“Great idea, but can you profit from it? Here’s how to find out.
By Don Debelak
There are three key components to making a lot of money with your invention. One is a great idea people love; the second is a product that can be made at a low cost; and the third is a strong marketing plan. I’ve found the first and third goals much easier to attain than the second. Even if they build a working model that does the job, many inventors find out too late that the product costs so much to make, it can’t be sold for a profit.”
– Although the test marketing discussed here applies to physical items it can easily be adapted to services and virtual products. -ed.