Less than a fraction of one percent of the products conceived ever reach the market - and that's the good ones! The processes to get your product idea to market are often unknown, costly, and time consuming.
Each product will have its own unique challenges to overcome along the way, but an inventor who is informed, motivated, and tenacious can succeed. We have developed this generalized process to assist inventors in understanding the process and evaluating their idea for success.
Each part of the process listed below is accomplished generally in the order presented. However, many parts can and should be worked simultaneously. For example, sources of funding should be identified early in the process.
Part 1 - Problem Identification
Many people encounter "problems" every day. The vast majority simply ignore the problems. Others will attempt to solve the problems and quickly abandon the solutions. And still others will solve the problems with current technology or inefficient, costly solutions. An inventor will identify the problems as an opportunity to create advantageous solutions.
Part 2 - Identify a Solution
As an inventor you have already passed this step. You have identified a solution to solve a problem. Your ability to fully develop your solution will vary according to your engineering skills and knowledge of a wide variety of technological disciplines. This is where Genesis begins to assist you. However, you should understand all of the following steps in the process before engaging assistance.
Part 3 - Conceptualize a Product
The solution to a problem takes the form of a product. In all probability the product will contain electronics, mechanical components, software, optical components, perhaps some chemistry, or a combination of any of these. Genesis has the experienced staff to engage these areas of technology. In many cases, we can help you discover unique methods and enhanced capabilities for your product.
Part 4 - Product Evaluation
This is a tricky step but must be taken to ensure the success of your product. The problem lies in the fact that your idea is probably still a secret. However, there are many ways that your idea can be evaluated without revealing the solution.
Determine the need that your product meets. Evaluate the benefits and features of the product and how they exceed current solutions to the problem. Determine the value of the benefits.
Research the industry to determine if a similar solution already exists. There are many products that solve many problems but are simply not on the market. Look through the U.S. Patent and Trademark Office web site (www.uspto.gov) to see if anything similar already exists. Beware that there are millions of patents and they are each very complex. This may overwhelm many, thus giving rise to the "inventor assistance" companies that prey upon inventors. Don't give up, continue this process. Genesis can quickly determine if your product needs to undergo a formal search by a patent attorney. We have several attorneys we can recommend that can assist in this process and will work for you - not Genesis.
Evaluate the competition. There are competitors - identify them and the products. Determine if the company's producing and distributing a competing product are large and well established. (If you plan on developing a competing product for Microsoft Windows - you have a severe uphill battle - you had better have the funding of most developed countries' GNP to take on this task.)
Determine the target market. If your product is inexpensive and solves the problems of only a few, you may want to consider an alternate solution. Similarly, an overly complex product may have equally daunting challenges.
Analyze the results of your evaluation. Determine if a market is available for your product and whether that market is growing or declining. Determine if your product is sufficiently superior to existing products to generate value. Estimate the value of the superior features and benefits. In general, a product should retail for between 5 and 8 times the manufacturing cost. Think about trademarks and logos for your product and how they will enhance the product. (see trademarks)
Part 5 - Funding
Simply put, it takes money to make money. Even simple products require significant sums of money to bring them to market. Preparations for obtaining funds and employing them wisely are needed. Get Rough-Order-of-Magnitude (ROM) costs for the entire process and ensure that not only are the funding sources available but that the revenue generated through sales can support the product, the investors, and the business of selling the product. Plan out the use of the money to ensure that it is sufficient to see the project through to completion.
Some ideas for funding include:
- Friends and Family
- Government grants and loans
We really don't recommend standard loans because if the product has merit, and documentation to back it up, then funding sources can be obtained without using your home as collateral.
Part 6 - Product Development
Once you are comfortable with the probability of success of your product, this is where Genesis works with you to take your product from the "conceptualization" stage to the "product" stage. Genesis will develop a detailed process for producing the design details and data package you will need for manufacturing your product. (See our product development process.) Using that process, you can support your business and marketing plan, the funding efforts, and the intellectual property protection efforts (see patents and trademarks). During the product development part of the process, protection for your idea should be finalized.
Part 7 - Product Deployment
While the product is being developed, plans should be made and implemented for manufacturing, packaging, marketing, distributing, and supporting your product. Alternatively, licensing and royalty arrangements should be established.
Genesis will be glad to assist you in each and every part of the process. Simply contact us. If you are ready to begin the product development process, please visit our page providing instructions on how to begin.