{"id":2739,"date":"2018-02-16T23:00:36","date_gmt":"2018-02-17T05:00:36","guid":{"rendered":"https:\/\/www.cadcrowd.com\/blog\/?p=2739"},"modified":"2018-02-16T15:28:50","modified_gmt":"2018-02-16T21:28:50","slug":"how-to-know-if-you-should-pursue-your-invention-idea","status":"publish","type":"post","link":"https:\/\/www.cadcrowd.com\/blog\/how-to-know-if-you-should-pursue-your-invention-idea\/","title":{"rendered":"How to Know If You Should Pursue Your Invention Idea"},"content":{"rendered":"

A lot of us have an idea we\u2019ve been carrying around with us for years that we swear will make us rich. But what we don\u2019t have is a tool to tell us the future\u2014no one really knows if their invention<\/a> is worth pursuing. It may sound good on paper, but is it really a multi-million dollar idea?<\/p>\n

Frankly, no one can answer that question for you. Even the most qualified entrepreneurs will tell you that you never know until you try. Many things come into play when considering whether you should actually pursue an invention idea. Trust me when I tell you that the big product design<\/a> companies do their research, so you should do yours.<\/p>\n

If you believe that you\u2019ve thought of the next big thing, consider working through this list before pursuing your invention idea.<\/p>\n

Research Your Competitors<\/h3>\n

You probably think you have a completely original idea that\u2019s never been thought of before, and hey, maybe you do. But chances are, someone else has had that idea and the product already exists. If it does, you can either throw in the towel or innovate.<\/p>\n

Figure out how you can make your product different from the others. After all, improving upon existing ideas is how the industry grows. Do some digging and find out where your competitors excel and where they fall short. Continue to tweak your idea until it\u2019s not only different, but better than the rest. If it\u2019s too similar to a competitor and doesn\u2019t stand out, chances are, it\u2019s not worth pursuing.<\/p>\n

Don\u2019t Waste Your Time on Ideas You\u2019re Not Passionate About<\/h3>\n

The best inventions are the ones we would use ourselves. That\u2019s not to say that if you have an idea for something out of your realm, that it\u2019s a bad idea. But you will be infinitely more passionate when inventing for yourself.<\/p>\n

You should be excited to talk about your idea and it should be something you would use. If you aren\u2019t passionate about a project, you\u2019re inherently more likely to give up on it when times get rough\u2014and trust me, entrepreneurship isn\u2019t easy.<\/p>\n

Keep It Simple<\/h3>\n

This is a higher priority tip for new entrepreneurs. Keeping your idea simple is beneficial for many reasons. For starters, it\u2019ll have less upfront cost, considering you\u2019ll probably need to work with product designers and manufacturing services to get your idea off the ground.<\/p>\n

A design that\u2019s easy to execute will have a quicker turnaround time, which is great if you want to get it to market quickly. You\u2019ll also have less loopholes to maneuver if you\u2019re designing something simple. Certain industries have regulations and rules that you must follow, like the medical device design industry. Steer clear of those for now. And don\u2019t worry\u2014a simple, easy to manufacture product doesn\u2019t necessarily mean you\u2019ll be making less money. Which leads me to my next point…<\/p>\n

Have an Elevator Pitch<\/h3>\n

The less complex your idea is, the more succinct and fluid your elevator pitch will be. A short and punchy verbal description of your product will help you sell it to possible investors, or even just friends and collaborators. Your elevator pitch should be persuasive and explain what your idea is. It should contain value statements and capture interest.<\/p>\n

Also include stats about your product if appropriate. If your competitors are well-known, make sure you explain how your product is different and better than they are. If you’re having a hard time writing an elevator pitch, maybe your idea isn’t the one.<\/p>\n

Follow Trends<\/h3>\n

If your idea is in line with current trends, you’ll be more likely to find success both online and in stores. If you\u2019re able to push out a product alongside a newly emerging trend, chances are, it\u2019ll find its way into people\u2019s minds. Trendy items sell themselves, especially in the age of social media. Having people share your product online is the best way to find success.<\/p>\n

It can be hard to capitalize on trends, especially if you\u2019re not in touch with them. Try to anticipate future trends and be wary of basing your idea around fads.<\/p>\n

Exploit Attractive Markets<\/h3>\n

If your idea falls into a market that\u2019s not doing so well, it\u2019s probably not worth pursuing. There\u2019s always the chance that you\u2019ll be able to reinvigorate a market, but it\u2019s not worth the risk. Try to align your idea with marketplaces that are booming or with industries that haven\u2019t seen innovation in a long time. Current booming marketplaces include self-driving cars, augmented reality, and AI.<\/p>\n

Know Your Customer<\/h3>\n

Identify your customer before you begin working on your idea. It shouldn\u2019t be hard, especially when designing something you\u2019re passionate about. Knowing who your customer is will allow you to predict their specific needs, determine a suitable price point, and enhance marketing abilities.<\/p>\n

You\u2019ll have a hard time persuading anyone into buying into your idea if you aren\u2019t sure what they want. Some questions to ensure you know the answers to are:<\/p>\n