7. Is Your Invention Marketable?
It is very common for an inventor to invest substantial time and resources in the passionate pursuit of bringing their invention to market. Often, it is not until later in the process that the inventor realizes that something should be adjusted of the product strategy.
People invest their emotions, their hopes, and their resources in their creations. Inventions are like children to their creators. Fortunately, the inventors do not have to be committed for life to their inventions, like a parent to a child, especially if it is not a good fit for the market, or if it is not profitable.
EfO Design can alleviate this uncertainty by proactively and, systematically studying and evaluating the invention’s market penetration feasibility. This study can help avoid making costly mistakes that can lead to future expensive disappointments.
Our staff is Six Sigma Black Belt certified. Their training has conditioned them to utilize process filtering techniques and statistical tools in their problem solving approach.
Today the Six Sigma process is widely used in the manufacturing production environment. The purpose of this process is to identify issues and inefficiencies and to provide corrective actions.
At EfO Design, we have adopted parts of the Six Sigma methodology and created statistical models that can utilize government sensor data to forecast the likelihood of an invention’s success in certain markets, including demographics, size of targeted market, and market penetration range.
For example, we use a modified DMAIV process in our approach:
Define- The invention, customer requirements, and invention’s functional goal
Measure- Market potential of invention, estimate broad price point
Analyze- Statistical market census data, demographics as they relate to market share of invention
Improve- Optimize, improve, adjust, or reject invention or idea
Verify- Suggested improvements and upon client’s request, proceed with our next process I3P (Identify, Ideate, Invent – Prototype, Perféct, Profit ~For more information refer to Our Process)
So before you decide to venture the unknown journey of bringing an invention into market, let us present you with our statistically derived opinion for your product’s possibilities of success in the market.
Note: EfO Design can offer you a complimentary basic evaluation and opinion for your invention prior to contracting our services for an in-depth analysis.
Disclosure: EfO Design LLC is not an “Invention Promotion Firm”. We do not advertise using mass media or take large fees up front with promises of results. Getting a patent doesn’t necessarily increase the chances of commercial success. A business model must accompany a new patent. It is important to validate business model assumptions with actual customer survey data as soon as the invention patent is filed.