- White Belt
- Posts: 14
- Joined: Tue Sep 25, 2007 2:24 pm
I usually start with 3 basic questions
1. Is anybody else doing it? If so, are there any patents prohibiting me?
2. Is there a market and how big is it?
3. Can someone build and sell my idea for a profit?
If an idea can not generate revenue it is either a charity or a hobby. While good, it is hard to pay the bills with charity or hobby. If an idea passes this initial litmus test, then I start writing out lists: goals, needs, resources, critical gaps in knowledge/resources, time line, etc. Basically what bottleslingguy was saying.
My only personal experience has been with licensing concepts without patent protection. The vast majority of my employer's customers are corporations who rarely patent. Only a few customers are inventors who proceeded to patent and/or manufacture their inventions themselves.
Since I have limited financial resources, I have been trying my own technique to market. I start with all of the "free" work first: Setting a time line, discussing the idea with others, deciding how to protect the idea, and sketching the concept. Then, I start prototyping. I am fortunate enough to have a few industry contacts to whom I pitch the idea first. When that fails, I start googling companies and making phone calls. Please keep in mind, I have been presenting ideas this way for about a year and I have not sold an idea. I have had serious interest from various contacts.