very great innovation in history began with a simple idea. This article explains the next steps you can take after having your new product idea, including some famous examples from Elon Musk, Thomas Edison, Sara Blakely, Tim Cook, James Dyson, Jeff Bezos, and Phil Knight.

Consider the value to others

This is the “zeroth law” of product innovation: a product is only worthwhile to develop if it creates real value for other people. Usually, the value is solving a specific problem. But it can also provide fuzzier value, like being quirky and entertaining (solving the problem of boredom).

Here’s an example of an idea that looked great, but didn’t deliver enough value: in 2013, an American invented a new kitchen appliance that made “freshly-squeezed juice” using proprietary juice packs. Presenting it as a disruptive innovation that would revolutionize the juice business, Juicero raised an incredible $120 million in venture capital investment.

Juicero was marketed as a convenient and healthy way to make juice at home. It hit the market in 2016 with an initial price of $699, but soon after, people learned they could simply squeeze the juice packs with their own hands, extracting the juice even faster than the machine could.

It turned out that the juicer was an unnecessary waste of counter space. Worse yet, the juice packs were more expensive than similar drinks available in every grocery store. The company was defunct a year later.

With a great brand name, sleek product design, and strong fundraising, Juicero did a lot of things right. But even $120 million of funding couldn’t overcome the fundamental lack of value it provided to customers.

Assess your ethical alignment

Whatever your opinion is of Elon Musk, it’s clear that he has many ideas plus the ability to get them off the ground. Musk has been involved in the development of several innovative and disruptive product brands, including PayPal, Tesla, SpaceX, and SolarCity. However, he also had ideas that he decided not to pursue because they were not ethical or responsible.

For example, Musk once considered developing a product that would allow people to control the brains of others using new technology. However, he ultimately decided not to pursue this idea because he believed it was unethical and potentially dangerous. Musk says he’s also rejected other ideas because they were not aligned with his values or the values of his companies.

Clearly, mind control is not good. Your idea may be in more of a “gray zone” which takes more consideration. That’s why Product Dragon focuses on Ethical Innovation: creating products that do good for people. If you start from that mindset you can avoid ethical dilemmas, feel better about your work, and attract a strong team that supports your vision.

Document your idea

Thomas Edison was known for his meticulous approach to experimentation and innovation, and he was also known to keep detailed notes and drawings of his ideas and progress. For example, when he was working on the development of the light bulb, he kept detailed records of his experiments and the results he achieved. These records helped him to track his progress and make adjustments to his designs as needed.

Edison used these notebooks to document his ideas and to record the results of his experiments. In this way, he was able to keep track of his progress and to make the most of his time and resources. Edison’s notebooks are now an important part of his legacy, and they are a testament to his dedication to innovation and improvement.

When you have a product idea, write it down. These early notes will become the nucleus of later detailed planning.

Realize that if you frequently have innovative ideas, you can’t possibly pursue them all. Your notes will help you sort the “good” from the “needs improvement” ideas, and may help you return to great ideas years after you’ve forgotten them.

If you’re a visual thinker, sketch it out. Even if your idea is abstract, drawing it can be a very helpful way to think deeper (external cognition). It’s a good idea to date your notes and sketches also, both to keep you organized, and potentially for legal reasons.

Handy free tools for initial product development notes include:

Google Keep. A simple and reliable way to take notes and keep them synchronized with your Google account. Take notes easily by voice dictation, typing, or drawing. Available as a web app, and mobile app.

Apple Notes. Standard with all iPhones, this simple app synchronizes with your Apple account.

If you really enjoy sketching your ideas, you might want a device made for drawing. The Microsoft Surface line of devices excels at note-taking with a digital stylus and works well with OneNote. The Apple Pencil works with some iPads and Apple laptops.

Discuss with friends

Sara Blakely had the initial idea for Spanx shapewear while getting ready for a party. She wanted to wear a pair of white pants, but she was self-conscious about the appearance of her underwear lines. In an effort to find a solution, she cut the feet off a pair of pantyhose and wore them under her pants. This simple hack was effective at eliminating the lines, and it gave Blakely an idea for an interesting new product.

Her next step was to ask friends and family for feedback. She showed them prototypes of her shapewear, ask them to try it, and listened to their thoughts on the design and comfort. This feedback was invaluable to Blakely, as it helped her to refine the design and make sure that the product met the needs of her target market. Today, Spanx is a hugely successful company with an estimated $400 million in revenue.

Friends and family feedback is often panned as being unscientific. As a research and development advisor, I agree that it’s not valid market research. However, it’s the easiest way to learn product objections, get new ideas, and find your first supporters.

Some people are very reluctant to share new product ideas because they feel they need more improvement. Remember that every idea begins only “half-baked,” and the final product is often very different from the first concept. Since that evolutionary process is powered by feedback, the soon you ask for it, the sooner you can improve.

Create a structured notebook

Sir James Dyson is a methodical inventor with a long view. According to Dyson, he had the idea for a cyclonic vacuum cleaner in 1979, but it took him several years and thousands of prototypes to perfect the design. During this time, he kept detailed notes and drawings of his ideas and progress in a notebook.

These notes helped him to track his progress and make changes to the design as needed. Eventually, after many failed prototypes and a lot of hard work, Dyson was able to create a working prototype of his cyclonic vacuum cleaner and bring it to market. Today, the Dyson company is known for its innovative and high-quality household appliances, including vacuums, fans, and heaters.

