How do you know if you have a great invention?
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How do you know if you have a great invention? Video Transcript
How do you know if your idea will make a great invention? Or is your invention really great? The first thing you do is to search. Suppose you do the search or you are really familiar with the prior art and you know the market size is really big and there is a real pain that exists that people face and the market size includes millions of people or thousand of people or people that can spend a lot of money, feel that pain and that pain is real and you have a solution to that pain. If you do, that is a good sign that you might have a great idea that could make a lot of money. The other thing is if it is going to be very inexpensive to produce. If it is inexpensive to produce, because it is going to protected by patent, if you get a patent issued, you are going to have a much higher profit margin. The ability for you to actually take it to market yourself is more in that case. So make sure it is inexpensive to produce. Look for profit and manufacture cost margin that will substantiate that because even though it is inexpensive to produce, will each unit sell for a higher price? If so, then it might actually be a valuable product that can drive huge margins because the market is willing to pay a much higher amount than the marginal cost to produce each individual unit. And because it would be protected by patent protection, if the patent issues, and this huge market is waiting for solving that problem that they feel, then you potentially could have a very valuable concept that could change the world and make you a lot of money. It is also good to see if there is a distribution channel already in place or there are manufacturing systems in place for that technology. If you are going to need to make whole new factories or fabs to make it, or if there are contract manufacturers that exist; are there resellers and distribution channels that already exist where your product could reach the target market? Is it possible to partner with them so that you do not have to recreate the distribution channel? If these things are all true, you might be on to something big and change the world.