Einstein was famous for many things including the theories of general and special relativity. I also learned that he was known for using a technique to dream up the answers to his questions of the universe, called “Thought Experiments.”
This series takes the concept of thought experiments to different places. Today’s thought experiment is new inventions and you are invited to participate.
Many people dream of being a inventor and creating a new product that will make a difference in peoples lives. If you woke up in the morning with what you passionately believe could be a successful invention, what would you do first?
The right answers would depend very much on the particulars of your product. At some point along the way the following will be necessary:
Customers – No business exist nor does any product succeed unless it has a ready and willing supply of customers. Make sure there is sufficient market opportunity.
Market Analysis – You must be able to define your market. Who would buy your product and how many people might buy your product?
Financial Analysis – Calculate costs and forecast both sales and profit margins.
Drawings – You need drawings of the product suitable for patent application and manufacturing.
Prototype – Begin testing and improving your product as soon as possible. While you need something to show potential investors quickly the final product must be designed correctly and be built with quality.
Attorney(s) – You may have one attorney to handle your corporate affairs and another to manage the patent process. The bigger question might be how do you limit the number of attorneys?
Investors – Unless you can fund the entire project where are you going to get the money to pay for R&D and marketing? I’ve always heard that you should look first to family but my gut would lean towards investors that have personal knowledge of and connections to the target market.
Elevator Pitch – If you are going to sell the product or obtain some investors you will need to perfect your pitch. It should be short, clear and present as realistic picture as possible of the opportunities.
Readers: So those are just a few ideas off the top of my head. But what about you? If you had a great idea, what steps would you take first and why? There is at least one other document that would need to be available before moving forward. Which document am I referring to?
photo by cliff1066
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