How do you get started on your idea?
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How do you get started on your idea? Video Transcript
So you have a great idea, you do not know how to get started, what do you do first? Well, the first thing you do is get mentally prepared to invent. Make sure that idea that you have is a real invention. Make sure you have thought through how it is to going to work, how someone would use it, what are the challenges that might exist to make that work and actually think through all of it. You do not have to actually do it or implement it but you need to think through all the problems and mentally fully conceive of the idea into an invention. The first thing you should do is document that in a lab notebook and keep it very clearly journaled and have it witnessed so that you have a conception date once that invention is made. Research your idea. Look on the web. Try to find out companies that do the same thing. Validate that there is a market and there is no else doing it that is successful so that you are picking your battles well. You can chose to develop prototype or create a prototype and show others or get it going, but before you do that you might consider protecting the invention by patent application. If you do not and disclose the invention to others before you file the application, you might limit your rights in foreign countries and in the US. You have one year from that public disclosure to file a patent application. So it is best to probably protect the idea in written form first so that you have constructive data of invention that documents your invention date. Determine a marketing plan and decide how you want to take it to market. Buy Business Plan Pro from a bookstore or computer store or Amazon and that Business Plan Pro of software like that can help you think of all the marketing issues that might arise, the business formation issues that would take that idea and build it out to a real business. Marketing Plan Pro is specific for making sure you have a market size that is addressable and will really work for building the business out. You might really want to think that through and maybe have a business team of college students or MBA students create a business plan around the idea. Once you have the patent application filed, there are some invention submission companies. Some are good, some are not. As long as you trust them and have a good referral, they might be okay. You could try that. But certainly, if you want to take your idea forward, create a team, create a prototype, invest the money, raise the money if you need to and change the world.