1. Do your research Before you spend time or money on your invention or idea, make sure it hasn’t already been created. Internet searches are always a good place to start, but don’t stop there. Go to the U.S. Patent and Trademark Office’s website and search for existing patents. 2. Develop a business plan The second step is to create a business plan. Even if your idea isn’t fully formed yet, know how much money you can afford to spend and what the process of developing and marketing your idea looks like. 3. File for a patent if applicable The law regarding patents changed dramatically several years back. Prior to the 2011 passage of the America Invents Act, the first person to invent a product retained exclusive rights to sell or license it for 20 years — a “first-to-invent” system. 4. Make a prototype At this point, it’s time to turn your idea into reality. You need to build a prototype. Depending on your invention, you may be able to construct the prototype yourself or you may need to get some help. You can find suggestions for making prototypes from Entrepreneur magazine and StartupNation. 5. Get feedback from beta testers Once you’re happy with the prototype, find some people willing to try it out (called beta testers, a phrase that came from the second phase of software development testing). Feedback from beta testers can not only lead to product or service improvements, but it also may help when it’s time to find investors. 6. Find investors By now, you should have a polished prototype and hopefully some early sales to bolster the case that your idea is profitable. The next step is to find some deep pockets willing to pay for large-scale manufacturing or deployment of your plans. 7. Make millions — hopefully Ah, time to enjoy the fruits of your labor. Sell that grand idea to an existing business for millions, or live the good life using the proceeds from the quadrillion sales you make in the first year. Support this podcast: https://podcasters.spotify.com/pod/show/stuart-anderson16/support