What is the best way to determine an invention's value?

1 Identify the problem

The first step to determine an invention's value is to identify the problem that it solves. What is the need or gap that your invention addresses? Who are the potential users or customers that would benefit from your solution? How big and urgent is the problem, and how does your invention compare to existing alternatives? By answering these questions, you can define the scope and relevance of your invention.

2 Assess the novelty

The second step to determine an invention's value is to assess its novelty. How original and innovative is your invention? Does it have any features or functions that are not found in other products or services? How does it differ from the prior art, or the existing knowledge and inventions in the same field? To answer these questions, you can conduct a patent search, a literature review, or a market analysis to find out what has been done before and what is still missing.

3 Estimate the costs

The third step to determine an invention's value is to estimate its costs. How much money and time would it take to develop, test, and produce your invention? What are the technical, legal, and regulatory challenges that you would face? What are the risks and uncertainties that could affect your invention's feasibility and viability? To answer these questions, you can use various methods such as cost-benefit analysis, prototyping, or scenario planning to evaluate the resources and outcomes of your invention.

4 Evaluate the benefits

The fourth step to determine an invention's value is to evaluate its benefits. How much value and impact would your invention create for yourself, your customers, and the society? What are the advantages and disadvantages of your invention over the competitors or substitutes? How would your invention improve the quality of life, the environment, or the economy? To answer these questions, you can use various metrics such as customer satisfaction, social return on investment, or environmental footprint to measure the effects and outcomes of your invention.

5 Validate the assumptions

The fifth step to determine an invention's value is to validate your assumptions. How reliable and accurate are the data and information that you used to estimate the costs and benefits of your invention? How well do they reflect the real-world conditions and preferences of your target market and stakeholders? How can you test and verify your hypotheses and predictions? To answer these questions, you can use various methods such as surveys, interviews, or experiments to collect feedback and evidence from potential users and experts.

6 Communicate the value

The final step to determine an invention's value is to communicate it effectively. How can you present and pitch your invention to potential partners, investors, or customers? How can you convince them that your invention is worth supporting, funding, or buying? How can you demonstrate your credibility, expertise, and passion? To answer these questions, you can use various tools such as elevator speech, business plan, or prototype to showcase your invention's problem, solution, and value proposition.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?