So you’ve got a product idea – congrats! You are an inventor and innovator, a member of an exclusive club!
When I have a new idea, I always feel overwhelmed with emotions, whether it was my first or twentieth. My top three emotions are joy, pride, excitement, optimism, and paranoia. I feel overjoyed that I still got it. I feel proud of my ingenuity. I feel excited about the prospects of developing the idea into a product. I feel optimistic that this is going to be “the one” that will make me millions of dollars. And, finally, I feel paranoid about sharing it with anybody because this is such a great idea that surely everybody would want to copy it. People often say “steal” the idea, but it is impossible to steal an idea, as it stays in the inventor’s head. Ideas can be copied, not stolen… well, at least until they invent a technology to copy them and then delete them from the inventor’s brain. But this is for another futuristic movie script.
So many emotions make you vulnerable. You become vulnerable to various sales professionals trying to convince you to buy their service because your idea is the best, and it will surely make you millions of dollars. These emotions also start affecting your thinking about the business and your decision-making process.
So, let’s think rationally together about what you should do when you come up with a product idea.
First, you need to research if your idea is sufficiently unique. Too often, inventors spend time and money developing a product idea only to discover that a very similar product or a patent already exists. You can follow the Productified step-by-step Guide to do market research and then patent search.
For the sake of this discussion, let’s assume that your idea is unique and possibly patentable.
Next, you need to think about your long-term strategy. Do you want to pursue a licensing deal or develop and sell your product? Our short blog article “What are the pros and cons of licensing?” can help you there.
The good news is that you likely don’t have to decide right away, no matter which path you choose. Work on your patent and your prototype – you’ll need them in both cases, whether you’d like to pursue licensing or move forward with your product development. Our short blog article “What should be my licensing strategy?” has a bit more information.
There are a few questions you may want to ask yourself:
- Am I okay settling for a licensing deal, or do I have an entrepreneurial itch?
- Do I have what it takes to become an entrepreneur?
- How much of my own money can I commit to this business?
- If I need more money – do I have what it takes to raise money?
Here is the good news: our Productified platform will help you to become an entrepreneur with our step-by-step Guide, expert advice, and access to reliable, affordable freelancers.
And more good news: you don’t need to be a fundraising expert. Follow our Guide and our phased strategy for raising money in multiple steps. Please read our short blog article “How to raise money before making progress, and how to make progress with no money?” to learn about the steps to get there.