Michelangelo once said that his statue of David was embedded in the
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.
