Turning a product idea into reality can be a big challenge.
More than 130 years ago, many scientists viewed electricity as a kind of science fiction. Who would have thought more than 10 years ago that Bitcoin would be the focus of the world’s attention and be called digital gold?
Elon Musk knows that innovation is not an easy process and hard work. However, it is necessary to get your ideas into the business world. Take the time and the right steps to get your invention to market.
Here are a few suggestions:
The Right Place at the Right Time
In the 80s, a man I knew was talking about making lambskin car seat covers. He didn’t do it. Two years later the market was flooded with them. If you wait too long, your idea will benefit someone else. However, if your invention is the first of its kind, the market may not be ready. Just think of the long road Tesla has made huge investments to enter and transform the auto market.
Turning a Product Idea into Reality Requires a Team
If you’re not sure about the timing, ask your team. Ask potential customers for their thoughts on your product and make sure you have a prototype to test and comment on.
Research, Research, and More Research
Inventing a product takes a lot of research, time, patience, and perseverance. Have you examined the possibility of a patent? Could your product be infringing someone else’s copyright? Research the topic of “intellectual property” and topics such as trademarks or the patent office.
Research your competition and see how your product is doing. You haven’t found a similar product in your country? Look international to cover all possibilities. Notice what customers like or dislike about the competition for your product.
Turning a Product Idea into Reality Requires a Prototype
Do not take any shortcuts here. You may need to prototype three, five, seven, or more before you are happy with the results. Or maybe until your customers are satisfied with your product.
After your prototype has been tested, it is up to you to decide whether you might be making it yourself through a procurement agent such as Global Trade Specialists or licensed. This means that you make and sell your product yourself or sell the rights to another company to make and sell your product.
It is important to test your product with real customers who will give you honest feedback. You need to be there to learn about the industry, speak to potential customers, reflect on your ideas, and find out the pros and cons. Be active in your research, find a good engineer to make the necessary technical drawings and prototypes, as well as a good manufacturing company in case you want to market the product yourself.