How to Come Up With Invention Ideas

While you may have a great invention idea, you need to convince investors to invest in it. This means convincing investors that the idea is low-risk and worthwhile. Investors will not put their money into a product or idea that is unlikely to make money. Investors will look for solutions that address real problems and have a positive social impact. The social benefit per dollar spent and the sales volume will help determine the viability of an invention.

Market research

In order to create a successful invention, you must conduct market research. It helps you understand the needs and problems of the users of the product. By carrying out market research, you will be able to identify a unique solution to an existing problem or a solution to a previously unmet need. It will also help you determine the profitability of your invention.

A thorough market research will also help you identify key competitors. You can see how they market their products and learn about their strategies. You will be able to know what your competitors are offering to the market and make changes to your product based on what the consumer wants.

Feasibility studies

Feasibility studies for invention ideas are necessary to evaluate the potential for success of a new product or technology. A thorough study should identify technological considerations, market trends, marketing strategy, human capital requirements, and overall cost to produce the product. Additionally, it should outline the business structure and management team for the proposed product or technology.

A feasibility study is an essential step for any business or product idea. It helps project managers distinguish between the benefits and drawbacks of the idea. It will also allow business owners to understand the size of the market and how to grow it. Additionally, feasibility studies are useful for investors to evaluate a project's viability.

Subtraction

If you're trying to think of a new invention, subtraction can be an excellent thinking tool. You can create an entirely new product by taking away one element of an existing product. For example, you can develop a device that does a certain task more efficiently. This method also works well if you're thinking of a way to make it easier to use existing products.

The word "subtraction" actually comes from the word "under." It means "to pull away" or "to carry away." The word "-" first appeared in German around 1500 as a marking on barrels. It came into English around 1557 in Robert Recorde's book "The Whetstone of Witte."

Attribute dependency tools

Attribute dependency tools for invention ideas can help you generate product ideas. Attribute dependency is a process of linking one attribute to another. For example, the colour of the packaging of an apple might relate to the flavour of the fruit inside. A similar process can be used with virtual products.

Using attribute dependency tools for invention ideas can help you visualize the benefits of a hypothetical solution. By assigning attributes to products or components, you can create a matrix that represents the potential dependency between these two attributes. This method of invention idea generation is also known as "Function Follows Form."