Converting Your Idea Into A Real Product
The process of innovation will never be rosy. However, innovation can be the catalyst that you need to propel your business. One of the very first steps that can take your idea and convert it into a product is none other than sharing. In this blog, we will be going down the road of innovation and what it takes to get your idea started and launched.
Invention – The Challenges
Timing is a very important factor that can help you become successful when it comes to innovation. Waiting for too long will give someone else the opportunity of coming up with the same idea and acting on it before you do. Then again, capitalizing on your idea too early may be a wrong move, especially, if the market is not in any way ready to receive your product. The problem of being too early is faced by a lot of startups today. This is a situation that calls for perseverance in order to stay relevant and beat competitors as soon as the market eventually gets to meet up.
As an investor, you will come across industry counterparts who will downplay your ideas, but it is important that you keep moving in order to have a couple of years jump on your competition. This doesn’t just happen overnight, but as soon as you get the momentum right, it can have so much power. For startups that end up being late, the best way forward would be to analyze the competition in order to make a decision about whether to go on with your idea and compete or if you would be at an advantage if you chose a different direction.
A second challenge that inventors face is getting to create awareness about your product. You may have a great idea which can easily be swept under the carpet and forgotten about if your marketing plan is wrong. Inventors can get obsessed with their product and go on to believe that the product will sell itself. Having a marketing plan is important.
How then can you nurture your idea and take it from where it is to a product?
How Entrepreneurs Can Transform Their Ideas
Now that you are prepared to find out how to bring your product idea to life, the following tips will help you as an inventor and entrepreneur –
- Get professional assistance
The process of invention involves various procedures which could become overwhelming for you to handle all alone. It is best to work with professionals who can help you take care of certain important elements. An example is to look for a producer that can help in your prototype development. You may also find an attorney that can help you with the process of patenting. Another idea is to get a business partner. It is important that you work with a co-founder that has a strong belief in your idea while also possessing the necessary skill set that can complement yours. Your chances of success with a co-founder are higher than if you decided to become a solopreneur.
A good idea that can help you succeed is to work with incubators. You get to receive the tools and resources as well as community support that you need. The business support that comes from incubators is extremely vital to your success as an entrepreneur. It will help to build your confidence, especially when you begin to make your scale-up plans. You’ll be grateful for the network of experience that you have to provide you with back up. An incubator can help prepare you and guide you in terms of pitching, serving as an advisory, and doing things like providing meeting spaces with investors.
- Spend time researching
Sufficient investigation is needed when trying to invent a product. You will also have to be patient and resilient. You need to ensure that you can make the time out to conduct diligent research. Research is important, especially if you are contemplating getting your idea patented. You need to be sure that your idea or your design does not infringe upon the copyright of another person or on their intellectual property.
Carry out research with respect to intellectual property and ensure that you get yourself acquainted with all the associated terms and what they mean. Get familiar with the process and learn about everything that has to do with patenting, copyrights, trademarks, and more. Dear a lot of online resources that you can get the needed assistance from. Ensure that you get in touch with a patent lawyer if you have an interest in obtaining patent protection. Carry out proper checks to ensure that there are no patents already on a similar product like yours. You will eventually have pressing questions about your invention, and you will need clarification and assurance that you are legally allowed to create your idea and sell it out. This is the reason that you need an experienced attorney that is a specialist in patent and intellectual property law.
Be very diligent so as to determine what the market is like and the level of competition that you will have to match. Locate your competitors and research them. Also, study the characteristics of your target audience and check what their preferences are with regards to already existing products. Use this to evaluate your product to know if it is unique enough. Marketing should be one of the key elements of your plan and should not be relegated to the background. It is the driving force that will yield the best possible returns for you. Carry out research and come up with action plans before launching your product. Your targets will be the radar that will keep your team on track.
- Create a prototype
As soon as you have clarified the legal pathway and identified your market, you need to come up with a prototype. This is where you get to make a decision as to whether to manufacture your product or license it. Manufacturing implies that the creation and selling will be done by you. Licensing simply implies that another company will buy over the rights to manufacture, utilize, and market your product. That company will then pay you the license fee as well as royalties in exchange.
- Get your elevator pitch
Prior to when your product is ready to be sold, your friends, as well as other professionals, need to hear about it. Make sure that you have put together a fantastic elevator pitch. Your sales pitch should be brief and straight to the point. It should come with a hook, product uniqueness, stats, value statement, and call-to-action.
- Product testing should be continuous
Your product will need continuous improvement before it becomes perfect. As you keep going, you will need to do some tweaking. A very good way to determine where to make changes remains carrying out actual testing with consumers. Ensure that the feedback is genuine when you work with test groups. Validation must be carried out from time to time. This will help you receive guidance from the market in order to stay on the right path. Be active and engage in industry-related conversations. This is the best way to successfully convert your idea into the perfect product.