Editor | On 01, Jan 2010

Are there methods for taking a private invention and making it into an innovation? Thanks for any feedback.

Message: 36
Posted by: Michael S. Slocum
Posted on: Thursday, 30th November 2006

George:

 

An invention is something that has been produced or discovered from imagination or study and/or experimentation. An innovation is the introduction of something new. Therefore, inventions and innovations are certainly connected but one does not become the other.

 

If you meant, “How can i make my invention into a commercial venture?”, then I can respond to that. First of all, a good idea is never enough. You not only need the entrepreneurial spirit but you also need the ability to execute a thoroughly developed business plan. You also need logistical excellence. The market has to be ready to accept your invention as well. Many things have been invented prior to the formation of a sustainable market (Ray Kroc invented self-service dining and it took a few decades for other restaurants to follow suite).

 

If I were going to give the basic steps for the commercialization of a concept, I would present these:

1. Identify an unmet societal need

2. Develop a concept to meet that need 

3. Develop a market study

4. Develop a business plan to bring concept to identified market

5. Raise money

6. Do the plan

7. Evaluate and fix whatever didn't work

 

This is over-simplified and certainly not comprehensive but you probably get the point. Since I am no stranger to doing what I think you have asked (Ontro/OnTech self-heating container among others), please let me know how else I may be of assistance.

 

Regards,

 

Michael S. Slocum