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Do you have a fantastic idea? That’s great! However, it’s only the starting point to getting super-rich. If you have an innovative idea, you should act on it before someone else comes up with a business model.
Many people want to bring their innovative ideas into life, but they don’t know the right way. They regret later not acting on it. However, you need not worry; this useful guide will take you through the simple steps that davison inventors propose to turn a unique idea into a profitable business.
From market research to filing for a patent and designing your prototype, here you will learn the step-by-step process to bring your idea into life. Also, you will get some tips on how to pitch to investors with your prototype.
First and foremost, you should educate yourself about the process of converting an idea into a real business. Along with that, you have to figure out whether the idea is already existing in the market. So, you need to ensure that no one has created a product or developed a patent.
Although online research is a great place to start, you need to visit the U.S. Patent and Trademark official website. Apart from that, you should also figure out whether there is a demand for your idea or product. Before you start sharing it with everyone, you should file for a patent. Continue reading to learn how to file for a patent.
The next step is to create a business plan for your idea. Even if you haven’t developed a prototype, you should figure out how much you can invest and build a roadmap for developing the product and marketing your idea.
If you are not sure, seek professional help from a business consultant or appoint a non-profit organization. You can also contact the SBA in your locality and see if you can get any help from it.
Filing a patent for your idea is crucial. Since the law for patents has changed, you should be aware of that. In 2011, a person could retain the rights to sell or license for 20 years to invent a product according to the American Invents Act.
However, the law has changed to a “first to invent” system. As per the new act, no matter who comes up with an idea first, a person who discloses the idea publicly will have the exclusive right of 20 years. So, if you think your idea has not been created before, file for a patent as soon as possible.
The next step is to build a prototype for your idea. Depending on your idea, you need to figure out whether you can build a prototype yourself or you may need some help.
No matter how great your idea is, you cannot convert your idea into a successful business if you cannot implement it properly. So, seek help from professionals or business consultants if you need assistance. You can also take help from this information to bring your idea into a prototype.
Once you develop your prototype, get feedback from some people who are willing to try it. When you get feedback for your product, it helps you make improvements and find investors as well.
During the testing phase, you can also try selling your prototype to measure customer demand. Based on your customer demand, you can pitch to investors that your product will be profitable.
Follow the steps above to convert your idea into a profitable business. Although only a few people can practically convert their idea into a business, why not you? Please drop your queries and opinion in the comments section.