There are a great many ideas which of themselves are good, and still are not of themselves of any value. It is of equal importance, in order to make a success of an invention, to have it conform to certain recognized mechanical principles, and capable of economical production through the regular trade and manufacturing channels. In other words, an invention nowadays would be seriously handicapped if it was necessary to revolutionize the present equipment of factories to bring it out.
(In this connection it might be interesting to note that Thomas A. Edison, in an article published in "The Star," of Washington, September 17th, 1908, said that in his opinion Wright Brothers were working on the wrong principle with their flying machine. In Edison's opinion the machine should not be dependent on the skill of the operator, but should be capable of automatic operation somewhat similar to an automobile or the locomotive.)
Third: Can my invention be more cheaply manufactured than similar devices already on the market?
If your invention will enter the markets of the world in close competition with other devices of similar nature, it is necessary that it possesses the possibility for lower cost of production than the articles it will meet in competition. If it costs more to make, it will be heavily handicapped from the start. If it costs less to make it will have this additional advantage pulling in its favor from the start.
Fourth: Does my idea possess conspicuous novelty and superior merit over similar devices already on the market?
The established, advertised article in the markets of the world always has a great advantage over new and relatively untried devices. A new article, to succeed, must show at a glance that it is "something better." In addition to that, it must have superior merit which will at once make it possible to bring about a quick sale in competition with the article already on the market. If your invention is better, costs less to produce, has more "talking points," dealers will be quick to buy it. Otherwise, possibly not.
Fifth: Is there a large, constant, public demand for my invention, or its product?
Public demand for anyone's invention practically regulates its success, from a commercial standpoint. If there is no public demand for it, there can be no individual profit derived from it. In other words, it is useless to apply for a patent on any art, machine or process where the demand for its use is very limited. For instance, it would be ridiculous to patent a process for performing one single act or function, the demand for which would cease as soon as the act or function was accomplished. To illustrate, some years ago, while building the City Hall, in Philadelphia, it was necessary to raise the enormous statue of William Penn to the top of the tower. This was quite an undertaking, and a great many bright men cudgeled their brains as to the best means of accomplishing the result. It would have been very foolish to patent the means by which the statue was put on the top of the tower, because after it was placed on the top there would be no further demand for the process or means by which Penn was raised to his elevated position.
"Little and often fills the purse" is a familiar quotation to many of us, and is especially applicable to the profits to be made from inventions.
Sixth: Is there killing competition in the class to which my invention belongs?