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By
Mary
Bellis
An invention assessment, also called
an invention evaluation or marketability research, means looking at your
idea for a new invention to find out what its market worthiness is. Would
anyone buy your invention? Getting an invention assessment serves two main
purposes: one, you find out if it is worthwhile to put more money into
a certain idea and two, when you are trying to raise venture capital, sell
or license your ideas, you will be ready with the hard facts that can impress
a potential investor or buyer.
Only a tiny percentage of patents
ever make a profit and it is better for the independent inventor to understand
that fact and act upon it. You are a very creative person by nature, maybe
one idea does will not work out but another one might. In a very competitive
market, you need to be able to objectively decide if your new invention
will be able to do all of the following:
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Can fulfill a consumer's needs or desires
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Can be manufactured and sold at the
right price, sold at no more than five times what it costs to make.
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Can be delivered to market, a way to
distribute your product is in place and the market opportunity is established.
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Can pass safety, legal, environmental
and performance expectations or standards.
If your new invention cannot pass all
of the above criteria and your intention is to make money, you would be
better off moving on to your next idea. It is an excellent idea to evaluate
your new invention early in the development stage. You can start with your
own opinion and that of close friends, but it is unlikely that you or your
friends have an objective opinion or the research ability to understand
and determine if your new invention can meet the above criteria.
Many invention promotion firms offer
invention or market evaluations, but they cannot give you an objective
opinion since they have a stake in the fees they are going to charge you
for their services. If you have not done so already please read Invention
Promotion Firms & Avoiding Scams and How
To Avoid An Invention Company Scam. These companies fail to tell
you that only a small percentage of new inventions make money. They charge
you an arm and a leg to patent and market your invention and they do not
want you to think your invention could possible fail.
Before hiring anyone to make
an invention assessment for you, you must first sign a non-disclosure
agreement if you have no patent protection. A non-disclosure agreement
(also known as a Confidentiality Agreement) is used when someone with an
unpatented idea shows it to another party, and wants that party to maintain
as confidential any information.
A few reputable companies do provide
honest Assessment
Services for an up-front fee. Fees for these services range about $175
to $500 and up, some will include a preliminary patent search, some will
market your product if they think it is superior. I have complied a list
of companies that come with good recommendations from successful independent
inventors and inventor groups. One example company on my list is The Innovation
Assessment Program at Washington State University. They will evaluate your
new invention and provide you with a report that covers: environmental
impact, potential market, usage learning, service, new competition, production
feasibility, investment costs, product line potential, promotion, price,
payback period, marketing research, stability of demand, consumer/user
compatibility, perceived function, potential sales, safety, societal impact,
product life cycle, product viability, durability, functional feasibility,
development status, trend of demand, need, appearance, protection, profitability,
research and development, distribution, product interdependence and existing
competition. The other companies on the list will provide similar material
and all of them will let you know what you buying for your money upfront.
That brings us back to point two
of why you should conduct an invention assessment, "when you are trying
to raise venture capital, sell or license your ideas, you will be ready
with the hard facts that can impress a potential investor or buyer." Can
you answer all of the questions by yourself that a professional report
answers? Do you want to be left speechless at a business meeting? Do you
want to appear naive? You can also use an invention evaluation report as
a starting place to improve your new invention's marketability. You will
have your invention's weaknesses listed and you can try to change them.
A professional invention assessment
is invaluable, however, you can do a preliminary self-assessment or self-evaluation
by yourself.
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