Bjorn Gruenwald is known for some of his great ideas, but he is only known for those great ideas that were actually made into something. He has been a founding member of two companies, InMentia Inc. and Advanced Computer Applications Inc., where he has invented several technologies such as, the System and Method for Organizing Data, the Hilbert Engine, and the Self-Similar Processing Network. These inventions that we now know about, we know about them because they were made into something and they were successful. Bjorn Gruenwald knew that he needed to find some way to protect his ideas and that is just what he did. On each of his inventions he acquired a patent to make sure that someone would not try to take his idea and make money off of it. The thing is if you think you have a really great idea you need to turn it into a product the smart way.
The first part is do you have a good idea? The first thing to consider when you have a new idea is how strong will you be able to make your patent. This basically means, how many other products are out there that are similar to yours? Will this new product be thrown into an already very full, competitive market, or will it only be with a small handful of other competitors. The next thing to consider is if you will be able to create a fully functioning prototype. Any potential investor that you may have will want to see if your product functions as you say it will, and will generally not back you if you are unable to show them. Thirdly, you need to determine who your target audience will be. This means doing your research and then getting feedback from random people off of the street. In regards to the price, this means more than just finding the optimal pricing of what customers will actually pay for, but also making sure that your production and manufacturing fees are less than that at which you sell the price, so then you actually make a profit.
Now that you know you have a good idea, you need to document it. This means creating an inventor’s journal and having you idea signed by a witness. The next thing you will need to do is complete research from a legal perspective. After you’ve done the research you can get your invention patented.