For most of us, inventing a new product or starting a new business is foreign territory. And unless you have a crystal ball (and you know how to use it) it’s impossible to expect to make all the right decisions, all the time.
Yet certain mistakes in the invention process are very common–I see them repeated among countless individuals who are developing and/or trying to launch their products.
Mistake #1: Expecting unrealistic results.
There are those who believe that inventing is a get-rich-quick scheme. This is usually little more than wishful thinking. That’s because a successful invention involves building a business around a new product idea, or selling your idea to another company.Mistake #2: Failing to search the market early on.
You have a big idea. You’re sure the masses will clamor for it. So you begin sinking lots of money into building your prototype, developing a business plan, hiring a patent attorney, and more. Little do you know there’s an identical product that’s already out there on the market.Mistake #3: Assuming everyone will want your invention.
Even if you’ve done your research–and you’ve determined nothing like your idea already exists–you still need to decide if your product is something that people will actually want, and more importantly: buy. And that takes market research.Mistake #4: Sending your idea–and your money–to an Invention Promotion Company.
Companies like these prey on hopeful inventors. You’ll see them advertising on late-night TV, the radio, in newspapers and magazines, or via the internet.
Mistake #5: Sinking all your money into a patent.
While a patent can be a valuable tool, it may be unnecessary to creating a viable product or business. And it should rarely be your first step in the invention process. Before you pay to get a patent (on average $5,000-$10,000), you should discern whether your idea is marketable.Mistake #6: Lacking business acumen.
Many inventors believe that the success of their product begins and ends with “the big idea.” In reality, the “idea” is a small component of the overall process. The most successful inventors I have met actually have many ideas, and only act on the ones that are the most viable and offer the path of least resistance to market.Photo by baboon*.
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