The following checklist is a general guide to help you track your progress. Should you need more clarity on a certain issue, please refer to IDC's Inventors Guide for more detailed advice.
- Have you researched the web and patent databases to make sure that your invention hasn’t already been thought of?
- Who is your target user and why will they buy your product rather than the existing or competitor products?
- Have you conducted market research to estimated the potential size of the market and understand the distribution chain?
- Are you sure your invention is patentable?
- Have you estimated how much investment is needed for development and set up?
- What will be the estimated cost of manufacture per unit and your predicted sales price?
- Is their sufficient return on investment to interest investors?
- Have you written a business plan?
- Do you have a model or prototype to demonstrate the viability and benefits of your invention?
- Will you sell or licence the IP or manufacture and sell the product?
- Have you secured funding or investment?
- Do you have the right team of individuals and partner companies to deliver your plan?
If you have good answers to all these questions you will be well on the way to making your invention a reality.