Eleven golden rules for anyone wanting to turn an idea into commercial reality
- Make good design a priority from the outset. An invention that can be presented with good function and appearance is likely to go further, faster.
- Analyse carefully the problem your idea addresses - most inventions are solutions to problems. Is your solution really any better than other solutions? Unless your idea is significantly better, it may not be worth enough to justify much effort or risk.
- Form a project team if you're a lone inventor. Few individuals or very small companies can do everything themselves and credibility may depend on team effort as large companies or investors are rarely keen to deal with lone operators.
- Consider bringing in a designer as project partner or even co-inventor if his or her contribution improves the IP. This can produce a stronger and more credible project team, and can reduce initial costs if fees can be replaced by equity.
- Resist the temptation to apply immediately for a patent - it may be the most costly mistake you make. First consider very carefully the whole arsenal of intellectual property protection and the pros and cons of patenting.
- Establish early on how IP will be owned and shared. No matter how much the project partners may trust each other, get written agreements in place to limit damage from any falling out later.
- Consider ways to reduce or limit risk to everyone involved in the project because success with inventions is impossible to predict, especially early on, so make it a priority. Otherwise, you'll find even fewer people willing to back you.
- Draw up a business plan and use it as a constantly evolving project control tool for your own use. It’s then less likely to be viewed as fiction when you use it externally to raise funding or support.
- Carry out periodic reality checks as the project progresses. Deepening immersion can cloud judgement and increase risk, so try to step back and assess dispassionately whether you're still justified in carrying on. And don't ignore evidence you don't like.
- Don't base assumptions of originality solely on existing or known products. They're only the tip of the prior art iceberg, so carry out thorough patent and historic product searches before launching an invention project.
- Don't assume that an invention is so different that there's no competition. An assessment of competition must cover everything people currently use or do to tackle the problem your idea addresses.