Business

The Steps From Product Idea to Product Success

Michelangelo once said that his statue of David was embedded in a block of marble and he merely chipped away the edges to reveal it. Is your product idea inside your mind just waiting to come alive? Or, is your product already formed and you need only to smooth out the edges?

Using my Market-Step process your idea will come to life as we progress in the following steps from idea to launch.

TO SELF-MARKET

1. Market Evaluation

2. Concept Evaluation

3. Prototype Creation and Evaluation

4. Patent Decision

5. Planning

6. Development

7. Product Launch

TO SELL OR LICENSE TO A COMPANY

1. Market Evaluation

2. Concept Evaluation

3. Prototype Creation and Evaluation

4. Patent Filing

5. Product Proposal

6. Company Search

7. Negotiate Deal

GETTING STARTED

* Protect Your Idea

When you have an idea, you need to protect it. The first line of defense is to set the date of conception. Start by documenting your idea in an inventor’s notebook, but don’t file a patent until you evaluate its marketability.

MARKET RESEARCH AND EVALUATION

* STEP 1: Market Evaluation

Start the Market-Step process by evaluating the marketability of your invention. With a quick evaluation of the market, you screen out bad ideas before wasting time and money. Your invention is marketable when it solves a problem, meets a need or want, overcomes competition (products and patents), and generates a profit.

* STEP 2: Concept Evaluation

The second step of the Market-Step process is to determine if people like your invention concept. A concept evaluation is an easy-to-use survey method you can create yourself. The results provide you with valuable feedback so you have a better feel whether to proceed with your invention. In addition, a concept evaluation allows people an opportunity to provide helpful suggestions and advice.

* STEP 3: Prototype Evaluation

The third step is to create a prototype and have an evaluation. A prototype can be a physical model, detailed drawing, or animation. With a prototype, you obtain opinions to make sure you’re on the right track. In addition, a prototype evaluation helps you uncover any necessary feature changes before moving onto the next stage.

Marketable? After each of the first three steps, you need to review the evaluation results to determine if your invention is marketable. If results are encouraging, advance to the next step. If results are mixed, you might need to go back and revise your idea and re-test. If results are discouraging, revise the invention or cancel the project entirely to save yourself time and money and move on to your next idea.

GOING FORWARD

Now that you have an overview of the steps, my book Product Idea to Product Success takes you through the details of the Market-Step process, one step at a time.

 

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