Feasibility | Invention and Innovation Evaluation
The Inventors Association of Australia (Victoria) has a feasibility committee that evaluates inventions and innovations for financial members. This service gives expert advice on “the next steps” and requires an active membership for you and a signed confidentiality agreement from committee members.
The feasibility committee, consisting of 2-5 knowledgeable inventors, can provide valuable feedback on your invention. They have expertise in various aspects of marketing, licensing, patenting, manufacturing, prototyping, and sales. This confidential service can also function as a mentoring process, providing advice and direction at every stage of development. Inventors can discuss each step, from making a prototype to sales, and it all starts here.
It’s important to note that IAA – VIC is an inventor self-help association and does not develop inventions or innovations for the inventor. Instead, the association guides inventors to develop their ideas themselves, and the Feasibility Committee provides invaluable assistance in this process.
Each feasibility session typically lasts for 30 minutes, and after booking, each applicant receives an email containing a non-disclosure agreement and an application form to complete before the meeting. The application form comprises many questions, and answering them can significantly expedite the evaluation process. It also helps the inventor by prompting them to consider aspects of their invention that they may have been overlooked.
It’s worth noting that while many ideas and inventions have significant potential, only a few ever make it to market and achieve economic success. However, the feasibility committee is committed to helping every inventor, and they do not judge ideas because the most unlikely invention can be the next big thing.
Not a member?
Already a member? Please ensure that you have your membership number available when contacting the Feasibility Committee to arrange your evaluation.
The assessment process for inventors seeking assistance from IAA – VIC consists of the following steps:
- Application: Inventors submit an application form and gather supporting documentation, such as your idea, conceptual prototype, working prototype, etc.
- Initial Assessment: The IAA – VIC committee reviews the application and supporting documentation to assess the feasibility and potential impact of the invention.
- Assessment Process: Once we have gathered all the necessary information from your application, our committee will schedule a meeting with you to discuss your invention. As a paying member, you will have the opportunity to present your invention directly to the feasibility committee.
- Committee Evaluation and Recommendations: During the meeting, our committee members will attentively listen to your presentation and evaluate your invention. They will provide valuable advice, suggestions, and recommendations to assist you in making any necessary improvements. Their expertise and insights will help guide you toward enhancing the feasibility and potential success of your invention.
- Collaborative Improvement Process: The committee’s primary objective is to collaborate with you, the inventor, during the evaluation process. They will actively engage in discussions, address your questions, and work together to identify areas where improvements can be made. The committee members will provide insightful guidance and practical recommendations, leveraging their expertise to support you in refining your invention effectively.
- Decision-Making: As a paying member, the feasibility committee is committed to providing you with valuable feedback and recommendations to support your invention. The decision to implement any suggested improvements or move forward with your invention will ultimately be yours to make. The committee’s role is to advise and assist you in making informed decisions regarding the feasibility and potential success of your invention.
During the evaluation process, the feasibility committee will consider various criteria to assess the feasibility and potential success of your invention. While the specific criteria may vary depending on the nature of your invention and industry, some common factors that the committee may consider include:
- Technical Viability: The committee will evaluate the technical aspects of your invention, assessing its functionality, reliability, and potential for implementation.
- Market Potential: They will analyze the market demand for your invention, considering factors such as target audience, market size, competition, and potential for commercialization.
- Feasibility: The committee will assess the feasibility of your invention, considering factors such as cost-effectiveness, resource requirements, scalability, and any potential legal or regulatory considerations.
- Novelty and Innovation: They will evaluate the uniqueness and innovation of your invention, assessing its potential to bring something new or improved to the market.
- Intellectual Property: If applicable, the committee may consider intellectual property aspects, such as patents or trademarks, and their potential impact on the viability and protection of your invention.
Please note that these criteria are provided as a general guideline, and the committee may include additional criteria specific to your industry or invention.
The committee’s role is to provide you with valuable feedback and recommendations based on these assessment criteria. Ultimately, the decision to implement any suggested improvements or move forward with your invention rests with you as the inventor. The committee’s advice and assistance aim to help you make informed decisions regarding the feasibility and potential success of your invention.
Inventors seeking assistance from IAA – VIC are expected to:
- Collaborate openly.
- Come prepared and engage actively.
- Be willing to learn and improve.
- Be respectful of IAA – VIC’s committee and resources.
IAA – VIC assists all inventors, regardless of the stage of development of their invention. However, it is important to note that IAA – VIC schedules assessments once a month and it is important to secure your spot.
Tips for Inventors
- Provide a complete and detailed application. Take the time to provide all the necessary information and clearly articulate the key aspects of your invention.
- Be prepared to discuss your invention with committee members. The committee members will be interested in understanding your invention in detail. Prepare yourself to explain its functionality, uniqueness, and potential impact.
- Show appreciation for the volunteer efforts of the IAA – VIC committee. Recognize and acknowledge the valuable contributions of the dedicated committee members who are committed to supporting inventors. Express gratitude for their time and expertise.
The Next Steps
After having your invention evaluated, the next steps will depend on the outcome of the evaluation and your goals for the invention. Here are some general steps you might take:
Refine the Invention – If the evaluation identifies areas for improvement in your invention, you may want to refine it before moving forward. This could involve making changes to the design, functionality, or features of your invention to make it more marketable.
Protect Your Intellectual Property – If the evaluation confirms that your invention is novel and non-obvious, you may want to pursue a patent to protect your intellectual property. This could involve hiring a patent attorney to file a patent application with the USPTO or another patent office.
Develop a Business Plan – If you plan to bring your invention to market, you may want to develop a business plan that outlines your strategy for marketing, sales, and distribution. This could involve conducting market research, identifying potential customers, and developing a pricing strategy.
Secure Funding – If you need funding to develop or market your invention, you may want to explore funding options, such as grants, loans, or venture capital. This could involve researching funding opportunities, preparing a business plan and pitch deck, and pitching your invention to investors.
Build a Prototype – If you haven’t already, you may want to build a prototype of your invention to demonstrate its functionality and marketability. This could involve working with a product designer or engineer to create a working model of your invention.
Network and Collaborate – Finally, you may want to network and collaborate with other inventors, entrepreneurs, and industry experts to learn from their experiences and gain valuable insights. This could involve attending conferences and trade shows, joining inventor groups and forums, or reaching out to potential partners and collaborators.
By taking these next steps after having your invention evaluated, you can increase your chances of success and bring your invention to market with confidence.
Don’t Get Scammed: Tips for Protecting Your Invention
Here are some common signs to avoid when seeking to have your invention evaluated by genuine professionals:
- Unrealistic promises: Be wary of any company or individual that promises to turn your invention into a million-dollar product overnight. Skilled experts will provide an honest evaluation of your invention’s potential and will not make unrealistic promises.
- High fees: Be cautious of companies or individuals that charge high fees for evaluations or other services. While there may be legitimate costs associated with evaluating an invention, exorbitant fees can be a red flag.
- Lack of credentials: Make sure that the professionals who evaluate your invention have the appropriate credentials and expertise in the relevant field. Check their backgrounds and look for reviews or testimonials from previous clients.
- Pressure to sign contracts: Be wary of companies or individuals that pressure you to sign contracts or agreements before providing an evaluation of your invention. Seasoned professionals will provide a thorough evaluation and will not pressure you into signing any contracts.
- Lack of transparency: Make sure that the evaluation process is transparent and that you understand how your invention will be evaluated and what criteria will be used. Credentialed practitioners will be transparent about their evaluation process and will provide clear and concise feedback.
By being aware of these signs, you can avoid scams and find competent specialists who can provide valuable feedback on your invention.