Though all inventions take creativity and drive, all inventions do not have a place in the commercial market.
As an inventor, you must make sure if it is worthy to invest more money into a certain idea.
The only objective way to ascertain an invention’s commercial potential, functionality and design is to get a professional evaluation. Obtaining an evaluation is especially important while making attempts to license ideas or increase venture capital since receiving an honest and expert evaluation later becomes a key cog in your pitch to these prospective suitors.
Before looking for an evaluator, ask yourself some questions with regards to your product, such as:
- Do the projected distribution and manufacturing expenditures even now permit you to price the product competitively?
- How much design and engineering work remains before your invention could be transformed into a product?
- Once your product is made available, will others saturate the market with similar products?
- How much more testing and research are required before your invention is ready for the market?
- Will your product stand out in a crowded marketplace and catch consumer attention?
- Will the product appeal the target consumers? Is it a good value for the consumer?
- Is your product obvious in its functionality? Can your product be used with ease?
- How many others products are on the market catering to the similar requirement?
- Is your product having the potential to be transformed into a line of products?
- How novel is your idea? Will consumers embrace it or have to be sold on it?
- How many companies or people would show interest in buying the product?
- Is demand for products in this industry or niche waning or growing?
- How much capital is required to have the invention created?
- Is your invention workable, functional?
- Is there a need for your invention?
- Is it legal, ethical, and safe?
- Is this product durable?
It is also essential to take into account your own ambitions. Ask yourself the following questions:
- Do you hope to make your first million through this invention, or do you want to learn about the process of future products development?
- How many years do you want to work at having this invention into consumers’ hands?
Once you have defined your own parameter, you will be more equipped to determine whether your commitment is worthwhile for this particular invention.