How can you determine if your idea is a winning one? I know a lot of people who develop idea after idea – but they’re definitely not all good. They’re often conflicted or uncertain about which one to choose to move forward with. If you can answer the following three questions confidently, then you’ve come up with a potentially great idea!
First, does your product have a large market? If you come up with a great idea that solves a problem, but only helps one hundred people, that’s not a good idea. You need your product to appeal to a large market! Who is going to buy it?
Can your product be manufactured? And furthermore, can it be manufactured at a price point that works? If you design an idea for a category in which products retail for $19.95, and your product costs $15 to make, and you want to sell it for $69.95, does that make sense? No company is going to want to sell that product and no consumer is going to buy it. You need to understand how your product will be able to be manufactured. I recommend calling the trade association for your product’s industry and asking them to lead you to a contract manufacturer. A contract manufacturer will be able to help you determine if a) your product can actually be made and b) how much it will cost to make. But before you do so, make sure your idea is protected with a PPA or actual patent application. You may even want have the contract manufacturer sign a non-disclosure agreement (NDA).
And finally, can you describe the benefit(s) of your idea in just one sentence? This is your one-line benefit statement; you’ll be using it to sell your product to everyone. It isn’t easy to do, but you need one statement to be powerful. If you’re struggling to do so, this may be because the benefit of your product isn’t very strong or clear.
Please, spend the time to answer these questions before deciding that you have a great idea you want to work with! You’ll be thankful you did.
Stephen Key is a successful award-winning inventor who has licensed
over 20 products in the past 30 years. Along with business partner
Andrew Krauss, Stephen runs inventRight,
a company dedicated to educating inventors about selling their ideas
and the skills needed to succeed. You can listen to the weekly radio show on inventing. Get In The News, list your invention to have media outlets find you for news stories.