The competitive advantages of mobile phones five years ago are now the basic requirements of all cellphones. Paying bills through mobile phones have slowly replaced plastics. You can now watch your favorite movies or series anytime anywhere through your phones. Indeed, product innovation has never been as lively as it is nowadays. And who knows, your idea for a product might be the next big thing!
But before you jump out of your chair and start inventing things, here are some tips on how to start a business with an innovative product:
Find a Niche or Push the Boundaries
Innovative products do not have to start from scratch. Most of the innovations we see are improvements of the previous version or feature. From a mere 2MB out of floppy disks, our hard drives can now store 14 TB of data, that is 14,000,000 times that of the floppy disk. Cameras found on our phones can also now take up to 40 megapixels image. And the market easily accepts these kinds of products because of familiarity.
On the other hand, you can also go to create something that is totally new. This was the case when the iPhone was first launched. Its main feature of touch screen technology then became the standard for the rest of mobile companies. However, the difficulty of introducing a cutting-edge product is that the market is very cautious of it.
Check the Registry
As with any legal battle, proving your innocence against an intellectual property charge is stressful and counterproductive. Add to that the reputational damage you will have to face.
So, before you start earning money from a product you thought is an original creation of yours, make sure that there is no existing patent for it. While you are at it, make sure to get a patent for your innovative product.
Test your Product
No one would be willing to pay for a product that does not deliver the promise. And believe it or not, customers will always find something that is not working on your product.
Test for all possible scenarios of your product’s usage. If you find defects that damage the core innovation, focus your attention on it. Nice-to-have features can always take second priority.
Compliment Your Skills
Majority of the business innovations that became successful eventually started as a partnership. Find a co-founder who shares the same vision as yours and can articulate that vision to other people. If you are not confident with your marketing skills, find someone who can complement it.