In our experience inventors frequently spend a lot of time, energy and money on developing a product idea before researching the market to see:
- Are there similar products already available?
- Who are the competitors?
- Is there any actual demand for the invention?
- What is the likely route to market?
- What is the potential retail price point and from there what is the maximum manufacturing price to get to market?
This can be summarised into ‘Can we make money from this idea’
Inventors are always enthusiastic about their ideas, which is great. However, they also need to be realistic and strategic.