Overview
An invention can be anything that solves a
problem, offers more convenience, or dramatically improves upon existing
technology. Inventions also need to be unique and not merely a
repackaging of an already existing product.
A new invention should be something that is widely accepted and
serves a specific purpose. Being a highly creative and innovative
process, inventing new products requires commitment, dedication and
technical skills in the relevant field. Also keep in mind that an
invention requires a patent that specifies the ownership before it is
produced and sold.
How It Works
Inventing something is a creative process that generally starts with a
basic question, hunch or idea about a certain concept. The next stage
in the inventing process is research and development. During this stage
the feasibility of the idea is examined and it is determined whether or
not the idea is worth pursuing. The next step in the process is
developing the product and then applying for a patent. If the product
becomes well-known and sells well, the owner of the patent becomes the
chief beneficiary and is entitled to any profits from the sale of the
invention.
Benefits
There are many inventions that have had a great impact in the
business world and continue to positively affect people's lives today.
The potential impact on the world and the positive impact on people is
one of the biggest benefits of inventing a new product. Whether it is
something groundbreaking like electricity or something minute like a
paper clip, the impact on the world can be enormous. Of course, there
are more tangible benefits. A successful inventor can make a lot of
money, which is the goal of all for-profit companies.
Costs
There are various costs associated with inventing. Some of the
expenses include the cost of materials and equipment, the cost of
research and product testing, and the cost of applying for a patent. A
professional patent search can cost hundreds of dollars, but if you are
looking for a more affordable option you can do the patent search
yourself. Keep in mind that the cost of filing a patent will range from
$150 to $450 depending on the number of pages of your patent. The next
step is to hire a lawyer to file an abstract that contains
specifications of your patent. The cost the lawyer will vary depending
on the firm and the amount of work that is required to file the
abstract, but expect to spend a thousand dollars or more.
Timing
You can invest in inventions if you are looking for new ways to
develop your business or if you are planning to venture into a new
field. Filing a patent can be a lengthy process so it is best to start
as soon as possible. Entrepreneurs who are interested in inventions
should keep an eye on developments in the market and try to estimate
what new products or services can be introduced into the current market.
This is very essential because bringing in a new product to the market
at the right time could pay huge dividends to a company.
