In part one
of this feature we discussed the purpose of conducting a marketability evaluation of your new invention. Again, it can be stated that a professional invention assessment is invaluable. However, you can do a preliminary do-it-yourself product evaluation before deciding to hire a professional
. Or if your finances do dictate that you cannot hire a professional then a do-it-yourself product evaluation is very important to help you decide if you should spend more money on your invention.
Also check under No Budget Miracles for economical alternatives.
Do-It-Yourself Product Evaluation
Get a pad of paper and write down everything you know about your invention concerning its: legality/regulatory, safety, impact on society including benefits and novelty, aesthetics, performance, profitability, market demand and size, potential for new markets, development status and time to market, manufacturing costs and methods, pricing, competition, consumer appeal, product drawbacks, licensing potential, inventor's reputation or track record, and intellectual property protection status.
Aids to Self Evaluation - Articles & Questionnaires