Advice for budding inventors

26/04/13

Today is World Intellectual Property (IP) Day!

Along with IP and patents there are a number of key issues any budding inventor or entrepreneur needs to consider when starting out and here product development specialist, Stefan Knox, offers his expert insights.

Patents and other forms of protection are a key step in the product development process, along with design, research, testing and manufacture.

You need to ensure that your new product is well thought through and the strongest it can be, as basically you can design anything but only commercially viable products will sell!

There are many elements to the development process that will need careful consideration if you are to ensure your product is the one with the most commercial potential and that could bring you the greatest returns.

To help get you thinking, here are three key issues you need to consider for your new product or service.

Is there a need?

Start by thinking about your new product idea.

Why would your user want the product in the first place? Is there a gap in the market and can you exploit it?

If your product does not have a unique selling point, a ‘USP’, then it is a fashion item and can only really compete with existing products on style or user experience.

You need to try and make your product become a "need” item. Think of this as turning a ‘would like’ into a ‘must have’. This will span from great design.

What channels will you use?

Not everyone will want your product, so you must strongly appeal to a specific market.

You must step into the shoes of your target customer to decide how best to deliver your product.

Research, research, research! Where do they shop? How would they hear about your product?

Once you establish which channels your product must be sold through you can think about your costs.

What’s the right price?

The world is driven by businesses making profits, otherwise it is just a hobby project done for love!

Once you have defined your USP you must establish a realistic retail price. Don't be greedy, but don't be too conservative either.

There are several hurdles to jump over to get a product into your customer’s hands and each hurdle takes it out of you in the form of a cost. For example, this may include retail margin, shipping and operations. Work backwards to find the cost price you need to make your product viable.

Offering practical advice on these issues and more, Bang Creations regularly hosts a ‘What next for your invention - Plan, Prototype or Protect?’ workshop at the British Library, open to anyone with an interest in creating and marketing a new product.

For more information on intellectual property, have a look at our IP advice.