Product Innovation

Listed here are the key stepping stones on the pathway to commercialisation, and the questions you need to answer to maximise your chances of success.

Idea

An original thought about an invention or innovation.

  • Is there a need for it in the market place?

Invention

Identifying and giving form to the product or service.

  • Is the product a prototype?
  • Could the product be provided in a different way?

Research

Checking the originality of the product and its potential.

  • What products might it replace?
  • How many people really need the product?
  • How much will they pay for the product?
  • Can you make it and sell it for that price?

Patent

Protecting the intellectual property in the invention.

  • Has a search at Intellectual Property (IP) Australia been conducted properly?
  • Can the product be protected by patent or other IP protection devices?
  • Have you got the money to sue those who infringe your patent?
  • What is the time span between patent lodgement and production?
  • Can you achieve commercialisation in that time frame?

Design

Formulating the shape & specifications of the invention.

  • Do you know the best way to make it?
  • What professional help has been sought to ensure that it works?

Prototype

Producing a test model of the invention.

  • Have you made and tested a prototype?
  • What was the time and cost involved?

Development

Refining the prototype to a finished product.

  • What government laws and regulations might apply?
  • What are the per-unit costs of production?

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Marketing

Developing pricing, promotion and distribution strategies.

  • Who will market and distribute it?
  • How much money will be required to establish the business?

Production

Producing the finished product in commercial quantities.

  • Who will manufacture the product?
  • What are the set up costs and initial production volumes?
  • What are the likely costs of the first production run?
  • Are there any packaging and labelling requirements?

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Selling

Contracts and licensing of the product or service.

  • Have you sufficient financial support to ensure positive cash flow?
  • Will you license it out to a third party?

What's next...

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Related Information

Business Guide to view:
Commercialising your Innovation

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