Evaluating your idea

An objective evaluation of your idea is an essential first step.  Preparation of a proper evaluation and action plan requires a detailed understanding of both you and your idea.   Some of the questions that must be answered when evaluating the likely success of your invention are:

• What is the problem your idea is solving / or benefit it is creating?
• Who else will recognise the problem /benefit – and how many are there?
• Will the person that benefits from the idea be the same person that buys it?
• Can the intellectual property behind the idea be protected – if so, how?
• Is the design – function, appeal, manufacturability - as good as it can be?
• How many are you planning to sell, and what is the likely profit margin?
• How much is it going to cost to get the product to market?
• Which exploitation strategy is most likely to succeed?
• For this project, what are your personal strengths and limitations?
• Do you have any other people who may help you?

More information and evaluation guidance notes are available in our FREE
Qest Self Evaluation Pack.