The generation of new ideas and their development into commercial products can be broken down into defined stages of progress. Find out more about these stages before you start.
There are stages in the innovation process that apply to all types of invention. The sequence of the stages and the time, money and expertise required to complete the stage will be determined by the type of technology and the requirements that need to be met in order to sell the technology to a specific market. Putting it plainly, it is much quicker and less expensive to develop a novel screw for the home improvement market than for the orthopaedic surgery market.
Having said that, there are few inventors who can sell their ideas without proving the concept and there are few project partners who are willing to take early stage ideas without the inventor agreeing to work with them to prove the concept behind the idea and develop a commercial product.
You will need to put some of your time and your money into developing your idea into a tempting proposition for potential project partners. Then you have to decide how much involvement you want or need in the further development and commercialisation and whether this would be expected.
The reason that you may want to endure the further workload and potential cost involved in the further development of your idea is to increase your financial return from any successful commercialisation. More information on specific market requirements and valuing the development work that you have undertaken is available in the resources section of the Smart Idea Store website.
The Stages of Innovation can broadly be considered to be:
The Smart Idea Store Website has information, guides and resources for every stage; simply click on the topic to find out more.
Smart Idea Store
September 3, 2012