South Texas Technology Management
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INVENTION FEASIBILITY CHECKLIST

By Harold A. Meyer, III


Inventing is a risky, expensive and time consuming endeavor. Unfortunately, more and more it is becoming a rich man’s game. Therefore, before jumping into a swimming pool headfirst, we suggest inventors check for adequate water by getting answers to these simple questions, which are more effectively answered in conjunction with a professional analysis of the invention.

Some important considerations include:

  • If the device does what is intended, is there a market, ie. will anyone buy it?
  • Does it offer real BENEFITS?
  • It is really novel and non-obvious?
  • Does it solve a real problem? Or does it create attributes which would cause people to buy it?
  • Is it a revolutionary improvement (or) a significant enough evolutionary improvement that it will have a market advantage over the existing technology?
  • Has a patent and prior art search been conducted and is it patentable? Or do you have the marketing muscle (eg. money and distribution) to sell an unprotected product?
  • Are functional alternatives to the device readily available?
  • Has it been prototyped and can it be demonstrated?
  • Can others make claims against the title (eg. former employers)?
  • Will customers pay a premium for the product?
  • Is it manufacturable at a reasonable cost?
  • Does it need regulatory approval, and how long is this expected to take?
  • If you intend to make it yourself, can it be a ‘stand-alone’ product?
  • If you want to license it, can it be integrated into an existing product line?
  • Is the current overall market category significant in terms of absolute money?
  • What market share percentage can it hope to capture, and in what time period?
  • Is the market growing?
  • Are you willing to stick with it for years?
  • Are you willing to invest your own money or is there advance backing?

There is no fixed formula for inventing or business development. Instead, a well balanced mixture of careful preparation, competency and determination will triumph. The more positive the answers become, the greater the likelihood of success.