inventRight Coach Terry O’Mara shares his strategies for staying motivated along your licensing journey.
1. How do you stay motivated to work on your inventions when you feel like they’re going nowhere?
Keeping in mind that success in anything is a process, and the more I do it, the better and more effective I’ll become. Learning something—anything, each time I go through the process also allows me to keep perspective and enjoy the process. It really is about the journey!
2. Do you have a tip or strategy for dealing with rejection?
Have a realistic mindset and believe in your product. Be positive and excited as you start pitching your ideas, but really embrace the reality that licensing success is a numbers game! Rarely does one idea, one contact, or one call hit the mark. Plus, considering how good you’ll feel when you prove the naysayers wrong, helps too!
3. When do you decide to give up on an idea and move on to the next one?
When the education I’ve gained by pitching my product to lots of companies has provided me with the evidence (feedback) that it’s time to move on. Still, that likely means I’ll simply put it on a shelf for a period of time and get back to it, if I’m still a fan of the product idea, and it appears that the timing just wasn’t right.
4. What’s a tip you would give to new inventors?
Two tips. Do your market research upfront. If you truly know that your product has a strong point of difference and meets a real need, your confidence will grow and come across. Second, plan and schedule realistically!
Expect that things will “pop up” and that life will throw you curveballs to see how dedicated you are to reaching your goal. If you’ve got a plan in place, and a schedule that allows you to stay focused during those times, you’ll have a greater chance to succeed.
5. What is something you thought you needed but actually didn’t when you started inventing?
Iron-clad protection in place before contacting, collaborating, or even speaking to someone about my ideas. It’s just not necessary. Don’t be carefree or foolish, of course, but don’t be paranoid either.
How inventRight Coach Terry O’Mara Applies The inventRight 10 Step System To License A Product
6. How do you decide which product ideas are worth pursuing?
I’ve got to be excited or inspired by the idea of seeing it in the market first, then by studying the market to ensure I’m solving a big enough problem, or providing big enough value, in a realistic, yet unique way.
7. How do you deal with doubt and worry associated with licensing and inventing?
By taking the necessary steps to ensure I’m confident in the product, that I know the marketplace, and I have a reasonable number of answers to typical questions is a great start.
8. How does it feel seeing your invention on store shelves?
I’ve not yet had the experience, but in my mind’s eye it’s amazing!
9. How do you come up with new inventions when you are struggling with creativity?
There are a lot of strategies for improving creative output but in my experience, lack of creativity is usually more about having too much going on in life, which ends up taking too much mental bandwidth. So, either get some things off your plate or find a way to truly relax, and the creativity will likely begin flowing again on its own.
10. What does your inventing schedule look like?
10-11 pm weeknights and Saturday and/or Sunday mornings.
11. What inspires you to invent?
Problem-solving, helping others and other people with really cool products and endless curiosity!
12. What is your favorite invention and why?
Not my personal invention, but for an invention in the market within the last few years, I would say the “POP Socket”. I’m a huge fan of it because pop sockets are tremendously simple, useful aind effective at meeting the needs of a massive consumer base. They’re inexpensive to produce and their profitability is likely off the charts!
13. Do you have a tip for prototyping a product idea?
“Frankenstein” various inexpensive products together to make your prototype. It’s fun, it’s cost-effective and it’s educational. The Dollar Store is a great place to find useful pieces for your Frankenstein. Insta-morph Moldable Plastic and Foam Clay are terrific options too.
14. What do you consider to be the most important part of the inventRight 10-Step System?
The most important part of the system is the system on the whole! Each step builds on the other to make a formidable process that is proven to work over and over again.
15. What is the most important and/or impactful thing you’ve learned from coaching inventRight students?
Momentum is BIG! Everyone brings their life with them to the process of learning and executing the 10 steps. The process is pretty simple but executing it within our busy work, family and personal lives can be challenging. Empathy for another’s situation is important, but just as important, is helping them organize a plan to stay on track and get the work done, so they can build the momentum and confidence needed to be successful.
Want to experience our 10-step system for yourself? Check out our $29/month membership called License This.
