Everyone likes to think they are the only person?on the planet with?their million dollar idea, but the reality is that may not be true. In fact, there could be hundreds of people thinking along the same lines as you are right now. To put things into perspective, consider how many times you have walked into a store or watched TV and seen a similar idea you had months or years ago now on the market.
Did that person, whom you have never met, creep into your house while you were asleep and using alien technology pull it from your mind? Is it possible that your trusted friend shared your idea? Likely not. Rather, it is very possible that someone?had the same idea you did, and actually did something with it.
Inventors and entrepreneurs need to realize that if you have an idea, it is almost a certainty someone else has had or is having that same idea. The question is which one of you is going to do something with it?
Before you get started, you should confirm that you someone else hasn’t already acted on the same idea. Market validation and patent research are simple ways to help determine whether or not an idea is unique and with pursuing, without spending any money.
First, use a search engine to look for similar products. Search for different variations of the product title, function and benefit to ensure you?re considering not only products that look the same, but also fulfill the same need.
Next, conduct a patent search. Google Patents is a search engine that indexes all patents and patent applications from the United States Patent and Trademark Office (USPTO) dating back to 1790. Google Patents can give insight as to what already exists in the space and what about your idea, if any, is patentable.
These two simple tasks can?help confirm whether or not someone else has had the same great idea or if there is even a need in the market. Conducting research early on in this process can help you save time and money in the long run.
Ultimately, a conceptual idea locked inside your head has no value. As Thomas Edison once said, “the value of an Idea lies in the using in it,” and we couldn’t agree more. If you have an idea, do something with it!
Ready to act on your great idea? We’re all ears.
?Have you ever thought, “wouldn’t it be cool if?”?
We exist to get product ideas out of your head and onto retail shelves,?all at no risk to you.