For Independent Innovators
Welcome, Independent Innovators!
Commercializing a new technology—that is, moving it all the way from an idea to the marketplace—is usually a lengthy and challenging process. Too often, technology entrepreneurs see their technology as a "can't miss opportunity," but then fail to take the steps needed to objectively verify this opportunity. Other entrepreneurs take a more realistic approach, but still find themselves lacking the resources needed to move forward. Energy TechNet was created specifically to be a centralized source of information and business resources for technology entrepreneurs, especially those involved with energy technologies.
This Independent Innovator section of Energy TechNet targets those individuals who are working alone to develop and commercialize an energy technology. In particular, it is intended to assist those independent innovators who have little or no experience in creating and refining a new technology and subsequently taking it to the marketplace. If you review this section and find we still have not answered your commercialization questions, send us an email to let us know what we have missed.
This introductory page contains the following sections:
Value of Ideas
Ideas alone have no monetary value!
The burden is on you to convert your idea to something others can review, understand, and accept before they will begin to assign value to it even informally.
Who among us has not identified a problem and thought, "You know, I could build a tool to solve that problem"? Though everyone has probably had this experience at least once in our lives, it is only those who actually do something about it that can make a difference.
Innovative new technologies are sometimes lucky enough to be born into a supportive, nurturing environment with ample resources to help the technology survive and grow and eventually reach the market. In comparison, as an independent innovator, you are on your own. Being on your own means you are ultimately responsible for directing the development of the technology, finding the needed capital, choosing the best intellectual property strategy and the resources to implement it, and most importantly, getting paid for it.
The first thing to understand is this—an idea by itself has no monetary value! Even if you have conceived the world's latest and greatest widget, you have nothing to sell until you take steps to define the uniqueness of this new widget and then establish ownership in it. So don't be surprised if no one is willing to pay you for your idea!
If you ultimately want to make money from your idea, you'll have to convert it to something others can review, understand, and accept. Only then will they be able to determine if it has value to them. Unfortunately, this process of getting others to see value in your idea is often the toughest hurdle for independent innovators to overcome. But understanding this process and "playing the game" will be critical to your success.
Confirm the Uniqueness of Your Product
Not comfortable using the Internet?
Many independent innovators do not use the Internet or, at best, are uncomfortable with it. If this is your situation, you're at a major disadvantage, because your access to needed information and resources is far behind that of other technology developers.
You have three options:
- Aggressively expand your use and knowledge of the Internet. Learn what it has to offer and then make good use of its capabilities and resources.
- Maintain your current mediocre use of the Internet, believing you can always turn to more knowledgeable individuals when help is needed. The problem with this strategy is that there is often no one available to provide that help when it is most needed.
- Accept that you will not be using the Internet, but recognize that this decision will cause others to tag you as "unsophisticated" and "lacking commitment" to your technology. This option is easier, but it will almost certainly restrict, if not void, your chance of success.
As an independent innovator, you have to use every tool available to you if you're going to be competitive in today's technology-driven world. Turn the Internet into the resource it's intended to be!
So what do you do with an idea you think is innovative? Prove it! First to yourself, so you can then prove it to others. You may think the idea is innovative, but you won't know for sure until you do some research. The U.S. Patent & Trademark Office (USPTO) offers a wealth of free resources, including a special section for independent innovators. Among these many resources is a tool allowing you to search—free of charge—its huge collection of patents and patent applications. If you don't know how to perform a search, don't worry—there are good instructions at the site.
Patent Search
Before investing too much time, effort, and money in an innovation, make sure it is original and patentable. To help you determine originality, you can conduct a preliminary patent search yourself. If that search turns up nothing similar to your technology, then you would be well advised to have a professional search done by a patent agent or attorney to confirm your results. Yes, there is a cost involved, but it will generally be worth the stronger patent coverage than if you rely on yourself or other nonprofessionals.
Remember: there are already more than 5,000,000 patents. Just because you haven't seen your product before doesn't mean it isn't already a protected idea (also known as 'prior art'). Also, keep in mind the large number of 'patent-pending' innovations, which won't show up on a patent search.
You must also be sure your innovation is patentable. What can be patented? The USPTO defines patentable ideas as "any new and useful process, machine, manufacture, or composition of matter, or any new and useful improvements thereof." Thus, one doesn't patent ideas, but rather, specific objects derived from an idea.
Market Research
Conducting market research helps to answer the question of whether your innovation has commercial value. If your innovation has no defined market, or if you cannot answer questions as to why your innovation is better than those of competitors, it will be difficult to sell your innovation to investors, companies, and financing agencies.
When evaluating your innovation for commercial appeal, it should be able to pass all five phases of the Innovation Litmus Test:
- Marketability: Is there a market for the idea?
- Viability: Can the innovation be manufactured at a reasonable cost?
- Profitability: After all the costs are deducted, is it profitable enough?
- Durability and Safety: Will the product last, and is it safe?
- Availability: By the time the product becomes available, will it be relevant?
A 'no' answer to any one of these questions could seriously complicate the successful commercialization of your innovation.