As an inventor, the core of your business plan should be your Product Definition. You must always remember why your invention is important, and who will benefit from its success. To better define your idea, answer these basic questions:
- What is the Purpose of my Invention?
- Who will benefit from this product?
- How will I get my Idea to market?
- What are the requirements or specifications of my idea?
- Will I license my idea, or start my own company?
As mentioned before on the New Idea
page, individual inventors are literally starting from ground zero, unlike large companies with marketing, manufacturing, and engineering teams whose purpose is to develop products. Your product definition will continuously change as you work through the Product Development Cycle
. Many decisions will have to be made, and you need to explore these options without losing focus of the value you intend to deliver to the customer. By staying centered and updating your business plan along the way, your final product will match your customers’ needs.
All of this may seem simple, but so many times, even in the corporate world, there is not enough attention paid to the original value of the invention, and how it’s projected to the end user.
When you work with designers, prototype shops, toolers, and marketers, it is inevitable that other people will try to make decisions for you. This may be acceptable, as long as your original design intent is not abandoned. Make sure their recommendations will lead to the product you really want.
Customer feedback from My Product Engineer™ "Portfolio", which is a guide many people use to stay on course, confers that it is tempting to add so much into your invention that the original “wow” is lost!
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