In this article, we’re going straight to the source to learn from those who’ve been there and done that. Longtime inventRight coach Paul Sorenson is going to talk about the highs of product licensing, the lows, and everything in between. Learn the nitty-gritty of what it really takes to make it in the world of inventing new products and commercializing them!
From bouncing back after rejection to knowing when it’s time to pivot or persevere, we’re pulling back the curtain on the secrets of success. So whether you’re a newbie with a brilliant idea or a seasoned pro looking for fresh inspiration, get ready for some real talk and practical advice to fuel your journey in the world of innovation.
1. How do you stay motivated to work on your inventions when you feel like they’re going nowhere?
Paul Sorenson: Have a couple more ideas to work on. That way they all share your emotional bandwidth. Also, experience has shown that this is a common emotion throughout the product development process. You feel down on your idea then a couple of weeks later when something good has happened, you are feeling good about it again. Additionally, persistency improves your chances of getting a deal.
2. Do you have a tip or strategy for dealing with rejection?
Paul Sorenson: I have done this enough that I just shrug it off and move on. It only takes one yes; 60 no’s don’t matter.
3. When do you decide to give up on an idea and move on to the next one?
Paul Sorenson: When I have exhausted my hit list, added to it and exhausted it again and added to it and exhausted it again. Even then, I just put the idea on a shelf and come back to it 10–12 months later and start over. Timing is everything!
4. What’s a tip you would give to new inventors?
Paul Sorenson: Learn the process and repeat it over and over. You will get better and better at every aspect of the process.
5. What is something you thought you needed but actually didn’t when you started inventing? (i.e., prototype, patent, etc).
Paul Sorenson: To spend a lot of money and a lot of time. In reality, most products require less than $300 and less than 100 hours (total) of your time from inception to getting a deal or putting the idea on the shelf.
6. How do you decide which product ideas are worth pursuing?
Paul Sorenson: In my opinion, the best ideas to pursue are those who solve a big enough problem that there are other products on the market solving the problem…mine just solves it differently or better.
7. How do you deal with doubt and worry associated with licensing and inventing?
Paul Sorenson: First, don’t quit your “guaranteed money” job (your day job) and try a lot of ideas.
8. How does it feel seeing your invention on store shelves?
Paul Sorenson: It is really cool. It makes you realize that anyone can do it. Not just an elite group of people. The royalty checks are even better than seeing it in stores!
9. How do you come up with new inventions when you are struggling with creativity?
Paul Sorenson: Practice. Just like any skill, if you do it enough, you will get better. Start by making a list of 10 new ideas every day. Even if they are crazy or not “good” ideas. It is the concept of training your brain to see products in ordinary places and situations. The more you do it, the better you get. Over time, you will get to where you can come up with pretty good ideas.
How inventRight Coach Paul Sorenson Applies The inventRight 10-Step System To License A Product
10. What does your inventing schedule look like?
Paul Sorenson: There have been times when I have set times during the week that I work on it and other times that I just do it every so often. If I don’t pace myself and allow it to be more relaxed, I will burn out.
11. What inspires you to invent?
Paul Sorenson: Seeing how many ordinary people are doing it and finding success.
12. What is your favorite invention and why?
Paul Sorenson: I love the “Zip It” because it is so simple, solves a real problem, and has such a huge market.
13. Do you have a tip for prototyping a product idea?
Paul Sorenson: I like to roam the stores looking at miscellaneous products that I can use to cut and paste (take apart and hook together) to make my prototype.
14. What do you consider to be the most important part of the inventRight 10-Step system? Why?
Paul Sorenson: For me, it is the whole system. You have to do all the steps over and over to really develop the skill of product development. Some people get lucky with one idea but more common is that we do many products to find a successful one.
15. What is the most important and/or impactful thing you’ve learned from coaching inventRight students?
Paul Sorenson: How important it is to really “know” the 10 steps. This comes from studying them and applying them over and over. If you start skipping around, your success rate will decline. Follow the process every time!
