by Brian Gates, Design My Idea President at Design My Idea

How do I know I have a great idea?

The short answer to this question is: You Don’t.

Regardless of how much money, time and effort you have put into your invention, there are no guarantees for success. However there is a big difference between feeling you have a great idea and proving you have the potential for a great idea.

All inventors feel they have a great idea otherwise they wouldn’t pursue it. The problem lies in how to make others, whether that is the consumer, licensor or companies feel the same way.

The first step to accomplishing this is to research the idea and collect compelling facts to prove your potential. Determine any competitors, search for similar patents and identify the market potential.

The statement, “This product is great because I really believe in it” means little compared to “This product is great because it is the only product of its kind in a potential market of a 1 billion customers.”

You want to replace your emotional response towards your invention with one based on facts.

If you start to have cold feet on your idea, refer to your research in order to re-evaluate it. Then make sound decisions based on the knowledge you have developed. You are the champion for your invention and need to be fully committed to it in order to achieve success. Having the research to rely on for power and drive will only increase your resolve.

The second step is to have a clear, professional presentation of your idea. A hand drawn sketch or a less than professional presentation doesn’t inspire confidence. Even if you have a great deal of supporting research, a poor presentation will lose the viewer before you even get a chance to present it.

Having a clear, professional presentation with research to back up the idea will go a very long way in converting the skeptics into believers, increasing your chances for success and bringing you closer to knowing you have a great idea.