!
Have Fun and Keep Inventing
Whether you decide Trident is a good fit for you or not, we encourage you to have fun and keep inventing! We love seeing passionate people change their lives and the lives of others with amazing invention ideas. Want to join the conversation with other passionate inventors? Follow us on Facebook, Instagram, and LinkedIn. Make sure to enter your email below to receive our monthly newsletter as well!