4 Easy Steps to Analyze the Viability of Your Idea or Invention
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4 Easy Steps to Analyze the Viability of Your Idea or Invention

When you have an innovative idea, some doubts arise about the business possibilities that could arise: Is my business idea viable?

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4 Easy Steps to Analyze the Viability of Your Idea or Invention

Can my invention succeed in the market? How to sell or license my patent? How can I turn my invention into a business?

Patenting your invention is essential to ensure your rights to exploit your idea and ensure that no other person or company can appropriate your invention without your approval. A patent is a business tool that gives you great benefits and indicates that your invention is a great investment opportunity.

If you have not decided to patent because you still have doubts about the possibilities of your idea, do not worry! Below you will find a guide of 4 simple questions that will help you to analyze the viability of your invention or innovative project and see the possibilities of turning your idea into a great business.

1. Does my invention satisfy any need?

The starting point to analyze the viability of your invention is to perceive if it offers a response to a consumer need. Your innovative project can be an invention that solves a problem that has not yet been solved; it can be an improvement to a product that already exists or an accessory that makes life much easier. In any case, for your invention to be a revolution it is not necessary that it be a complex or expensive idea. To define the viability of your idea, it is necessary to put yourself in the shoes of the potential client and think about what it is you are looking for a need, and if your invention will really be a novelty or improvement in your life.

2. Is my invention already patented?

The competence of your innovative project is key when it comes to deciding to register your invention idea. Many inventions of our daily life usually have different versions with improvements that accommodate the diverse needs of the users. If you have had an innovative idea that solves a need, define the characteristics that differentiate it from other inventions so you can analyze the viability of your project and define the possibilities of competing in the market. The search on the internet is an initial projection of the viability of your invention, see if you find similar products and specify the strengths of your invention.

3. Once registered, how do I make a business a patent?

With the patent registration of your invention, you protect your rights as an inventor and restrict the possibility that other people or companies can take profit from your idea without your consent. But, from the registry, how to get sell your invention? To find the ideal business for your project, the most important thing is not to leave it in a drawer. The patent is a very important document, but the ideas in the paper do not catch the businesses, to communicate your idea of a suitable and attractive way is fundamental to attract the interest of companies and investors.

4. Are you willing to turn your idea into reality?

To make your innovative project achieve the relevance it deserves, you must open your mind and communicate your invention for as many channels as possible. All this requires a high communication effort since the more your invention is known, the greater the business possibilities you will have.

As we already mentioned, patenting is important to protect your rights as an inventor, but just document does not prove the viability of your project. That's why it's important to dare, bet on your innovative idea, give it life, test its functionality, promote it and make it a reality.

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This article has not been reviewed by Odyssey HQ and solely reflects the ideas and opinions of the creator.
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