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The Invention Essay

Decent Essays

So You've Just Come Up With A Million Dollar Idea - Now What?

While there is no set formula on how a would-be inventor can take their great idea from mind to manufacturing, there are some things they must be aware of and some steps they simply must take as they move forward. If you think you have one of those great ideas, set aside all celebrations for the time being and start taking real action toward making the idea a productive and profitable reality. Be warned, though: this isn't going to be easy.

1. Ask Yourself Some Serious Questions

It's very important to keep your feet on the ground, even if you feel you've reinvented the wheel in spectacular fashion. An idea itself is worthless until proven in many ways, but that can be …show more content…

When talking to potential partners, you're likely to get more valuable feedback on setting up a company, manufacturing, distribution and other important elements of a startup.

A second (third, fourth and beyond) opinion should provide you with affirmation that your idea has value, beyond what you've imagined thus far. These outside opinions help you to chisel your idea into something with real-world applicability. Also, be prepared for the naysayers, who, although discouraging at first, can also give you useful information.

3. Analyze Development And Production Costs

It's one thing to create a homemade prototype, quite another to put it into real production. How much is it going to cost to perfect your prototype enough to actually manufacture it? How much will it cost to produce each unit and who can handle that for you? Ideas are typically modified in the development stage, meaning your original idea may evolve into something different or even spawn two or more spinoff ideas, equally valuable and worth pursuing.

Although the technical aspects of bringing an invention to the production stage are tedious and challenging, this is a crucial stage for you and will determine the economic feasibility of moving forward. You need to figure out who you can trust, where your startup capital is going to come from and whether or not you should form some type of company now. Depending on your educational level

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