In order to secure financing for your new invention, you must have an innovative idea and prove to investors that the product or service you intend to sell is worth the money they would invest. You must also convince investors that your idea is worth their time and that there is little chance of failure. Investors are not interested in products or services that have a high chance of failure in the market. Your invention should solve a problem, which will help people in some way and have an obvious social benefit. Social benefit per dollar and sales are some of the key indicators to attract investors.

Prior art search

When considering patenting a new invention ideas, it’s critical to perform a prior art search. This helps ensure that your invention is unique and not copied from other patents. Additionally, it can help you determine the best jurisdiction in which to file your patent. This can save you time and money on prosecution and filing costs.

The first step in conducting a prior art search is to find published articles that contain similar features or functionalities as your invention. This can be accomplished by referring to scientific publications and the internet. Once you have located some prior art, you can refine your search by using Boolean search strings.

Conceptualization process

Conceptualization is a crucial step to bringing an invention idea to market. In this phase, ideas are formulated by brainstorming different approaches to solving a problem. The concept of a product is then developed into a prototype. A successful invention ideas is a product that solves a real problem.

This process helps engineers to make the best solution possible based on the customer’s needs. It is the first step in the development process and will form the basis for the subsequent stages. Getting this step wrong can render the entire development process useless. Often, a customer has a vision for a product but may not be sure about what information they need to know in order to develop a good concept.

Prototyping

When developing a new invention idea, the first step is creating a prototype. It may be in the form of a simple sketch, a crude model of the invention, or even an actual working prototype. The purpose of the prototype is to test the idea and gather feedback from the market. While the prototype does not have to be perfect, it should look as close to the real thing as possible.

It’s also necessary to make a few prototypes if the product has special materials, moving parts, or electronic components. Using several prototypes will help ensure that the product works properly before mass-producing it. Using a prototype will also allow you to work out any bugs or issues that may arise during manufacturing.

Patenting

The first step in patenting a new invention idea is to write down the idea. Do not mail the idea to yourself – this is considered a poor man’s patent and isn’t considered reliable proof of conception. Rather, you should file a formal patent application to protect your idea.

The next step is to determine who is going to own the patent. You can choose to own the patent yourself or co-own it with a company. If you have several co-inventors or investors, you may want to co-own the company. In this case, you will need to sign a Non-Disclosure Agreement, which clearly defines your ownership of the patent.

Pricing

There are several factors to consider when pricing your new invention idea. First, it needs to solve a problem or fill a gap in the market. Additionally, it must be something your target market would be interested in buying. If your invention is too costly or impractical, it is unlikely to find success. For example, Google Glass is an example of an inexpensive, practical invention that filled a need.