Whether you have already come up with a brilliant invention idea or you are in the process of brainstorming one, it is important to consider the different factors that may affect the success of your invention. As a product design firm that has helped hundreds of inventors bring their ideas to life, we have seen the importance of the initial planning and research stage. In order to ensure the success of your product, it is very important to ask yourself the right questions during this stage, before a product design firm begins the design process. Here are some important preliminary questions you should think about:
Is there any other product that does the same thing?
If your answer is no, perfect. This means have the potential to develop a product that is completely unique and innovative. If your answer is yes, that is okay as long as your product differentiates itself from similar products on the market in some way. A product that builds upon an already existing product by making it better is called a product 2.0.
Does my invention provide a solution to a common problem?
At MAKO, many of our clients come to us with a product idea as a result of a problem they have experienced in their lives. This is when their “aha” happens and an idea for a product is born. When considering your invention idea, think about whether or not your invention provides a good solution to a common problem or if it adds value to an existing product, which in turn attracts customers to purchase your product.
Will you license your product for royalties or will you market it on your own?
To help you decide, think about what will be the most rewarding and cost efficient method.
Manufacturing and marketing your product on your own means that you have the potential become a successful entrepreneur and you can build a business around your idea. With this method, the likelihood of success and the payout is much greater than licensing. However, the process is much lengthier and time consuming. On the other hand, licensing for royalties means that you will be attempting to sell your idea to a company in exchange for payment, either a lump sum or small percentage over time. This method is less time consuming on your part but results in a lesser amount of revenue for you.
Is there a market for my product? Does your product design firm see value?
In order to ensure your product will sell in the market you have chosen, you must do market research. Firstly, decide which market you are going to target and who your target audience will be. Think about the demographic of people who will purchase your invention. Other questions you should consider include:
- Will the audience you have chosen be interested in purchasing your product?
- Are there any competitors in this market?
- What would be the best way of advertising your product to this market?
Bringing an invention to life may seem overwhelming, but by doing your research and working with a product design firm such as MAKO you will feel more confident pushing forward. Once you are set on your invention idea our product design firm would be happy to assist you throughout the process of bringing your invention to life. We look forward to hearing about your invention!
MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to small businesses, startups, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry’s leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Feel free to Contact Us anytime for help with your project.