If you have a new invention idea, it is important to know how to proceed to commercialize it. The steps to follow include developing a business plan and prototype, conducting a patent search, and finding an angel investor. You will also want to ensure that your idea has the potential to generate a lot of revenue for you. But before you can move forward with your new invention, you must prepare yourself for the long process involved. The following article will provide you with important information that you need to know.
Develop a business plan

A business plan for your new invention idea will help you to evaluate your business opportunities and identify if your new idea is viable for commercialization. The plan should include projected revenue of your product or service. You should project revenues conservatively, considering the difficulties in launching a new product. Your business plan should include cost estimates for production, marketing and administrative expenses, and pretax profit. It will also include costs for patenting your new invention, if you plan to sell it for a profit.

It is imperative to develop a business plan for your new invention idea before seeking outside funding. In addition to detailing your intended market, your business plan should also include a brief description of your business' structure, its support systems, and channels of distribution. Describe your intended profitability and how the product or service will help you make money. If you don't have the time or resources to put a business plan together, you can consider hiring a business-planning service.
Develop a prototype

A new invention idea can be difficult to execute, especially if you don't have any previous experience developing one. Prototyping your idea can take some time, but it will be worth the effort once you see the first results. First, you must develop a 3D design concept. This design will then be further engineered into 3D CAD files. After these are ready, you can manufacture a prototype.

A prototype will be a working version of your invention idea. Prototypes are essential for pre-sales, marketing, and raising funding. They also give you a chance to work out any kinks and ensure your product works as you planned. It is also crucial to have a high-quality prototype, since this will reduce the amount of decisions that your manufacturer will need to make. In addition to prototyping, the process will also help you improve your new invention idea.
Find an angel investor

If you have an idea for a new invention, you can find an angel investor to fund your project. Angel investors are usually wealthy individuals who have previously invested in startups or have sold their own businesses. Angel investors will usually invest in companies in industries they are familiar with. By researching the business industry in which they have experience, you can find a potential investor who is interested in investing in your new product or service.

When looking for an angel investor to fund your new invention, you must consider several factors. First, the value of your idea should be measured in dollars. You have to show that your new product or service will make money for the investors. Remember that the financier will not invest in an idea just because it's "cool." What matters is how you implement your business plan. This may require a prototype or other forms of visual representation.
Test your invention with real consumers

Television Infomercial companies have strict rules for how to market and sell an invention. The idea must solve a real problem, be widely available, highly demonstrable, and have a great price point. Before you can sell your invention, you must test it with real consumers and get their honest feedback. You can also use the help of professional inventors or consultants to test your invention idea, but most of the work must be done by you.
Secure a business name

You may have a great invention, but you do not know how to secure a business name. You can use a business name generator, such as Namelix, to come up with a unique and catchy company name. The generator uses an AI-powered algorithm to produce unique business names that are related to your idea. Simply enter a few keywords, decide on the length of the name, and voila!