An Introduction to Idea Evaluation by Smart Idea Store

logo-large

There is nothing to stop you evaluating your own ideas to see if they are worth developing.  Find out about the different steps involved in the process and learn how.

 

Introduction

Evaluating ideas is an essential step in innovation.  It demonstrates to you, as the inventor, that there is potential in developing and commercialising your idea.

 

However, more importantly, it provides the information and feedback to your potential investors, project partners and customers that you and your idea are the real deal and makes them interested in either partnering with you or buying your product.

 

Every idea is different.  The stage at which to approach an investor, a project partner or potential customer varies from project to project as does the information and progress that they need in order to effectively evaluate your idea.

 

Some examples of the type of results and information an investor requires from the innovation process:

 

 

Some examples of the type of information a patent agent requires:

 

Some examples of the type of information a distributor requires:
  • There is a market for the final product.
  • There are unique selling points that would appeal to potential customers.
  • Positive market feedback about the product.
  • A healthy profit margin between the sales price and the production and sales costs.

 

The evaluation process should continue throughout the development and commercialisation process, as there are always opportunities  to improve on technology, reduce costs or enter new markets with existing technology.

 

However, at the beginning, there are some fundamental stages that we can now look at in more detail:

 

  1. Evaluate the patentability of the idea.
  2. Evaluate the markets for the idea.
  3. Gather opinion about the idea.

 

Smart Idea Store