Smart Business Moves for Successful Inventions.


Inventors are often asked, “How do you figure out what’s important to your customers and your product or service?” I don’t always have an answer. There is no magic formula for a truly great invention, but I can share a couple of things that I have learned along the way.

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No one wants a hack. This includes a tweak, shortcut or change that you hope will somehow give you a competitive advantage. My philosophy on inventions is that no inventor should ever consider putting an invention in a box in a closet and forgetting about it until he’s back in the lab.

Inventors don’t discover their ideas overnight. For some people, they jump out of bed and think, “I’ve got it! I’ve got the next big thing!” Other people can’t sleep and wake up every day with the idea. If I wake up and the first thing that pops into my head is “I’ve got an idea!” I know I’ve found something.

Finding the idea that fits your target market and product is critical. For example, when a board of directors or customers complained that they didn’t have credit on their electric bills, that was a product idea worth pursuing. When you’re developing your product idea, don’t waste your time trying to figure out why your mother doesn’t give you the credit you deserve.

Make it yours. You have probably read lots of books about the development of great products. But, what’s true for great products is also true for the invention process.

Inventors should decide what they want their invention to be and do the necessary research and development to make it a reality. Before you get started, figure out who your target market is, what they’re thinking, how they’re living and why. If you decide that you want to take on children with learning disabilities, you’ll need to know what that means.

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Then, design it to fit them.

And, when you design it, make it you. This is what will separate your invention from all the other hundreds of imitators. Your idea must be unique, your design unique and your marketing unique.

Discern your market. If your invention won’t have a market, you can’t have a product. Sometimes, inventors try to turn themselves into marketers before they’ve even developed an idea or a prototype. They think they know how to market their idea. But they don’t.

I have been surprised by the number of people who tell me they know how to market an invention. No one is born knowing how to market. That was one thing that I realized after spending a number of years marketing products. And, that’s why I always tell inventors that it’s important to have an excellent idea, but it’s more important to have a good one.

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Inventors should be involved in development of their product and not only at the drawing board. It is very difficult to get a product to market in a reasonable time frame if you have no idea how you’re going to sell it. If you have no ability to market your invention, you may be spending a lot of your time trying to perfect the invention without any time left to sell it.

Every once in a while, you’ll be lucky enough to meet another inventor. There are many people in my line of work who have become friends or even employees. It’s great to have someone who can tell you how it is to run into a wall, which parts of your invention or idea are popular or what to do if a bank turns you down for a loan.

It’s great to have someone who can tell you what’s possible and what’s not.

Related Links: https://www.slideshare.net/DanielCole80/7-best-ways-to-bootstrap-your-business

https://medium.com/@daniel.cole852/how-to-get-your-consumer-invention-to-market-a74fbb2f4aa1


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