“Shark Tank” isn’t the only way to get a product to the market (although celebrity endorsements never hurt). If you have an idea you want to introduce to the masses, try these tips on making your invention a reality.
Document the Idea
As you develop your invention, keep notes in a journal and have witnesses sign each entry. You should start the patent process to protect your idea—it might take years. Use a notebook with consecutively numbered pages that no one can remove. You’ll need to search for similar patents or ones that people have already filed. Even if you’re just improving on the product, you could still qualify for a patent. In the meantime, keep quiet about your invention. You never know who might try to hijack your concept.
Research the Market
You might have the coolest invention in the world, but if there isn’t a market for it, you shouldn’t sink money into it. Think about how many people would buy your product. Would you achieve a recurring customer base? Would they pay enough to make you some profit? Some inventors hold focus groups for more insight.
Manufacture a Prototype
You can ensure that your invention will work as intended by making a prototype of it. Now that you can access new production methods like 3D printing, it’s less expensive to make one sample and adjust the design if necessary. You can get opinions on it from potential customers and provide something to show investors.
Raise Some Funds
No matter how excited you are about the product, one of the best tips on making your invention a reality is to pause for a reality check. Do you really want to spend your life’s savings on a gamble like this? There’s something to be said for hedging your bets by finding investors for the project. That’s why “Shark Tank” is so successful. Raising capital can prove challenging for beginners, so you can also consider licensing your invention to a larger company. Your product will get out there and you can earn a royalty on every unit sold.
There’s also another option. Crowdfunding websites like Kickstarter are popular because of people just like you. Anyone can support your journey or even profit themselves on equity crowdfunding sites. You can retain control of your invention while drumming up some buzz for it. It’s the grassroots path to success—and isn’t that the dream?
