Every Year Inventors Make Mistakes That Kill Their Chances for a Successful Product. Here Are a Few Things to Avoid on Your Own Road to Success.
By Mike Foley
Picture this: You have a great idea for a new product, one that's simple, easy to manufacture, safe and cost-effective. With all that going for it, you're sure to be successful, right?
Not necessarily.
In fact, that's a common misconception. Inventors often think that a strong product will automatically be a winner in the marketplace. But there's nothing automatic in the invention process. Market factors change constantly and consumer interest is often fickle, at best.
But unfortunately, a great many products die long before they ever reach the marketplace. Why? Simply because the inventors made mental mistakes along the way, often refusing to adjust their attitudes or expectations to fit the market realities. The result is the death of something that might have made a positive impact on our lives.
What are some of these mental errors that can be the "kiss of death" for your new product? Let's take a look:
1. Paranoia--Although it's advisable to be cautious and insist on non-disclosure agreements, some inventors let the caution go too far. Paranoia is an ugly thing and can actually hinder inventors when they're seeking help."It can be a real problem," says Dream Merchant Publisher John Moreland, who has offered a low-cost Inventor's Walk-Through program for more than 10 years. "I've had people sit with me for three hours, asking for help, but refusing to tell me what their product idea is. And then there's little I can do to help them."
Once you've secured a non-disclosure agreement, it's important to relax and begin discussing the future of your idea. Most of us need help. Trusting those who can assist us with our dreams can be a critical first step.
2. Impatience--Many inventors are anxious to move the invention process along and may not be willing to do the necessary product and market research. Consequently, the product is offered to interested clients and companies long before it's ready. That can kill a deal unnecessarily.
An impatient inventor may also begin badgering companies who are interested in licensing the product, insisting on a quick decision. It's important to remember that the world of business often operates on its own timetable and that your product is not the center of the universe. Remember that patience is a necessary tool for all inventors. Don't try to force the process and above all, don't give up too soon on your ideas or products.
3. Greed--Some inventors will hold out for huge sums of up-front cash or high royalty percentages, factors that are likely to kill any potential licensing agreement.
"People often have unrealistic expectations," explains Moreland. "They have little idea of the costs or liability involved and assume that they will be entitled to a large portion of the profits. It's hard to find a deal with that attitude."
Remember that the company who takes on your product does so to make money. Sharing the benefit of your idea is what licensing is all about. If that isn't acceptable to you, consider starting our own business to market the product independently.
Moreland says tools like the Walk-Through Program help inventors focus their ideas and understand the realities of the marketplace.
"Ninety-nine percent of the time, it's a positive outcome," he says. "They come in with a simple idea and walk out with a better product."
That mirrors Moreland's philosophy that inventors should arm themselves with as much information as possible. He suggests starting with a lesser idea, learning the steps, then applying the same information to future products and ideas. In that way, mistakes are avoided and the information pays off well into the future.
For information on the Dream Merchant's Walk-Through Program for inventors, contact John Moreland by calling (310) 328-1925.
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