Bringing an idea to life is one of the biggest challenges innovators face. On Kickstarter, only around 36.6% of projects succeed. The rest either fail or get canceled.
Kickstarter is only a microcosm of the product development industry. Turning your concept into a reality is usually an uphill battle. However, it gets easier when you know the steps.
Do you want to bring your product concept to the market? Our guide can help. Keep on reading to learn how:
Do Your Research
Even if you already have a concept, consider doing your research first. First, investigate whether your idea is infringing on a copyright or intellectual property (IP).
Visit the U.S. Patent and Trademark Office website or talk to a lawyer specializing in patents. There are over 500,000 patents filed every year. Scour these listings to find any concept similar to yours.
Dedicate some time to research your competitors and target market. Analyze whether people need your product. To figure out the pricing, look at similar products already on the market.
Find Your Partners
Your next step is to develop a product prototype. Create a detailed drawing, complete with the product specs, measurements, materials, and product attributes.
You can build it with 3D modeling software and a 3D printer. It allows you to find faults and make necessary adjustments to your product design.
If you want to build a working prototype, find a product development partner. You will need a professional to test more complex designs for quality and functionality.
Get a patent before showing everyone your product concept. Find an attorney to help protect your idea.
These lawyers will check all paperwork and advise you on possible loopholes. Make sure they have the necessary credentials with the Patent and Trademark Office.
Take the Product to the Market
After solidifying and patenting your product concept, it’s time to take it to the market. You can either set up a business around your product or sell the license instead.
When you choose the latter, you will have nothing to do with the product anymore. The company that bought your license will make and sell it instead.
In return, you get a small percentage of the sales. It is less risky since you need not spend money on setting up a business.
Starting a business requires more skills than product development. If you have what it takes, start preparing your business plan. You have to do more market research, work on your investor pitch, and find the right manufacturers.
Continue Testing and Developing Your Product Now
Bringing a product concept to life means continuous product research and development. You will likely encounter a lot of hindrances along the way. As long as you trust in your product, you can always learn and try again.
Your product is not going to be perfect on the first few tries. Be patient and make the necessary adjustments as you progress.
Are you looking for more helpful guides? If so, consider reading our other posts today.