Coming up with an idea in 2024 is easy, but coming up with an invention that will be viable today and in the future is not that simple. With almost a billion people on this planet, it is a bit difficult to keep up with all the new ideas and inventions around the world. A lot of people would say that all the good ideas have already been exhausted. Although we all know that is not true. Either way, if you believe yourself to be an inventor, you will need to figure out if your ideas have potential.
Of course, figuring that out will not be an easy job. Sometimes, it can be impossible to be objective towards yourself or your products. The best way to see the true potential of your future product is to just get a professional opinion.
However, getting a professional opinion every single time for everyone single one of your inventions is not exactly doable.
Because of this and because I want to help all of you inventors across the world, I decided to write this article to tell you exactly how you can know whether your idea has the potential to succeed.
Table of Contents
Does it solve a certain problem?
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The whole point of coming up with a new product is because there is a need for it. People have a problem and you come up with a solution for that exact issue. Certain individuals will appreciate your solution and will be willing to pay for it.
So, the first thing you will need to understand is whether your future product is a solution to a certain problem.
If it is, you are already at a great start. There will probably be a demand for what you have to offer.
However, if the basis of your idea is not to fix a certain problem, there might not be a lot of potentials there. But, do not worry. You do not have to give up on your invention right away. There are still many things you can do to figure out whether your product will be wanted in the future.
Is it functional or efficient?
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This is another one of those essential things you will have to consider before turning your invention into a real product. Yes, it may solve a certain problem, but does it solve it in an efficient or functional way?
People are looking for products that are simple and easy to use. Even if the product in itself is great, but it is too complicated to use, no one will want it.
Remember, as an investor, your job is to make an individual’s life easier and not harder or more complicated.
If your invention is not functional, practical, or efficient then you are not going in the right direction. If it is possible, try to focus on that functionality and efficiency.
Unique or an improvement over other solutions?
Coming up with something that is unique nowadays is impossible. Even when you are certain that you have invented something that is completely new, there is probably a similar alternative out there in the world.
This is why it is so important to double-check whether your idea is original or whether it is already an improvement over some other product.
A great way to check whether your invention has any kind of originality or uniqueness, you can always try searching on Google. But, Google is not perfect and will not always show you the larger picture.
To truly figure out whether your product belongs in the world out there, your next best move might be to find some professional help. Fortunately, there are probably dozens of companies or nonprofit organizations out there that will be willing to help you spread the awareness of your invention.
For more information, visit https://www.crunchbase.com/organization/inventhelp
Manufacturing costs
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It is always possible to come up with an invention that perfectly resolves a certain problem in the world, but if it is not cost-efficient to manufacture, it becomes utterly useless.
A great example is Bose’s electromagnetic car suspension system. In the real world, this car suspension works perfectly. It was an improvement over any other suspension in the world. Smoother, faster, and overall better than the suspension coming from large automotive corporations such as Porsche, Audi, BMW, etc.
However, this project quickly failed because manufacturing these electromagnetic car suspensions was too expensive. It was impossible to turn that kind of system into something that could be commercially available.
This is why it is so important to think about the cost efficiency of manufacturing your product. If you are unable to provide consumer-friendly pricing, there is no future for your invention.
Of course, even if the manufacturing costs are high, there is still the possibility for a larger company to try and buy out the patent from you. Or, they could further fund your project to turn it into a reality.
Not ideal, but still much better than creating a commercial flop.
Do you have the money to commercialize it?
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Just like with any business idea, an invention will require a hefty investment to turn it into a commercial success. Your investments should help progress your project further, but also to commercialize it.
It is going to be your job to try and sell your product to customers. Because no matter how good it is at its given task, you will still need to find a way to convince people to buy it.
To successfully commercialize your project, you will have to start with some aggressive advertising. If you truly have something good to offer, your invention’s recognition will considerably start to increase in a short period of time.
As we all know, coming up with a good and unique invention is a rare occurrence, but if it does happen, you have to determine whether it has any potential for the future. With this short guide in mind, I believe that you will easily be able to determine that.
