Companies have a small checklist of criteria when it comes to a new invention. First and foremost, the invention must fit with their product line in terms of functionality, target market, design, quality, and profitability. In general, companies ask the following questions about the invention:
Will it make a profit?
Companies want new inventions that will financially benefit their company. Plain and simple, they want to know how much money it will generate.
Is it patented or has a patent pending?
Companies need to protect themselves when it comes to new inventions. Many of the large companies out there have a Research and Development department whose sole function is to come up with new ideas. They need protection when they look at outside submissions in case it is similar to one of their own in development.
Does it have an advantage over existing products?
Your invention idea should have a clear advantage over existing products in the market.
Has it received positive feedback?
It’s best if you can show positive market test results from concept surveys, interviews, focus groups or sales.
Is it developed past the idea stage?
Companies might be interested in an invention if it appears feasible based on your prototype, technical drawings and virtual reality prototype demonstrations.
Since companies get flooded with invention submissions, they need to quickly determine if an invention represents a good opportunity. If you have an idea that you need help submitting to companies please contact us at New Product Consulting.