The first step in developing an invention idea is to find an industry or niche that is ripe for innovation. This will help you refine your idea and find a market for it. You should also research prior art, which is evidence that an invention idea already exists but is not new or novel. In addition, you should consider how you can find funding for your invention idea.

Prior art is evidence that your invention is not new or novel

Prior art is evidence that another person or company has already used the technology that your invention uses. This may include an existing product, a prior patent, or even an older idea. Prior art does not have to be physical and it does not have to be commercially available. Any document that is available in the public domain can be considered prior art.

The process of determining if your invention ideas is new or novel involves looking at the prior art in the relevant technological area and comparing your new product to that prior art. This process is usually simple and straightforward. However, there are some things you should keep in mind before completing the search. For example, if there are numerous prior products in the same field, there is a high possibility that your idea is not novel.

The strictest rules regarding prior art apply to a work that has already been patented or described in a printed publication prior to the current applicant. Likewise, prior art is not new if it was previously published in a book, technical journal, or magazine.

Sources of funding for an invention idea

Inventors can seek funding from various sources to help them realize their invention ideas. For example, the federal government funds innovation projects through Small Business Innovation Research (SBIR) grants that can be worth up to $225k for Phase I and up to $1.2 million for Phase II. There are many government agencies that provide SBIR funding, each with their own needs and criteria. Additionally, there are general grant funding opportunities that are offered by the National Science Foundation. These grants help fund inventions that promote the social good.

In addition, people you know may be willing to invest in your Invent Help. They might already have some money, and they will be able to assess whether your idea is viable. It can be especially helpful to approach people in your business network, since they are more likely to be willing to invest in your idea.

Other sources of funding for an invention idea include friends, family, and coworkers. It's also possible to contact local universities or chambers of commerce to seek out angel investors. Oftentimes, these individuals are willing to sponsor your invention without requiring a working prototype. Alternatively, you can seek out venture capitalists. These investors can provide millions of dollars and will expect a share of the profits from your business.

Selling an invention idea

Before you begin selling your invention idea, you should ask for feedback from people who have already used the product or have had similar experiences. This will give you an idea of how unique your invention is and whether it can be marketed. Then, you can decide whether it's worth the trouble and whether you can make a profit from it. In addition, you need to consider your competitors and know what their prices are. This information will help you decide if selling your invention is right for you.

One way to sell your invention idea is to find a patent. While this option is less profitable, it will help you get your idea into the market. You can also consider licensing the rights to your product or patent. This is a good option if you don't have the money to develop a product from scratch.

Another option is to contact a distribution company. Companies like Dorman will take samples and will help you get your product into stores. These companies also encourage inventors to submit their inventions.