The first step in starting a new product is to research what is already on the market and what others have been doing with similar products. This includes checking patents for prior art. Even if your product is not similar to an existing product, you might be able to make it better by patenting your improvements. Researching similar products will help you make your invention more competitive and increase your chances of success.

Preliminary market research

When starting an InventHelp, it's important to conduct preliminary market research to determine the market's appetite for your product. A recent study by Fortune magazine found that the number one reason for startup failure is a lack of market demand. To bring your product to market, you must identify both the needs and price points of potential customers.

Inventor's Digest

Inventors can find inspiration in many places. You can visit local museums, libraries, bookstores, and inventor's sections. You can also consult the U.S. Patent and Trademark Office, a government agency, which handles patent-related matters. There, you will find useful tips to patent your invention.

Industrial designers

Industrial designers play an important role in the invention to market process. They study human needs and characteristics, and create designs that improve the usability and aesthetics of mass-produced products. Their recommendations are based on research and insight, and they often anticipate psychological, physiological, and sociological factors as well as technical processes and manufacturing requirements. They also assist with quality control procedures and legal issues.

Angel investors

When it comes to funding your invention, the first place to look is your personal network. This network could include family members, friends, coworkers, or any other individuals who want to contribute to your business. You should be aware, however, that your personal network will be less likely to fund your invention without a complete business plan or working prototype. Moreover, such personal funding will often come in the form of a free gift or interest-free loan. This type of funding is generally more favorable than venture capital or private investments from a bank.

Business name

If you're pursuing an invention idea and are stuck for a business name, there are a few tools you can use. Namelix, for example, is an AI-powered business name generator that will help you come up with a catchy name. The name generator will let you type in keywords and pick how long you want the name to be.

Writing down ideas

If you're looking for an idea for a new product or service, one of the best ways to begin the process is to write it down. Many Invent Help are based on existing products and services, but they can also come from a need. The important thing is to write down your idea as soon as it comes to mind. This is a vital first step towards patenting your idea.