Quick facts (and reality checks) for inventors based on my 20ish years helping inventors and working in the industry…
- It will take twice as much time to see your invention idea dream realized – from idea to concept to prototype to manufacturing to packaging…it all takes time and expect bumps in the road…totally normal…but it often takes anywhere from 6-12 months for this to occur and often much more for some so be patient
- Inventors often get too emotionally attached to their product ideas and make poor decisions based on emotions. This is a business…and so make good business decisions.
- It will cost twice as much money as you expect – costs you forget about such as a website build, patent searches, setting up a business (LLC, S Corp, etc), package or label design, product safety testing, etc, etc – these are costs that many don’t realize but they will occur. Just pace yourself as you don’t need a bag of cash all at once…most inventors invent on the side after their normal workday is done
- How you market and brand yourself can help accelerate your ultimate success – great product name also really can help!
- Everyone will offer advice….try to find just one or two trusted sources and stick with those…and stay away from those that tell you its too tough to succeed out there. This is a high risk business and you know this….so stay positive and talk to those that are as well but also are realistic!
