How many times have you heard that the idea is the most expensive thing in the world? The fact is – this is a complete truth. A good idea is the foundation of any invention – and the inspiration itself can be found in literally everything that surrounds us. Before coming up with the idea, it is necessary to know the market and the real wishes and needs of our potential customers – after which the construction of a successful business model begins, and profit finally starts to come. If you are an inventor or have a good idea – study this 2024 guide well – and learn the 6 steps to turning your idea or invention into cash.
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How To Turn An Idea Into A Profitable Business?
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Whether you are an entrepreneur, individual innovator or scientist, or you have a new product, a discovery, or an idea – to start innovating and manage the development and commercialization of innovation, you need to:
- Understand why customers would buy what we want to offer them.
- Know who they are and where the customers are for innovation.
- Determine what constitutes a value proposition that customers pay for.
- Compare your and competitive value proposition.
- Determine which commercialization strategy has higher earning potential and probability of success.
- Design a way of doing business that will generate earnings appropriate to the cost structure.
Protecting Your Idea Or Invention
Once you have researched the market and come up with your idea that you have turned into a finished product, the next step is protection, that is, patenting that protects your product from plagiarism or potential theft. There are a number of institutions that deal exclusively with product patenting and advise on protection procedures. In the next few steps, we will explain the process you need to go through to make your idea profitable while protecting your invention or innovation.
1. Idea And Performance
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The idea, unfortunately, cannot be protected. Why? It is because the idea is still not a finished product. Experts in this field recommend that a good plan for the commercialization of the invention should be agreed upon before the protection process itself. Therefore, all the necessary information must be gathered – so they can help you solve the problems in the patent application process. The idea needs to be worked out in some way or technically tried to come up with that you have a sketched solution. If the idea involves a technical solution. You need to put everything down on paper – and make a structural performance concept. Companies such as Invent Help can help you learn more to create a well-developed plan that guides you from the idea, through the patent – to the final product and commercialization. An idea must be worked out because having just an idea – is not enough.
2. Check Applications
Before filing a patent application, we definitely advise you to check the previous applications – to make sure that someone before you has not submitted a conceptual design similar to yours. In most of the world’s countries, the State Intellectual Property offices offer the ability to search all published applications – and recognized patents, trademarks, and designs. Know that the data has been updated and refreshed – and includes both local and international registrations.
3. Filing An Application For Registering A Patent
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The patent grant process begins with applying with the State Intellectual Property Office. Although the process of granting a patent itself can take several months, and sometimes even a year – protection is conditionally achieved by determining the date of filing the patent application. With this step – you have in a way given a legitimate framework to your future product.
4. Deadlines And Publication Of The Application
After filing your application in the period determined by the law – the Intellectual Property Office conducts a formal review of your patent application. During this period, it is checked whether the patent meets all the legal requirements for application. If at the end of that period everything complies with the prescribed rules – the application will be published in one of the intellectual property media. This confirms your patent.
5. Achieving Protection And Patenting
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There are two procedures for obtaining protection. The first is a full examination procedure, and the second is the grant of a consensual patent whose protection lasts somewhat shorter. A consensual patent is a much faster and easier way to protect – but its disadvantage is that it only provides protection until an interested party opposes it. This can happen throughout the protection period. After you have been issued a patent document and a decision – we can congratulate you. This means that you have successfully patented your product.
6. A Good Marketing Plan
The final step is a good marketing plan and market entry, which will define the further life course of your innovation. This includes finding sources of finance for the realization of products. After you have patented your project – the question arises: How to get finance for the implementation of the project, or product realization? Financing models depend on the preferences of innovators and include the inventor’s existing funds or credit – as well as alternative sources of financing. One of the very popular ways today is the so-called crowdfunding. Crowdfunding works by publishing your ad through dedicated platforms – and asking for funds. Anyone who sees the same ad and is interested can donate money of their choice to develop the project. Less well known are the so-called ‘angel investors’. These are current or former entrepreneurs who have significant capital – and are willing to invest in new projects.
State Assistance In The Field Of Innovation
Among other things, there are sometimes state grants and subsidies awarded to young innovators through public tenders. In these situations, the ministries of the economy, entrepreneurship, and crafts – usually provide citizens with finding all the necessary information and tenders through concrete actions and projects. By applying for such tenders, you can also exercise the rights to certain financial resources. Therefore, if you have such an opportunity – do not miss it.
