As a business innovator, you understand the behind-the-scenes work that goes into a new project or idea before it is presented to the public. Turning these dreams into reality requires a significant investment of your time, energy and money. If you've found it harder and harder to create or market new ideas, you're probably not alone. How can these obstacles be overcome in a business environment?
New ideas are harder to come by
According to the Centre for Economic Policy Research, the development and production of new ideas are actually becoming more difficult. The study points out that weak growth in research productivity has led to fewer research efforts, and thus, lower productivity growth in the economy overall. What does this mean for your business?
Put another way, as an industry grows and the market becomes saturated with a product, it becomes more expensive to research new areas of growth, technology and innovation. As this process becomes more expensive, it leads to less research, which leads to less productivity growth in the economy.
Putting ideas to work
If you find an idea that you believe will be profitable, you will take the time to invest in getting that idea to market. Because business is competitive in large metro areas like Phoenix, winning the war of ideas requires you to get to market first and with the most innovative ideas. Legal protections are available in ensuring that your idea is out there first and that it is original.
Seeking a patent can be a critical step in gaining these protections. Any product or machine that is seen as new or as a significant improvement on an existing product can be patented. Understanding the process of obtaining a patent is as important as guiding your product from idea to market.
Here are three steps to understand along the way:
- Research: If you believe your idea is viable, it is important to do your research to see if there are already others like it. Your research can also help you determine how your product can stand out from others.
- Filing: Once you're ready to transform your original idea into a tangible product, you can file for a patent. Doing this requires sending accurate paperwork and diagrams to the U.S. Patent and Trademark Office.
- Appeal: It is likely that the USPTO may ask for clarification on your product, which could result in an appeal for your company.
Making an idea reality comes with a significant investment of resources, which can be strengthened with the intellectual property protections available through the legal process.