Companies are looking for your ideas. To keep up with the global demand for new products, they actually need them. Open innovation is thriving in our increasingly connected world because it makes sense: At the same time that companies are able to lower their R&D costs, they increase their chances of finding that next great idea. There are also more tools at makers’ hands than ever before. All of which is to say: It’s an exciting time to be a creative person. Limit risk by following these steps.
Don’t try to reinvent the wheel. Simple ideas sell millions. They’re also much easier to license. Focus instead on making small improvements to existing ideas. There are numerous benefits to doing so. For one, you know a market for that kind of product already exists. You won’t have to pay to educate consumers about the benefits of the idea nor how to use it. Simple ideas are more likely to be able to be manufactured at a competitive price point, which is crucial. Inventors often tell me, “There’s nothing like my idea out there!” But hearing that only makes me wary. Maybe there’s a reason why… I want to tell them. (Because no one needs or wants a product like that.)
Do your research. You do need to know if your idea already exists. The best way of coming up with new product ideas is by inventing for the marketplace. What do I mean by that? I mean, educate yourself about a category before applying your creative muscle to it. Do a Google Images Search. What product features are popular? Is the marketplace crowded? Or is the category stale, ripe for innovation? Surveying what’s been patented is another important way of studying a marketplace. How have products like it evolved over time? Studying the past will provide you with a roadmap. When you invent with the marketplace in mind, you set yourself up for success. Play games like “What If?” and “Mix and Match” to jumpstart your brain.
Test your idea. Do people want it? Are you sure? How do you know? Testing the market is essential. I like to think of trying to license an idea as a form of testing the market. What I love about licensing in particular is that you can approach it from a very low-cost perspective, especially if you focus on simple ideas. Inventing in general is a numbers game. You have to be willing and able to come up with a lot of ideas if you want to be successful at it. You can’t become too attached to any one idea. I began licensing my ideas because I was able to submit my concepts to companies without spending a lot of money. The same is true for inventors today.
Focus on selling the benefits of your idea. What does it really take to sell an idea? Less than you might think. These days, the best way of pitching a product is via a short ‘infomercial’. Spend 10-20 seconds on the problem your product idea solves. Then showcase the solution. You do not need a looks-like works-like prototype to create an effective video sell sheet. You do need to focus on why consumers will care about your concept, not how it works or what it’s made of. Benefits sell ideas.
Don’t rush to file a patent. File a provisional patent application (PPA) instead. PPAs protect an idea for twelve months, a period that should be used to determine whether or not there’s interest in the idea. Do companies want to license it? Use that year to find out. There’s a lot to learn about intellectual property and protection. What I know is this: No one owns anything. The only way ‘ownership’ is ever truly decided is in a court of law. I successfully defended my ownership in Federal Court once. I never want to do it again. What you need to license an idea is perceived ownership. Don’t let fear of your idea being stolen consume you and your resources. The best advice I’ve ever received from a patent attorney is, “Protecting an idea is easy. Selling an idea is hard.”
Follow up with companies you submit your ideas to. Most of them will need to see an idea more than once before expressing interest. You’re on the edge of your seat, but they’re busy putting out fires. Check back in until you get a no or a yes. You need closure to move on. Use the opportunity to ask, “Why wasn’t my product idea a good fit?” You’d be surprised why ideas are rejected. Better still, the insight you gain may help you adjust and then resubmit the idea.
If you’re curious about product development, but unsure of how to get started, seek out other makers and maker spaces for inspiration. They’re cropping up left and right. The water is warmer than it’s ever been! Jump in.
Stephen Key is the author of One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work, the bestselling how-to book about licensing ideas. In an effort to keep up with how rapidly technology is changing, McGraw-Hill published a revised and expanded edition last month.
