38 Questions Every Inventor Should Be Able To Answer

Answering These Questions Shows You Are A Masterful Inventor

​Before licensing or selling your invention, you need to be a well-rounded expert about your product and market.

As an inventor, you're going to be asked all kinds of questions on your path to patent and product. Being able to answer the following questions will go a long way in your credibility.

Whether you're telling a friend about the idea you've just patented or you're further down the line with your invention, you have to be an all-around master on your product, its end-users, your target market, and your niche.

​If it's the first time you're taking an invention all the way from idea to store shelf, then you might not even know what you need to know...that's why we're here!

Hopefully you've followed all the proper steps during the invention process.

If you have, then you'll be able to revert back to your previous work and dig up the answers that have not yet been ingrained with you!
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Questions Inventors Better Be Able To Answer!

1. Can you provide a detailed description of the product you intend to bring to market?
2. Can you describe what it improves or what problem the invention solves and how?
3. Can you talk about who the end-user of the invention is?
4. What is your full target market? (not just users, but overall demographics, geographics, interests, market size, etc.)
5. What stage is your invention or product in? (Is it still an idea? Does it have a patent? Is it being prototyped? Is it currently sold in stores?)
6. When does your provisional/patent run out?
7. Do you have a prototype or samples you can share?
8. Have you conducted a target market evaluation?
9. What (retail) price point would you suggest your product be sold at?
10. What is the cost of manufacturing one of your widgets (and can you break that cost down piece by piece or by component)? 
11. How much can you save with mass manufacturing?
12. Have you considered ways to manufacture it cheaper?
13. Where is your product manufactured? What is the manufacturing lead time of this product? (from placement of order to receipt of order)
14. Do you currently have inventory of the final product? How large is the inventory?
15. Who are your market competitors?
16. How much competitive research have you done?
17. What advantage over the competition does your product have?
18. How much market research do you have on competitors in your niche, industry or vertical?
19. What is your marketing/advertising plan for the product?
20. If you've already begun marketing, what channels are you involved in, what are your costs, projected spend, ROI, and cost per lead numbers?
21. Has the product been tested with end users? What is the feedback? Are there testimonials that can be used in market?
22. Do you have a website or a plan for a site?
23. Can you list patents and the dates they were granted, patent applications and date of application, type of patent?
24. What is your trademark status?
25. What are your possible upsells or continuity programs?
26. What is the current ownership structure of the product?
27. Why/How did you choose our company? (this one should be asked of you if you are pitching investors or for a licensing deal)
28. Have you shown this product to any other company? If yes, who and why did they turn you down?
29. What are you wanting to get out of the possible relationship/deal?
30. Why aren't you manufacturing and selling this yourself?
31. Are there any investors currently involved in this product?
32. Are you the sole owner?
33. Have you licensed it to any other companies? If yes, who?
34. Will this be an exclusive license?
35. Do you have any other products we might want to review?
36. What have been your development issues?
37. Have there been any safety issues?
38. What royalty percentage are you looking for?

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Inventing ain't easy...

Being an inventor may seem overwhelming after looking at this.

But you're here because you have a purpose.

You're here because you were savvy enough to think of an idea that can change the world.

​Don't stray from your path; if you put in the work, the financial gains and upside will meet you down the road. Good luck!

If you're looking for help right now with answering these questions, just reach out and let us know where you're hung up. We're here to help inventors become successful!
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