Inventing a product is exciting, but there’s a common mistake many inventors make — they don’t educate themselves on what to do once they have an idea. Starting your inventing journey without a clear plan is a huge error. Often, inventors rush to file a patent out of fear because it’s widely believed that having a patent is a must. However, the truth is that around 97% of patents never recover their filing costs. In other words, patenting an invention does not guarantee you will make any money from it.
Most products on the market are not patented. Similarly, if you want to license your product idea, remember that many companies don’t require a patent for consideration.
In this article, I’ll share my insights and experiences to help you avoid this classic inventing mistake and set you on the right path to success. So, let’s get started.
Knowledge Is King: Educate Yourself
Remember that knowledge is your most useful tool before going into the patent procedure or other aspects of product development. Similarly, it’s essential to take out the time and learn about the entire process.
The two main methods that you can consider for commercializing your ideas include:
1. Venturing
Venturing is a traditional method that involves taking charge of all aspects of your product, from manufacturing to marketing, selling, and distribution.
2. Product Licensing
Product licensing, my personal favorite, offers a safer and quicker way to bring your idea to market. It involves renting or licensing your idea to an established company with the necessary resources and market presence. In return, you receive royalties.
Remember These Tips For A Successful Inventing Journey
Now you understand the two diverse methods to bring your new invention product to market, let’s delve into some crucial steps you should take before diving in:
1. Read As Much As You Can
Reading is an invaluable tool for inventing. Through this, you gain the know-how needed to navigate in this landscape. Luckily, I have dedicated over a decade to crafting over 1000 articles about inventing for renowned publications such as Forbes, Inc, and Entrepreneur. Alongside these articles, numerous exceptional books delve into the inventing process. My book One Simple Idea has gained worldwide acclaim, with translations in five languages and an impressive 1,000 5-star reviews between both editions on Amazon.
These resources are a treasure trove of information that can immensely benefit you on your inventing journey. So, be sure to explore these valuable sources and learn from the experiences and insights they offer.
2. Seek Advice From Successful Inventors
When you’re inventing a product and new in this field, it’s okay to seek some assistance. Successful inventors are often happy to provide a little guidance. You can find valuable interviews with experienced inventors on our YouTube channel, inventRightTV. Their insights and experiences can offer you valuable tips and motivation on your inventing journey.
3. Join Local Inventors Groups
Nowadays, you have the fantastic opportunity to join inventors’ groups on the Internet. These groups are not only informative but also very affordable. One great option to explore is the Inventors Groups of America (IGA), which I cofounded alongside Andrew Krauss.
So, join the groups, connect with like-minded inventors and learn valuable insights online.
4. Watch Inventing Videos on YouTube
YouTube is like a treasure chest full of helpful information, especially when it comes to inventing. You can find lots of educational content, such as tips on inventing a product and stories of successful inventors. For instance, on our channel inventRightTV, we have more than 1,000 videos dedicated to guiding you on your inventing journey.
Similarly, you can check out this valuable resource and gain insights from others who have already succeeded in the world of inventing.
5. Connect With Like-Minded Individuals On LinkedIn
Building connections with like-minded inventors on LinkedIn is crucial, and I cannot stress its significance enough. LinkedIn provides a fantastic platform to discover and interact with fellow members of the inventing community, making it an ideal place to foster valuable relationships.
However, be cautious about the people you connect with. Look for individuals who genuinely want to help and share their knowledge without trying to sell you their services. While free advice can be valuable, remember that sometimes it may lead to costly consequences if it’s not from reliable sources.
So, as you build your network on LinkedIn, focus on finding the right people who are eager to support and guide you on your inventing journey. Make sure the advice of the person you are listening to is current!
6. Consider Joining InventRight
In my experience, the most efficient and safest way to learn how to become a professional product developer is by joining inventRight. We offer various programs that cater to different budgets, ensuring that everyone can access valuable guidance.
If inventRight isn’t the right fit for you, be sure to find another program that suits your needs. Investing in the right education and mentorship will set you on the path to success as an aspiring product developer.
7. Understand Intellectual Property
Knowledge about intellectual property is essential to protect your creativity. While patents are relevant in some cases, trademarks, copyrights, and design patents can also safeguard your ideas effectively. By understanding these different forms of intellectual property, you can choose the most suitable protection for your specific invention.
Remember, the right intellectual property strategy can be a powerful tool in ensuring the success and profitability of your product.
Conclusion
Enthusiasm is a wonderful driving force, but it can sometimes cloud our judgment. To truly succeed in inventing a product, education is key. Look at most successful individuals, and you’ll find that they’ve invested time in learning. It’s no different when it comes to inventing.
Here’s my sincere advice: Seek the guidance of a coach, or mentor, or consider enrolling in entrepreneurship classes at your local university.
Hence, by taking these educational steps seriously, you will reach success. Also, I suggest you invest your valuable time in educating yourself and be patient and you’ll be well on your way to success in the world of inventing. Good luck.
