Getting an Invention to Market | How-to Guides for running your business from Business.com

Thomas Edison, Benjamin Franklin, Bill Gates. All had great visions, but more importantly their hard work turned their idea into a reality. To get your invention from the brainstorming stage to the store shelves, you need to consider:

If other products that fulfill the same function or use are already on the market.
How you'll finance research and development.
If you have the time and patience for a long process.
Potential profitability.

Action Steps
The best contacts and resources to help you get it done

Research the market

Whether you're creating an entirely new category in the marketplace or simply putting a new spin on an existing item, your invention has to fill a need in the marketplace. Make sure your product is unique before investing a lot of time and money in it.

I recommend: Do simple Internet searches on sites like Google and Business.com to determine what kind of competition is out there. Find focus group sample survey forms at InventionCity.com. If this is your first invention, study the "Seven Things Every Inventor Should Know."

Develop a prototype

Developing a model of your invention streamlines the patent process and simplifies the search for a manufacturer. It's also a good way to work out design kinks and determine how much it will cost to manufacture.

I recommend: Find out the many reasons why every inventor should develop a prototype before marketing an invention at IPFrontline.com. Learn how to create a prototype and digital renderings of your product at AskTheInventors.com. If you aren't an engineer, get help creating a working prototype, physical prototype or virtual prototype from an invention services firm, such as InventionHome.com or InventHelp.com.

Patent your invention

Protect your invention in the marketplace with a patent. This will prevent competitors from stealing your idea and will protect it for a number of years — 14 to 20 — depending on the type of patent. The patent process is notoriously difficult to navigate, so consider hiring a registered patent attorney or agent to assist you.

I recommend: Apply for a patent on your design through the U.S. Patent and Trademark Office (USPTO). Find a registered patent attorney or agent in your area by searching the USPTO attorney/agent database.

Find a manufacturer and distributor

Before you can start marketing your invention, it has to be translated from a prototype into a real-world product. To find manufacturers, attend tradeshows and interview potential partners about pricing, quality and service.

I recommend: To find a manufacturer for almost any type of product, look to the Thomas Register for a list of American manufacturers or the Thomas Global Register for international manufacturers. Learn more about the manufacturing process at InventionCity.com.

Market your invention

To get your invention from the manufacturer's warehouse to the consumer, you need to come up with a sales plan.

I recommend: Get tips on marketing your invention in the Ultimate Invention Success Kit from InventionSuccess.com. If your product would appeal to a wide base of consumers, consider selling it on television as a direct response retailer. Home Shopping Network (HSN), Guthy-Renker and Thane all provide submission guidelines for new product vendors.

License your invention

If getting your invention to market seems like a lot of work, it is. To lighten the load, consider licensing as an option. In this scenario, you hire other companies to produce and sell your product while you collect licensing fees.

I recommend: Get a better idea of how licensing works and find companies that are searching for products to license at AskTheInventors.com. Before signing any agreements with an invention marketing firm, learn what to beware of and search a list of companies that have been known to scam inventors at BPMLegal.com.

Tips & Tactics
Helpful advice for making the most of this Guide

To find a manufacturer, attend tradeshows that feature products in the same industry as yours and inquire about the manufacturers.
Keep your invention close to the vest and only share it with people you trust completely. If you're in the patent process, consider having all of your company employees sign a non-disclosure agreement. That way, if they leave the company, they won't be able to share your idea with their next employer — your competition.
Document your invention process with detailed dates and entries. If your patent is ever challenged, you'll need the documentation to back it up in court.
Hold on to your prototype. You'll have to share it with manufacturers and patent attorneys, but make sure you keep possession of it. Prototypes are expensive to create and should be protected.

The official source of Getting an Invention to Market is
the New Inventions page at Business.com

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