Western Economic Diversification Canada
www.wd-deo.gc.ca
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The Inventors Guide: Put it to the Test
Is your product practical? Is it safe to use? Is it cost-effective to produce? Is there market demand for it? Is the competition limited?
Yes?
Great! Prove it.
Unsure?
If you have never done this before, you are probably wondering how you're supposed to answer these questions. How do you know your idea is cost effective to produce until you produce it?
You are going to have to find out. A good idea must be viable, effective and safe. It must be produced for reasonable cost and effort. There must be market demand and limited competition. Marketing must be affordable and the product profitable.
As you can see, getting an invention to market is complex. It is going to cost money. You will need financing. To do that, you need to show investors or lenders evidence of your product's feasibility and potential profitability.
How?
- Research the market and check out the competition.
(Do Your Homework; Protect Your Idea)
- Prove your idea is safe and effective. (Develop a Prototype)
- Demonstrate it can be manufactured, delivered and marketed cost-effectively. (Write a Business Plan)
