For new inventors, navigating the process from inception to profitability can seem overwhelming. It’s common for inventors to make some mistakes along the way.
The good news is that you are not alone. There are plenty of experienced inventors out there ready and willing to mentor newcomers. Understanding these five common mistakes made by many inventors and how to avoid them can prepare you for success.
Mistake No. 1: Being Unrealistic
Inventions are not successful overnight. To get them off the ground, it takes a lot of hard work, careful market research, and effective marketing — and, most of all, time.
Few new inventions make a lot of money the first year, but that doesn’t mean the invention won’t be profitable. As inventors become more familiar and experienced navigating the entrepreneurial ecosystem, they can make more calculated and successful moves.
You must decide how much time and effort you’re willing to put forth, identify what resources you have, and develop a strategic and realistic plan with your timelines and financial goals.
Mistake No. 2: Not Researching the Market
Knowing your market is everything. Before you build a prototype, or go hiring a patent agent, make sure the market will support your invention. Is there a similar or identical product out there? Are people interested?
Explore every angle to locate any inventions that resemble yours. If you find one that’s similar, it’s proof that there’s a market for your idea. If you find none, that just means your marketing needs to inform the public why they need your big idea in their life.
You also need to conduct market research to determine if your product is something people will actually purchase. Look beyond the opinions of friends and family and seek out objective individuals, such as experienced inventors or experts in the invention world, to give you unbiased feedback on the idea.
Mistake No. 3: Seeking the Wrong Kind of Help
Be wary of companies who make lofty promises to inventors about getting rich quick while requesting large sums of money from them. These are not the practices of reputable organizations.
Instead, seek out the help of a seasoned team or find a mentor who has been through the process to offer some guidance. Let Idea Design Studio help with the design, development, protection, and marketing of your idea.
Mistake No. 4: Getting a Patent Right Away
Patents are an important and valuable tool that can protect your idea. They are also expensive and time consuming to obtain. Instead of going the patenting route alone, ask some experts to help you analyze your idea and ensure your business plan is viable.
Your best bet is to speak to a reputable patent agent or other patenting expert about your options. These individuals can guide you through the process, including identifying when it’s time to get a patent and what value it brings to your invention.
Mistake No. 5: Lacking Good Business Insights or Advice
Successful inventors must have a clear understanding of their market and learn about the potential licensing of the invention, in addition to marketing, sales, financials, and lots more that can make your idea profitable.
If you have an idea, let us help you take it to the next level. Call our inventor hotline at 888.864.1780 or email us at firstname.lastname@example.org.