Not everyone is perfect and we all make mistakes from time to time. Let’s talk about some common mistakes that inventors make so you can hopefully avoid making these mistakes. It is impossible to make all the right decisions, all the time. These mistakes can be avoided if you know what to look for.
Do not expect unrealistic results from your invention. Some people believe that inventing an idea is a get-rich-quick scheme but in reality, this is wishful thinking. A successful invention involves building a business around a new product idea, which takes hard work and a lot of time. It is important to develop a plan with realistic timelines and financial goals.
Failing to search the market early is a common mistake. There could be an identical product already on the market. You should search relevant stores and the internet. It is important to know what is out there that is similar to your product. If you develop a product that is similar to a product already on the market, you don’t want to infringe on the competitor’s patent.
Do not assume that everyone will want your invention. You should decide if your product is something that people will actually want and buy. Doing some market research would help you avoid this mistake. First, determine if there is a viable market for your product. You should also go beyond asking your friends and family for honest feedback. Sometimes you will hear that your idea is terrific from your friends and family because they do not want to hurt your feelings. It is important to try to recruit objective parties. You could also speak to retailers in the specific industry where you plan to sell your invention to see if they would carry your product.
Do not send your idea and your money to an Invention Promotion Company. These companies like to prey on hopeful inventors. Be suspicious of any pay upfront “deals” you are offered.
Do not spend all your money on a patent. Before you pay to get a patent, you should research whether your idea is marketable. Ask yourself if people will want it and is it financially feasible. You could speak with a patent attorney or patent agent to determine how broad a patent you can get and they can also help you determine the business value the patent will bring to your project.
The success of your product does not begin and end with the “big idea.” The “idea” is actually a very small component of the overall process. The most successful inventors actually seem to have many ideas and only act on the ones that are the most viable.
A patent attorney will also help you avoid making these very common mistakes so you should definitely consider hiring an attorney to help you through the process.
