Have you developed or invented something genuinely new and want to commercialise your innovation? All companies sell some kind of product, but sometimes a company’s business idea is based on a unique product of its own. This could be
an innovation, i.e. a productised form of service
an invention that can become a product or innovation
Such ideas may result in business successes, but in most cases the inventor needs the support of an experienced expert able to assess
whether the idea is new
whether there is enough demand
whether profitable business can be based on it at all.
In these cases, this product or half-finished product may be the entrepreneur’s most important capital, which means that it must be treated as valuable property. The idea should be kept secret and handled confidentially until it has been protected in the appropriate manner. It should not be presented publicly at any events, in the media or in publications before establishing whether there are grounds for applying for protection of intellectual property right.
Turn to experts
Many innovative ideas of products or inventions may be new to their inventor, but in reality they may already have been invented, used, applied or even protected by patent in Finland or some other country. The novelty of the idea and any obstacles to its productisation should be checked; expert advice for this is available from the Finnish Patent and Registration Office, for example.
You also need to find enough potential buyers for a product based on an idea. If the invention is needed and used only be the inventor and his/her friends, this is not a feasible starting point to initiate product development. New ideas should, therefore, be weighed with experts, who through their experience can assess the market potential of the product or service.
An innovation or invention can be viewed as a project whose progress can be described in stages: concepting and planning, assessment, patenting, product development and commercialisation. Regardless of whether your business idea is based on new or traditional service activity, experienced business advisors can offer support in assessing and developing your business idea.
Product and service development