How does an inventor turn their new invention ideas into money?
This is probably the single most frequently asked question from people who have the idea but not the knowledge of how to bring it to the next level and beyond.
They often hope that they can sell their brilliant new idea to somebody who will hand them money. It just does not work that way and you often end up handing money in the other direction.
The best answer we can give is to get educated in how the whole process works and recognise when to seek help and guidance.
Upfront, you need to know that only a minority of ideas eventually make money. However, that should not stop you from inventing, after all even Thomas Edison had his failures!
The greatest failure of Thomas Edison's career was his inability to create a practical way to mine iron ore. He worked on mining methods through the late 1880s and early 1890s to supply the Pennsylvania steel mills' demand for iron ore. In order to finance this work, he sold all his stock in General Electric, but was never able to create a separator that could extract iron from unusable, low-grade ores. Eventually, Edison gave up on the idea, but by then he had lost all the money he'd invested.
Even a Genius Can have a Bad Day….
However 1093 other ideas and inventions of his were to prove successful…..!
Here are our 8 simple golden rules:
Golden Rule 1: Document Your Idea
The initial task for all budding inventors is the concise documentation of their idea.
Ensure your journal is written in chronological order: you should date all entries from the date of conception; never backdate any forgotten titbits as this may appear dubious; furnish all illustrations with a commentary, and record and date every amendment to your invention as it comes to you.
After all this paperwork, you may decide to consult a third party about your idea and if you take the right precautions, then this is encouraged. Prepare a generalised overview to help communicate your idea, however be sure to keep the particulars under your hat. Protecting your idea is paramount since any kind of publicity could jeopardise your application for a patent later on. This is where a confidentiality agreement will come in handy, but there will be more on that topic later.
Handy Tips:
- If you are something of a prolific inventor be sure to keep an individual logbook for every invention, to ensure accuracy and clarity.
- Try and keep your journal away from prying eyes.
- You may decide to have your inventor’s log witnessed by a solicitor for authentication.
- Make a note of all materials that you use in the process of inventing: photographs, illustrations or even a home video. Just remember the golden rule is document, document, document!
Golden Rule 2: Seek and Find
Researching your market will help you make some important decisions. Is your idea realistic? Is it unique? Is there a niche in the market for this product? Is it financially viable? An online search engine will allow you to explore the market globally. Also, don't be afraid to ask for feedback from friends or colleagues. Understanding your target demographic will help you improve your product. But don't rely on friends alone - they will often tell you what you want to hear.
Handy Tips:
- Do your homework. Spend at least one month researching the market.
- If you’re not Internet savvy, go to a bookshop or library, as there is plenty of literature to assist your research.
- If you find your idea has already been patented, don’t give up. If it’s a good idea, there may be many avenues to consider in its development.
- Don’t be afraid to ask for public feedback. But always employ a confidentiality agreement.
- Attend all exhibitions and company trade fairs that may relate to your product.
Golden Rule 3: Patent, or not to Patent
Refer to our patent section as to why this is so vital…
Golden Rule 4: Prototype – And Not Just One!
Before 1880, every inventor had to present a working model or prototype of his or her invention to the patent office as part of the patent application. You do not have to submit a prototype anymore, however, prototypes are great for several reasons.
Legally a prototype proves what is called a "reduction to practice" and if the question ever comes up, a prototype can be proof that you were the first inventor. For example, the United States uses the first to invent rule, granting a patent to the first inventor who conceives & reduces the technology or invention to practice, for example a working prototype or a well written description.
Handy Tips:
- You can include photos of your prototype in your inventor's logbook.
- A prototype helps you figure out any design flaws your invention has and if it really works.
- It can help you make sure your invention is the right size, shape, and form.
- A prototype helps you sell or licence an invention. You can use it during demonstrations.
- Making one can prepare you to write your patent application and make your patent drawings.
Golden Rule 5: Get a Business Plan
A business plan is a beneficial tool that demands you to be realistic and stay focused on long-term goals. A well-structured plan should state your objectives and clearly identify your product's potential. This kind of research is a tall order, so be prepared to work hard. As soon as you have filed your patent, begin your business plan.
It is likely you will need professional help in the form of a business advisor to help you on this aspect.
Golden Rule 6: Get Your Product on the Shelves
Launching your product as an independent inventor or entrepeneur is not an impossible task but remember to…
- take care when selecting prospective firms or manufacturers
- make sure you do your research before you sign on the dotted line
- get the right support for the commercialisation process
- do not be shy in seeking out help
Golden Rule 7: Revise and Renew
The continued assessment and reassessment of your idea is essential, and the process will teach you how to deal with some of the obstacles you may face down the line.
And as every inventor knows, new ideas create new opportunities!
Golden Rule 8: Keep Inventing...
Never stop! |
