Before you seek inventor help, you should learn about the typical mistakes that inventors make so you can avoid them.
I’ve been in the inventing business for over 40 years. I know the mistakes inventors make, partly because I’ve made the same ones myself.
Typically, inventors have unrealistic expectations about how the inventing process works and how much their idea is worth.
More often than not, inventors search for inventor help in the wrong places. They need assistance figuring out what to do when they come up with an invention idea.
As you look for inventor help, here are mistakes to avoid making.
16 Mistakes To Avoid As You Seek Inventor Help
1. Letting Fear Be Your Guide
Don’t be in a hurry, and don’t listen to people selling you fear. This is not a race, regardless of what people tell you. It’s important to do your homework and plan ahead. Successfully licensing your product ideas will take longer than you think, so don’t let fear motivate you to make decisions that won’t help in the long term. In many situations, this could hurt your chances of success.
2. Listening To The Wrong People
Like any business, you must find the right people to guide you. Be cautious about free advice. Most people don’t fully understand this process; they repeat what they’ve heard. Find people who have done this and have the most current information on the process. Free advice from the wrong people can be extremely costly later down the road.
3. Thinking What Happens On ‘Shark Tank’ Is Real
Everyone loves Shark Tank, but it’s a TV show. It’s not real. They’re selling advertisements. Please don’t get caught up in it because it’s not the magic bullet you think it is. Learning and watching is fun, but once again, it’s only a TV show. They have their own interests, and most of the time, it’s not you.
4. Rushing To File A Patent First
Please note that I am not a patent attorney, and the advice I’m sharing is purely from a business perspective.
I recommend filing a provisional patent application first. I’ve seen a few patent attorneys that want you to file a patent first. They will tell you it takes just as much time. Typically, for inventors, it’s best to file a provisional patent application first because you will make changes to you idea.
A PPA is more affordable and allows you to have a patent pending status for one year. Most inventors are on a minimal budget. If you’re a startup founder who needs intellectual property to raise money, there’s no doubt that filing intellectual property early and often is helpful. Startup founders should still consider the benefits of filing a PPA first. (This article explains how startups can take advantage of provisional patent applications.
Personally, I think it’s bad advice to file a patent first if you are an inventor trying to test the market.
5. Waiting For A Patent To Issue Before Taking Action
For some reason, I’ve seen this many, many times. Some inventors will only take action once a patent is issued. I don’t know where they got this advice, but you might miss the market if you wait for your patent to be issued. Filing a provisional patent application and having a patent pending status is sometimes all you need to get started. In some situations, you might not even need a patent. (In others, you do — it depends on the industry and the nature of the idea.)
6. Thinking You Need An Expensive Prototype
I personally love building prototypes. I enjoy creating them myself. I’ve learned throughout the years that if you have lots of ideas, building a working prototype for each and every one of your ideas is probably not the best use of your time.
Licensing success is a numbers game. You must submit many ideas to succeed. To stay in the inventing business long-term, I recommend first selling your idea’s “benefit” with a 3-D computer-generated rendering. It’s extremely affordable and easy to do. If there’s interest at that point, you can build a prototype to show proof of concept.
If you have to build a prototype once there’s interest, ask them what type of prototype they need. Create a video of your prototype working, and be extremely careful with sending a prototype because they break. You can show your prototype/proof of concept in a meeting via Zoom or Skype.
7. Not Listening To Others
Most inventors are always trying to sell. They aren’t really listening. They think they have all the answers. You need to be able to listen to what people need — not just what you think they need.
8. Avoiding Feedback
I believe getting feedback from professionals in the industry is paramount to your success. You might not like their feedback, but if they’re experts in the field, their feedback can be extremely important. I’ve learned that over time it’s always a process, and things will be changed.
9. Thinking Venturing Is The Only Option
You don’t have to start a business for every idea you come up with. The traditional business model of writing a business plan, raising money, manufacturing, marketing, and distribution isn’t warranted for every idea you have. Product licensing might be a better avenue for many people, given their limited resources, experience, time, and money.
10. Thinking Someone Else Will Do All The Work For You
People will promise you anything. If it’s too good to be true, it usually is. You will have to do the work at the end of the day. You can’t outsource your success. So be aware.
11. Posting Your Product On LinkedIn Before It Launches
Unfortunately, no one will find you by solely posting on LinkedIn. You will have to knock on many doors and focus on the right companies. In my opinion, exposing your product ideas on LinkedIn is not a great idea. The wrong people will find it.
12. Starting A Business With No Prior Experience
If you’re going to venture your own product idea, partner with someone who has done it before. Their prior experience will save you time, money, and effort in the long run. Make sure you determine the best distribution points. Sometimes selling online is all you really need.
13. Thinking A Patent Will Stop Others From Stealing Your Idea
Unfortunately, many believe that having a patent is the answer to stopping others from infringing, copying, and stealing your business. It only gives you the right to sue. You need to be prepared with the correct information. You need a strategy in place well before you start.
What’s more important is being first to market, having good customer service, and a great product idea. Creating raving fans can also be a significant benefit. One of the best ways to protect your product idea is to license it to a large company.
14. Believing Your Patent Attorney Will Handle Everything
Your patent attorney is only as good as the information you provide them. They will only have some of the answers. They’re going to be looking at things from a legal perspective. However, you must consider the business perspective and file intellectual property that aligns with your business objectives, so you will always be very involved.
Please consider other intellectual property tools that are much more affordable than patents and can help stop online sellers. Trademarks, copyrights, and design patents are great tools.
15. Thinking One Idea Will Make You A Millionaire!
It’s a numbers game. If you think you’re going to win the lottery, think again. No one has the crystal ball and knows what consumers will love. Have realistic expectations and play the numbers.
16. Thinking All That Matters Is A Good Idea
What matters is a lot more than just a good idea. It takes good information, time, and patience. A little luck goes a long way!
