INNOVATION IS THE CHALLENGE – DESIGN IS THE PROCESS
Those who successfully exploit an idea (namely an invention or innovation) often follow a similar journey (namely a design process) as herewith outlined:
1. Identify a need or spot a problem
2. Find an innovative solution to this problem
3. Analyze the possible market or markets for the innovative solution
4. Explore commercial options for the innovative solution
5. Prove the innovation (for example, by design, by prototype construction and testing)
6. Protect the innovation, for example by way of Intellectual Property Rights (IPR): patent rights, registered design rights, registered trademarks, copyright etc.
7. Develop the innovation into products to pre-production, namely designing for manufacture
8. Take the products to market, wherein there are many options
It is often mentioned that contemporary markets demand innovative products, yet it can in practice be very difficult to persuade companies to accept a new idea for innovative products. Most companies are cautious and prefer a low risk option in which to invest their money. In general, many “new” products evolve from existing known products. Inventions are by definition risky and chances of success when commercializing the innovations are difficult to predict. About one idea in a hundred ideas has really true merit from experience, and about one idea in three hundred ideas is a potential huge commercial winner. A majority of inventions fail to become a commercial success and there are several reasons for such failure:
1. The invention is not original
2. Nobody wants products embodying the invention
3. The invention is good, but not good enough
4. The invention when implemented is too complex or expensive
5. The innovator who devised the invention has insufficient technical or commercial expertise
6. There is not enough money to complete a process of developing and commercializing the invention
7. The innovator’s motives are not based on commercial reality
On account of odds against commercial success being so high, it is best for innovators to keep their financial outlay to a minimum. It is common to see large amounts of money spent with little hope of recovery, so money becomes spent on servicing a debt instead of developing the one or more inventions. Hence, before spending any significant sums, please contact staff at PatentYogi for advice.
From our experience, it is very important:
1. To prove that the invention is original (and protectable with IPR) and have a potential market
2. To prove that the invention will work in practice
3. To prove that the invention is saleable and that potential customers will buy products embodying the invention, at a right price.