When it comes to beating the inventing competition, you will always have to face this issue regardless of which industry your product is in. Even if you have invented a revolutionary new product like a microwave oven, for example, your competition would still be from the traditional cooking methods like hot plates, grills and ovens.
Once you come up with a new invention idea, you should investigate the market to find out who manufactures competing products. Conduct an evaluation to determine how different your invention is from these other products and begin to compile a list of all the advantages and disadvantages of your product in comparison to competing products. This process will allow you to learn a lot from your competitors while also envisioning how your product can be distinguished from competing products.
Despite the challenges you will face against your competition, it can actually be a positive thing as it forces you to be efficient and innovative with your invention ideas. Research shows that competing inventions can foster accelerated innovation within a given industry. In recent years, this dynamic has become more prominent in the US as companies are turning to innovation to stay relevant to their customers and differentiate their products from competitors. The difficult economy has forced even more innovation to cut costs and compete more efficiently in a shrinking market.
When compared to similar research following previous recessions, the results this time are quite different. Since companies have cut costs to the bone, they are now turning to innovation as a way to improve their execution and be more competitive. Innovation ranks as the top growth strategy for global organizations and small businesses alike in today’s difficult environment. Investment in IT and clean technologies and productivity enhancing innovations rank as high priorities for many large companies today, and your next invention could fall under such a niche.