Documenting your idea is an essential first step. A further step is creating a structured notebook to document everything else you need to consider, such as:

• A running log of your ideas
• Product and marketing experiments
• Business plan ideas
• Sales and marketing ideas
• Examples and inspiration
• Helpful resources

It’s important to do this early on so that you always have a place to store new information and ideas instead of letting them accumulate on various scraps of paper or in the corners of your mind. Some powerful tools for product notebooking include:

OneNote. A powerful note app from Microsoft that you can use all the way from product ideation to production. Includes notebook sharing and advanced tools. Available on every platform.

Evernote. An established and dedicated note company. The Free version has all the features that most innovators will need. Available on every platform.

Google Docs. Included with every free Google account, Docs is a popular way to take and share notes but lacks the organization tools of dedicated note apps. Available on every platform.

Do essential research

Jeff Bezos did extensive online research to develop his idea, which became Amazon. According to Bezos, he spent a lot of time studying market trends and analyzing the demand for books online. He also conducted surveys and focus groups to gather more information about what consumers were looking for in an online bookstore.

Bezos’s online research played a key role in helping him to understand the needs and preferences of his target market, and it helped him to develop a business model that would be successful.

Research can be the hardest stage for very creative people, but it’s essential to learn what similar things are out there and what your main challenges might be. To get started, spend a minimum of five hours doing online research and record your key findings in your notebook.

Some essential questions to research include:

• Is anything similar to your idea currently being sold?
• Has something similar ever been available but is now discontinued?
• Is anyone discussing the problem or a similar solution?
• If your idea doesn’t yet exist, is there any evidence that people are looking to buy it?
• Are there any legal obstacles to selling your innovative product?

A few useful search resources are:

• Google. Simply describe your idea and see what you find.
• Google Images. Doing a visual search is easier for some product types.
• Amazon, Walmart, Aliexpress. Search for what’s currently on the market.
• Reddit. You can simply add “reddit” to your Google search to limit results to discussions.
• ChatGPT. Here’s a new research tool that works surprisingly well. Try asking, “Tell me about an existing product that…”

You’ll definitely have additional things to research, including patents, trademarks, manufacturing costs, and marketing models. However, researching them will take longer than five hours and can be delayed to a later stage.

Do a simple financial analysis

Phil Knight was a runner and a business student when he came up with the idea for The Nike (a high-performance soccer cleat), and he spent a lot of time analyzing the financial feasibility of his idea. According to Knight, he spent many hours studying market trends, analyzing the costs of production, and forecasting potential profits.

This financial analysis helped him to determine whether his product idea was viable, and it enabled him to develop a strong plan for bringing his first products to market.

Knight’s financial analysis also played a key role in helping him to secure funding for his company. He used his financial projections to convince potential investors that his product had the potential to be successful, and he was able to secure the funding he needed to get Nike off the ground.

Basic financial analysis is essential for validating your product concept. Providing financial viability will help you proceed with confidence and attract the support you may need.

The first part is estimating your startup costs. How much funding might you need to validate your idea and get it to market? This is the amount you’ll need to spend, or otherwise secure.

The second part is estimating your product’s sale price versus its production cost. As a general rule, the retail price should be five to ten times the cost of goods (COG), with the difference going mostly toward marketing, fulfillment, and other overhead costs. A healthy profit margin is between five to twenty percent for many product categories.

Product Dragon is all about ethical innovation, so we appreciate that many innovators put “people ahead of profits”. Viable financials are essential to get your innovation into the hands of people who can benefit.

Wait and do nothing

Creative innovators are often eager to start developing their product idea, but there are good reasons to pause at this stage.

Tim Cook joined Apple in 1998. Now the CEO, he’s played a key role in the development and launch of several successful products, including the iPod, iPhone, and iPad. However, he did not always act on new product ideas immediately. Instead, he’s known for his careful and strategic approach to product development, which involved waiting until the company had the resources and expertise needed to bring new ideas to market.

For example, Apple was one of the first companies to develop a smartwatch, but it did not release the Apple Watch until 2015. According to Cook, the company had been working on the technology for the Apple Watch for many years. While it could have launched much earlier, Apple waited until it had the resources and expertise to bring the product to market in a way that would meet the needs of its customers. The Apple Watch has since become a hugely successful product, and it has helped to establish Apple as a leader in the wearable technology market.

This step can also be very hard if you are energized by your idea. Strategic waiting is meant to force yourself to stop taking actions (including spending money), and to only listen and think. It’s not actually doing nothing because your subconscious mind will continue working and noticing things around you that either support or contradict the merits of your idea.

A month is a good time to wait. By then you’ll either lose enthusiasm for your idea, or you’ll get even more excited as your thoughts and observations reinforce your idea.

Next steps

What should you do after waiting? While these essential steps apply to most product innovations, the next steps depend on the type of innovation and the business model you choose.

For example: at this point, you may choose to develop the idea yourself and sell it directly to consumers, or to license the idea, including any intellectual property such as patents.

Whatever path you choose, it’s always a good idea to educate yourself on the innovation process. You can instantly join Product Dragon to get our free micro-course on product innovation, plus other member benefits.