The Three P's of Analyzing An Invention's Potential

The single most important stage in developing a new product or invention exists well before the actual product does - in the early analysis of the idea.

Before spending lots of time and money on pursuing your new invention idea, you must consider the following Three P's of Analyzing An Invention's Potential:

1) Is the invention PRODUCIBLE?

Can this thing be easily manufactured? Where? At what kind of cost and of what type of materials, specifically.

2) Is the invention PATENTABLE?

The existence of prior art and/or the future likelihood of being able to obtain patent protection for a concept may be perceived as extremely important in the eyes of potential licensees or as the basis for a start-up company.

3) Is the invention PROFITABLE?

Neither of the above really matter if this answer doesn't look good for your invention or new product idea. Unfortunately, too many inventors take a rose-tinted view of this aspect with not enough real due diligence. Operating on faith that it will somehow make a fortune somewhere down the road is a recipe for failure.



Invention Success Articles | Sitemap | Common Invention & Patent Questions