Written by Craig Whitcomb
Before jumping into prototyping and further product development, it’s important to do a “similar product search.” Think of it like this: imagine you have a great new recipe idea. Before spending time and money cooking and testing different ingredients, you’d want to check if someone else has already made a similar dish, right? Well, the same goes for inventions. Doing a similar product search helps you figure out if someone else has already come up with an idea similar to yours. It’s like exploring a big recipe book to make sure your dish is not already in there. This step can save you from reinventing the wheel and give your invention the best chance to stand out in the world!
This step is done early in the process because so often inventors neglect it and find out after they have spent weeks or months and thousands of dollars only to realize that the idea already exists. If your idea is already out there, it means either they already have a patent or it cannot be patented. Both of these will greatly decrease the value of your idea. If a better solution is established, this will keep you from wasting time, money and effort. You can pivot and focus your attention on improving the established solution or solving a different problem.
Make sure to put the time and effort into the similar product search. It is better spend time and be thorough than to explain to a potential buyer how you missed a similar product that they are aware of. Track your time and carefully document your research during your 3 step similar product search below.
Does your invention perform or look better?
Does your invention provide the user with new function?
Are there one or more points of uniqueness to your design?
Show the hours you spent, the places you searched and the similar items you located along with organized details.
A good product search will help you understand the problem and solution, prevent you from wasting resources and help you during the next steps of product development.
A final report will attract inquiring companies, showing that you were careful in your investigation. It also builds trust in the relationship and adds value to your Remarkable Venture listing.
To continue the Remarkable Venture Inventing series, read: 7 Considerations when Performing a Patent Search next.
Please help the community by adding your expertise relating to this article or asking/answering questions in the group discussion below. Remarkable Venture does not offer legal advice. Consult with a qualified Attorney for decisions concerning your particular needs.
