From a light bulb above your head to a mobile device or any other product available in the market came into existence through a series of actions or steps known as “Innovation”. Every product that you can purchase from market today started as an idea in someone’s head.
The road from an idea to a finished product is full of substantial barriers — it takes lot of efforts and luck to launch a product into, and get that product accepted by, the marketplace. But equipped with the right information and resources, you can put yourself on the path to bringing your invention to market.
But how to get started to turn your idea into reality? What are the basic steps you should take before your product hits the market?
One of the best ways to determine the success of your idea is to carry out a complete “market survey” before you put in your efforts, time and money in creating the product. You should know if there are customers for your product in the market.
Find answer to the questions like: What is the size of the target market? What are the similar products existing in the market? What you’ll need to do differently to stand out from your competitors?
Protecting your intellectual property: First and foremost important step is to perform patent research to find out if your product infringe upon someone else’s intellectual property. Visit patent databases like Espacenet, U.S. Patent and Trademark Office (USPTO), Patentscope, Indian patent Office (IPO) to look for patents similar to your invention. You may seek professional advice to protect your intellectual property.
Why protecting your intellectual property is important?
Patents provides the exclusive rights which allows you to use and exploit your invention for twenty years from the date of filing of the patent application.
Through these exclusive rights, you are able to prevent others from commercially using your patented invention, thereby reducing competition.
If you yourself don’t commercialize your product, you may sell it or license the rights to another enterprise which will be a source of income.
Business partners, investors and shareholders often look to see whether a budding company has protected its intellectual property. A strong patent portfolio help in fuelling investments for emerging tech companies. Investors perceive patent portfolios as a demonstration of the high level of expertise, specialization and technological capacity within your company.
Developing a prototype of your product:
Prototype of a product can even be as basic as a drawing or diagram or as intricate as a professional product but the prototype should be able to clearly explain the basic idea or concept behind the product.
In the “world of innovation” it’s all about the appropriate timings for launching a product into the market. It takes a while … success is not something you can build up overnight. Figure out how to get your product out to the public, frame a marketing strategy and wohooo you are ready to turn your product idea into reality.