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You may have a wonderful concept for a new invention that you believe a large number of people would be prepared to purchase. However, unless you have a realistic strategy in place to transform your innovative ideas into viable goods, you will never be able to profit from them. As a result, we’ve created a step-by-step guide to assist you in making your concept a reality.

How to Turn Your Idea for an Invention Into a ProductStep 1: Write down and record your invention ideas.

The first stage in commercialising your innovative ideas is to obtain ownership rights. You won’t be able to benefit from your innovation just by imagining it; you must have evidence proving that you were the first to think of your prospective product.

As a result, be sure to record all you can regarding the idea, design, and marketability of your creation in an inventor’s journal.

Step 2: Confirm that your invention has not already been patented.

Just because you haven’t heard of your innovation ideas previously doesn’t imply you’re the first to think of them. As a result, you should start with a patent search. If someone else claims to have come up with your concept before you, they will also claim all of the money from any sales.

Conduct a preliminary patent search. Visit the website of the United States Patent and Trademark Office to see whether anybody else has previously patented your concept. You should be able to accomplish this without the assistance of a lawyer.

Look for earlier art. Even though no patent has been filed, if there is any artwork or design illustrations relating to your innovation, you will most likely be unable to patent it.

Step 3: Conduct Market Research to Confirm That Your Idea Is Viable.

It’s easy to fall in love with your innovative ideas and then believe that everyone else will as well. However, the only way to know for sure is to do extensive market research.

ASK YOUR POTENTIAL CUSTOMERS WHAT THEY WANT, THEN LISTEN. Knowing precisely what people are willing to spend money on can give you the confidence to pursue your concept

Step 4: Create a Working Prototype (i.e., prove your idea can work in real life)

The next stage is to finish a functioning model of your product. This procedure is required to iron out any defects and add any new features. Sketch. To begin the prototype process, first sketch out your innovation concepts in your inventor’s diary.

Mockup. Create a 3-D model of your idea using whatever materials you like.

Model. Make a fully functional model of your product.

Step 5: Apply for a Patent

Patents are classified into two types: utility patents (for novel processes or equipment) and design patents (for manufacturing new, non-obvious ornamental designs). While you may begin the patent application on your own, do not submit it without the assistance of a patent lawyer with the necessary technical skills

Others will ultimately infringe on your patent if your idea is actually valuable. Hiring the right patent attorney ensures that your patent is completely protected and that you avoid expensive court fights.

Step 6: Develop a Marketing Strategy for Your Invention.

“More than 95% of all patents never earn money for the creator, As a result, if you’ve determined that there is a market, produced a prototype, and filed a patent, the next step is to develop a business strategy. A strong business plan can assist you in determining the fastest and clearest way to profit from your product.

Consider the following issues, particularly when it comes to how you will produce and market your innovation ideas in order to make a profit:

What am I constructing?

Who is my client?

What is my commitment to my customers?

What are my strategies and action items for achieving my goal?

For additional information on how to think about product marketing, see our blog on drafting business plans.

It might take a significant amount of time and effort to develop your innovative concept into a lucrative product. However, by following these procedures, you will have a higher chance of profiting from your discoveries.