Developing New Product Ideas
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Developing New Product Ideas
Lots of people come up with new ideas by tinkering around the house. But, be aware that all new product ideas should not be pursued in terms of entry into a retail or other market. You may think that everyone will want to buy your new invention idea and many will. But are they be willling to pay enough for it for you to make a profit after all your costs are considered?
You will have to spend money testing, prototyping and generating initial interest in your idea. Then, you will spend money producing, distributing and marketing your idea. The idea itself might be good but--can you produce it en masse--and still have a profit for yourself? Many experts think you have to sell your new product for about five times the cost of its production in order to make pursuing selling it worthwhile.
Here are some other questions to ask before you consider investing in new product development. Keep in mind as you answer these questions that inventors tend to over-exaggerate the potential of a new product introduction.
- Does your new product solve a problem? If your product already exists in the marketplace, does your version offer a completely new and different twist to the existing product?
- Is the product truly novel? A patent search may uncover that many of the features of your new invention idea are already protected. That means you may get rejected when you try to obtain a patent and you are likely to get rejected in the marketplace as well.
- Is my idea practical? Consider the unique segway machine. From time to time you see them promoted on TV and they are fun to watch but relatively few people have purchased them.
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