How to Commercialise Your Invention
This is a short guide as how to commercialise your invention.
1) Prepare Business Plan
To start to commercialise any invention, it is best to start planning a Business Plan. The Business Plan needs to cover at least: what are your target markets, who are your competitors, why would customers choose your invention, cost of production, sale price and likely break even point.
Preferably, your business plan should descriptions of what makes your business. This could include descriptions of technology and/or people and/or location. You should also consider drafting marketing strategies, intellectual property strategies and investment strategies.
You will need to plan the inputs and outputs of your business. For example, how much is of an investment is needed to get your product or invention to market.
2) Patent the Invention and its Application
Patenting your invention or concept at the start is critical. Once your idea is publicly disclosed, there is very little opportunity to go back and correct this mistake. For a patent to be successful it needs to be novel and inventive. More simply, it needs to new when compared against everything that is already disclosed and it needs to solve a problem which no one has been able to overcome.
If properly managed, patents generally last twenty years and are protected on a country by country basis.
3) Protect and Build a Brand
Build a brand and protect it. This means pick a distinctive way of labeling or marking your product. Generally, try to choose a slogan, logo, or name that doesn’t directly describe the products you produce but rather some aspect of you want your customers to understand. For example Cheetah for a fast product etc. Choosing a distinctive brand will give you better protection in the marketplace for brand. Also you will have a better chance at registering a trade mark through the Trade Marks Office. Additionally, try to choose a brand that no one else in your industry is using (eg try to be different and standout)
4) Clearly defined Business Structure
A clearly defined business structure should be included within your business plan. This should describe divisions, distribution subsidiaries and their governance and control frameworks. The earlier these systems are set up the better. As new staff will comply better with an existing good governance system rather than having such a system imposed on them at a later stage. Your business should clearly defined whether it is a company, partnership, sole trader or joint venture and you should have legal documentation prepared by lawyer or solicitor to verify this structure.
Outsource where possible. You need to know your limits and abilities. If you can’t provide something use contractors to best extent and make sure that they are all operating to a contract and that you use them to help your business do things you wouldn’t otherwise be able to do.