Step 2 of Invention Kit – Perform market and product research

What is Market Research? Market research is a thorough search of similar and/or competing products or services relevant to your invention. This search should be performed before or in conjunction with the patent search (step 3) (if no similar or competing product exists then search products/services in the same category or industry). Locate and gather information on similar and/or competing products/services. Search the Internet, trade publications, and advertising and marketing materials. Let Inventor Start® show you a step-by-step procedure set forth in the Invention Kit on how to perform market research, included are instructions on how to perform a market research, samples of market research, and your own ready to use market research form. The cost of market research depends on the breadth of the search, the number of competitors, the degree of detail and the complexity of the product/service. Professional market research for competing products/services generally costs thousands of dollars $1000s.

Invention Kit

By Mat Grell, Patent Attorney