Nothing happens until you spend little time, money\u2026 or both. So – What is your time commitment,\u00a0 hours\/week?\u00a0 What is your $$$ investment?<\/p>\n
2. What are your goals?<\/strong><\/p>\n If everything goes right, this happens.\u00a0 What are your objectives – what do you want to accomplish?\u00a0 Start a business?\u00a0 Get rich?\u00a0 License your product?\u00a0 Just have fun (because everything doesn\u2019t have to make money!)\u00a0 Have a few products for you, your friends.\u00a0 Think about this – up front.\u00a0 Write it down.<\/p>\n 3. Have you done a patent search?<\/strong><\/p>\n I generally recommend a patent search.\u00a0 You can do this online at USPTO.gov<\/a> or the Google patent site.\u00a0 Even if you\u2019re not patenting your invention, it\u2019s nice to know you aren\u2019t infringing on someone else\u2019s patent.<\/p>\n 4. Are you going to patent it, or not?<\/strong><\/p>\n A patent is a $5,000 to $10,000 expense.\u00a0 Yes, it\u2019s that expensive.\u00a0 And most of the time, patent claims are narrow, indefensible, and easily circumvented. I generally DO NOT recommend a patent. For most people: a patent doesn\u2019t protect you or your idea, a patent only gives you the right to protect yourself (by suing someone.) You don\u2019t need a patent to sell anything, but it does help when licensing.<\/p>\n 5. Is your product \u201cCommercially Feasible\u201d?<\/strong><\/p>\n In other words, can you \u201csell it and make a profit?\u201d\u00a0 Not every idea can be sold at a profit.\u00a0 This doesn\u2019t mean the idea isn\u2019t great, it just means it may not be a commercial success.<\/p>\n 6. What industries will your product sell to?<\/strong><\/p>\n Is it specific to one or two, or is it so general you can\u2019t define the markets (which makes for harder and more expensive marketing.)<\/p>\n 7.\u00a0 Will it sell itself?<\/strong><\/p>\n If you product sells through a store like Home Depot – remember it will sit on a shelf with someone else\u2019s product on either side of it, and one on the shelf right above it, and one on the shelf right below it.\u00a0 Can a customer tell what your product is –\u00a0 and what it does – at a glance? (Because that\u2019s all you\u2019re getting on a store shelf.)<\/p>\n 8. Can you make a few prototypes?<\/strong><\/p>\n You can\u2019t show anyone your product without a prototype. There are homemade prototypes, made with available parts, working prototypes for proof of concept, professional prototypes, and manufacturing\u00a0 prototypes – how it will be made in volume.\u00a0 You should have one or more of any of these.<\/p>\n 9. What is your own field of expertise?<\/strong><\/p>\n You\u2019ve got to know your own strengths and weaknesses. Now you know what you can do, and now you know where you need to go for help.<\/p>\n 10. What are your next 10 steps?<\/strong><\/p>\n Yes, in order.\u00a0 Because if you don\u2019t know them, what are you going to do?<\/p>\n – Jeffrey<\/em><\/p>\n
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