The idea of inventing during a bad economy might sound like a recipe for disaster. After all, who has the money to invest in new products. And if you’re unemployed, shouldn’t you be spending your time trying to find a job instead of spending time and money pursuing an invention that may be a flop?
While those are valid concerns, there are many more reasons to pursue your invention in a bad economy. Here are a few reasons for inventing in a bad economy.
1. New ideas stand out in a bad economy. In boom times, it seemed like everyone had a new product or service to offer. Everywhere you turned, someone was telling you how their product or service was better than anything you’ve ever seen before. Businesses figured that if they invested in a new idea and it failed, they could move onto the next new idea with little consequence. Now with the economy staggering, people are afraid to invest in new ideas. They’re afraid to try anything new, and instead they want to stick with the tried-and-true until the economy improves. As a result, there isn’t much new on the market. So if you have a new idea, now is the time to get it out there – when your idea will stand out from the competition.
2. Businesses are always trying to improve their bottom line, but especially in a down economy. If your invention can help a company realize substantial savings, either by reducing employee time to accomplish a task, increasing output, or reducing manufacturing costs, companies are going to take notice now more than ever.
3. You may have more time to invent during a down economy. When the economy was booming, you were so busy working that you never had time to pursue your idea. You kept your idea on the back burner, but never had time to test your idea, much less invest the time necessary to bring your product or service to market. If you’re unemployed or under-employed, you may have more time to invent something new, or invest in your new idea. While you may still need to spend some time sending out resumes, this likely isn’t consuming all of your time right now.
These are just some of the reasons why there has never been a better time to pursue your new idea – go out and invent something!
