Are you creative, calculating and bursting with ideas? If YES, here are 50 ideas on how to invent something useful in Africa and Congo - Kinshasa without money or experience and make millions. Who doesn't dream of inventing such a great product that will make you a millionaire within the first month of its launch?
It's scary to see a product that you thought you had created for years on the market, doing very well commercially and making someone else rich. The more successful the invention, the more heartbreaking it will feel when you go down the "it could have been me" route.
What is an invention?
The term invention is used to describe a unique device, idea, process, composition or procedure. Indeed it can be an improvement on a machine or product or a new process for creating an object or result. It is believed that a completely unique function or result can be a radical breakthrough. The invention supported in this article can cross the boundaries of science into business and entrepreneurship.
Ideas are established and claimed every day around the world, each defining an ever-growing industry. Indeed, there is that happy satisfaction you get once you have completed your invention, stepped back and realised that you have created something new and exciting - something that has never existed before. Indeed, a lot happens between your finished creation, the licensing and selling of that invention.
There are many processes involved in turning your invention into a lucrative business. Therefore, you will need help in assessing the commercial potential of your product and then creating a way to profit from that invention. While inventing can be inspiring, running a business can be tedious and sometimes daunting. But whichever way you look at it, you will need to understand both options.
If you plan to start the invention business yourself, you will manage every step of the process, from creating a working prototype to overseeing manufacturing, designing a marketing plan, sales and distribution. Running your own business requires a higher commitment and risk tolerance with the promise of greater rewards, while licensing your idea minimises your risk, as well as your financial return. This article will help guide you through each step of the process.
5 ways to know you have a million dollar invention idea in your head
1. The market test
The first and most important thing about any product idea is to know if there is a market for it. What is the point of spending time and money on a product or service that no one wants to buy? You first need to know if there is a market for it; if there are people willing to buy it.
Now, for a million dollar idea, your market would not be limited to a few people or your local market, your product/service idea must be such that people all over the country or the world could need it or benefit from using it. It does not have to be a new product idea; it can be something as simple as creating a niche from an existing product.
Before disposable nappies were invented, cloth nappies were used and they were also very popular. But someone thought, "Oh, what if I could create something that would be totally stress-free for mothers?" And hello! Meet the disposable nappy. The concept of nappies was not new, but the inventor was able to carve out a niche; a billion dollar product idea now used by at least 50% of the world's mothers.
2. The availability test
The next question you need to ask yourself to identify a million dollar idea is "Is there anything like this on the market? Now, you are not trying to see if anyone is currently making or selling the product, although that would be a plus, but what you are really looking for is a product that can beat everyone else in the market.
Your product idea needs to easily stand out from others in the market for it to become a million dollar idea. For example, there was coffee on the market before someone decided to come up with the concept of decaffeinated coffee, and then another person came up with alkaline coffee to overcome high acidity problems. To identify a million dollar idea, you need to ensure that it outperforms all others in the market if the product idea already exists.
3. The Permeability Test
Not all ideas are available for you to explore. That product idea you have in mind may have been dreamed up by someone in the past and the person decided to patent or register it so that no one else would explore the idea. Inventors do this when they cannot afford the capital to make their ideas a reality or when they are not yet ready to work on their ideas.
You can actually find out from the US Patent and Trademark Office whether your idea may have been patented or filed by someone else. If you can't visit their offices, you can check their website at www.uspto.gov. If there is no patent, you know you have a great original idea on your hands.
4. The excitement test
Are you able to generate excitement about your idea? When you tell your friends and family about your idea, what do they say? How excited are they about your idea? A sure way to identify an idea that would make you a lot of money is to do a pre-launch test to see if people would be interested or excited about your product. You don't have to spend money making a product prototype for this.
You can simply do a mock test to see how enthusiastic people would be about your idea. What you need to do is design your product/service on paper; create attractive pictures of your product and write down the features and benefits. Use these details to create a registration form with a "buy now" or "find out more" button. Host it on your website, social media and any other digital marketing platform you can find.
You'll be able to see how many people click on your buy now or learn more buttons, which gives you an idea of the level of excitement your product would generate and the potential sales you'd make when your product is launched. This strategy is perfect because you literally spend nothing and are able to test your idea to see if it is a million dollar idea worth pursuing.
5. The Conviction Test
The next test you want to run is the conviction test. You really need to look inside yourself and ask "How convinced am I of this idea?" Sometimes you can be the only thing between your idea and your success because you are not really passionate about your product/service idea.
Most of the time, the things you will succeed at are the things you are passionate about. If you are not passionate about your idea, you may not be able to give it your all to turn the idea from a basic idea into a million dollar idea.