You’ve had a brilliant idea, your friends like it and you may even have made a prototype at home … but you still have one critical question: “How can I tell if my invention will make money?”
At Morgan Innovation and Technology, we are specialists at helping inventors get their innovations to market. We’re frequently asked what the “secret” is to a successful invention. We’re also asked if we can provide funding for innovations, and we do so through our unique Innovation 2 Income ecosystem (explained below.)
Finding money-making inventions
Unfortunately, there is no secret formula for a money-spinning innovation.
We have provided the R&D (research and development) behind Salurate, the world’s first test to use saliva to identify pre-eclampsia, a condition that affects up to one in ten pregnancies and can be fatal to mother or baby. Our device is now in its third clinical trials ahead of commercial launch.
But for all the work that goes into developing such a medical breakthrough, we can still be caught by surprise by the huge popularity of gadgets that seem to come from nowhere, such as fidget spinners and loom bands.
We can, however, provide some pointers to help you decide if your invention has a chance. We try to offer advice to everybody who contacts us and help as many people as we can.
The first point is that inventions do not necessarily need to be unique and sell millions. You might have a smaller target market but devise something that will really change people’s lives for the better.
4 steps to successful inventions
1. Do thorough market research. This can initially be with friends and family to ensure what you think is a good idea has a bigger reach.
2. Then look very closely at who will actually buy what you want to make. You might think millions of smartphone users will buy it, but this is rarely the case. So exactly which users? Which demographic? Who and how big is the market?
3. Study the competition: who is already out there, why is yours better?
4. Carefully consider who has the funds to buy your invention. If it is a health device you might think the NHS is the obvious answer, but sadly the NHS has little money and requires a very solid business case even to consider your idea.
We’ve received some weird and wonderful ideas for inventions. These range from “a skin suit to normalise body temperature against its surroundings” to “a small portable device that lights up.”
We pointed out to the inventor of the latter that a torch (not to mention a mobile phone) might already be answering that market demand. But it does serve as a good reminder not to try to reinvent the wheel or over-engineer a product that is already working very well.
Morgan’s USP is that we put 20% of our annual turnover back into speculative R&D and trying to help bring ideas that make an impact on society to market. Before we offer this funding for innovations, however, we follow a rigorous process.
Invention funding process
- We ask inventors to complete a New Ideas Data Sheet. This captures the essential information for our technical team to assess whether the idea is workable and suitable for us to be involved in.
- Once the Morgan panel approve the idea, we help to fund ideas by investing our time and resources into the R&D process.
- We can also help with payments terms, discounting R&D, offsetting profits into future success of products through royalties, and manufacturing contracts.
- There is no set formula and we tailor our agreements to ensure they benefit both the customer and our business.
- We do not fund tooling costs, give cash or fund test houses but we are very flexible in trying to make things work.
How Morgan makes a difference
Our unique Innovation 2 Income ecosystem offers an unrivalled package of manufacturing expertise backed up by an on-site R&D team integrated with commercialisation and specialist knowledge about invention funding.
This streamlining reduces both costs and time to market, helping inventors turn ideas into reality.
Salurate is a great example of the difference we can make. The doctor who came up with the concept had developed it as far as he could but we were able to redesign the device to be commercially viable in a way that his methodology was not.
It is Morgan’s experience, manufacturing capability and rigorous assessment process that makes us attractive to angel investors and explains the high repute we enjoy with universities and industry partners.