Mom Invented

While this was not actually written by Shakespeare, this question can be as vexing as "To be, or Not to be," and it’s the primary challenge many inventors face.

Even if you conduct significant primary and secondary market research and write a business plan, there comes a point in time where a distinct choice must be made to go forward or not. In some cases, the process of research and planning will reveal the best choice. In other cases, the right decision remains less obvious.

If you're debating whether to take the next step in bringing your product to market, rest assured that you're not alone. In fact, many companies that take products to market for a living face the same challenge. They may be less financially restricted, though the pressure is still significant. And every year companies launch products that fail to meet their expectations. I know this well as our own product business has had items fall short of our aspirations.

When we look at products internally as well as those we have reviewed through our product review program, and our contests, we face the same decision. So I thought I would share a few of the things we consider when we review an item.

• Practical use and benefit the item provides
• How complex will it be to produce
• Size of the likely consumer market for the item
• The realistic per-unit profit margin of the item
• Which retailers would likely carry and sell this item
• How will it be packaged and merchandised
• Safety and legal issues
• Fit with product line expansion plans

We find that once we carefully answer each of these questions, the right decision will become apparent, along with the strategic steps we'll need to take if we elect to go.

Still Stuck on What to Do Next?

If you want help with your invention research and determining your next steps in the inventing process, check out our New Product Evaluation Program. You'll get a patent search and legal opinion, a review of manufacturability and marketability, a phone consultation with Tamara Monosoff and more!

Start Your Evaluation Now!

Tagged as: Business Advice, product evaluation, startup business