Browse Tag: inventing

Money and Inventing….you don’t have to be afraid of it!

One of the most common questions that we receive as an inventor support company is “will I need to pay for this?” The answer, in most cases, is yes. 

Now, don’t let that detract you. As an inventor, you absolutely need to come to the conclusion that this process will cost money. Having a fantastic idea will only get you so far.

From our experience, here are a few things we’ve heard from inventors.

I have an idea, and I want to license it.

As we’ve pointed out in other articles, licensing is hard to accomplish without a working prototype, drawings, manufacturing sourced, etc. You won’t get very far with just an idea and a heartwarming pitch. You need to show the possible licencors that they will make money if they buy your product. That’s all they’re looking to do.

If you (manufacturing company) will produce my product, I will give you a portion of the proceeds from the sales.

This is highly unlikely to work. Manufacturers are typically presented with a slew of products every year, and propositions to become business partners. It just won’t happen. Manufacturers and design companies can’t rely on your product selling so they make a profit as well as break even on the cost of production.

I’ll crowdfund to make my money!

Crowdfunding before your product is feasible is a dangerous thing to do. Most successful Kickstarter and Indiegogo Campaigns have been successful due to a professionally constructed pitch. Most products that have received funding were already prototyped, tested, and manufactured in a small-run fashion. If you only take one thing away from this article today, it should be this: never attempt crowdfunding before you have the product finished.

The best option that you have is to save your money and do it right. You could finance the product through a lender (get a loan), take out a new line of credit, ask friends and family, or even take on a small part time job. If you have the passion to get it done right, don’t let your idea fall into the wrong hands. Protect yourself, save your money (and never pay up front without getting a solid plan in place with your invention production company), and live your dreams!

The 6 Keys to Invention Success – The Short Story!

Source Direct Presents – 6 Keys to Invention Success

We’ve put together a list of the 6 Keys to Invention Success – use these when looking for a company to help you realize your inventing dreams and goals.

#1  – Do your research and look for obvious red flags! We often hear inventors complain about being taken advantage of by invention companies claiming to have all the answers.  A company that gives you a price for your project without seeing the product first-hand is probably not the direction you should go. Inventions are intricate, and no two are alike.   Don’t settle for a one size fits all program unless you are looking for cookie cutter results.  An honest company will want to evaluate your product to determine the right next steps for you.

#2 –Spend Wisely and Read the Contract. We all only have so many financial resources to achieve our product development and commercialization goals. If you partner with a company, make sure they are money well spent. If a company sends you a quote for services, make sure you get clarification on exactly what you’ll be receiving. The biggest mistake you can make is spending your allocated capital incorrectly on services that don’t get you where you want to be.

#3 – Be Open to Suggestion. Inventors often fall in love with their invention.  And it’s understandable. However, there may be suggestions given to you to help enhance/improve/modify your product so it will have a better chance  in the marketplace. Experts have years of experience in manufacturing, consumer buying habits, retail requirements, etc. that they may suggest you apply to your product to increase its commercial viability.  Keep an open mind.

#4 – Try to Get It All Done Together. Spreading your project across to many different companies can be hazardous to coordinate. Letting ONE COMPANY handle the project eliminates finger pointing. We are responsible from start to finish.

#5 – Keep Marketing In Mind. When your product has completed manufacturing and is “on the ground” ready to go to the consumer, do you have the proper sell sheets, proper pricing, shipping logistics, social media campaigns, or website design? Remember, you only have a few seconds to make a first impression; you’ll want your marketing materials to be persuasive and engaging, while highlighting the benefits of your amazing product. Utilizing every open source of digital and direct-to-consumer marketing will help promote your product to the appropriate audience.

#6 – Has The Manufacturer Been There Before? Make sure the company you choose walks the walk and talks the talk. Find out how many products of their own they have taken from a design to a finished product and actually sold them through. Ask them the last time they were on a factory floor. You need a manufacturer working for you who knows how to handle every step of the process – make sure you’re paying an expert, not someone who will be soliciting help from someone else. 

 

Is your invention GOOD enough to succeed in the marketplace?

Ideas for new inventions can come at a dime-a-dozen. Everyone thinks they have the latest and greatest idea for making the world a better, more efficient, and cooler place to be. Despite a biased belief, not all ideas will work – or even make it to prototyping.

Here are some things to keep in mind when attempting to bring your product idea to life:

Cave_invention

  • Does it serve a purpose? Consumers are consistently looking for a solution – does your product provide a solution to their imminent problem? If you are looking to create an item purely of a novelty nature, consider that it’s “purpose”.
  • Is the target demographic realistic? Speak to different consumers in your target demographic to see if they like or dislike the idea. Pre-development testing is a good idea, so you get an understanding of what could happen on the store shelves. Is this something that your demographic can get excited about?
  • Has someone else come up with this idea, or something similar? This is huge. Obviously, there are different competing brands with virtually the same product (Coke/Pepsi, McDonalds/Burger King, Mac/PC). Yes, the examples provided are broad, but you should make sure that there  are enough unique identifiers to your product to make it different. 
  • Do you have the captial to pull this off? By capital, I don’t necessarily mean money (completely). Do you have the supplies, resources, materials, and financial backing? It takes a lot of work to bring a product to life.
  • Is your idea solid? Could you pitch this idea in front of potential investors, and be confident? You must have 100% confidence in your product to see it to completion.

[box type=”info”] A funny quote about inventions..
“The very existence of flamethrowers proves that sometime, somewhere, someone said to themselves, ‘You know, I want to set those people over there on fire, but I’m just not close enough to get the job done.” ― George Carlin[/box]

Do you have an idea for a product? Call us today – 888-373-3876, extension 212!

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