Understanding the invention process is more important than the product itself
Wednesday - August 06, 2008
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By Daynin Dashefsky - CEO - GFI Associates
There is a fine line between inventing a product and the business of bringing that product to market. Being an inventor is taking on the responsibility of creating a functional and efficient product. Taking that product to market is more of an entrepreneurial endeavor. You must first determine whether you are an inventor, an entrepreneur, OR BOTH. Understanding the differences is half the battle as you move forward in the process of bringing your product to market.
Let’s focus on being an inventor. Being an inventor isn’t as easy as calling up one of those 1-800 numbers and sending them your idea. You’ll soon find that thousands of dollars later, you won’t be any further in bringing your idea to market than you were when you called. Coming up with a great idea is the easy part. Anyone can do that. How many times have you had a great idea and then the next thing you know you find it’s on the market already.
In the process of inventing, there are many decisions to make and many options to choose from. Someone who is a single mother with 3 kids working 2 jobs cannot make the same decisions as someone who is a single engineer and works for a big corporation. Not everyone can take on the same risk and responsibilities. It is important to ask yourself: “How much TIME, MONEY and ENERGY do you have to bring your product to market?” Once you know the answer to those questions, you will know what the best choices for you will be.
At every stage of inventing you have several options. You have options at the design stage, the prototyping stage, the patenting stage, and even the manufacturing stage. In order for you to choose the best options for you and your situation, you need to be better informed on how those stages will affect you and only you. By understanding your options, you would know that you can sell your product before it is even produced or you could even license or sell your product to a corporation and have them pay for the patents instead of you. Educating yourself is the most valuable thing you can do for yourself as an inventor. Trying to take the easy way out by expecting someone else to take your product to market for you and make you millions of dollars is like saying you are going to win the lottery. You’ll spend more money buying tickets and chances are, you won’t see a penny come back.
If you think you have a great idea then invest your time in educating yourself about the invention process. If you learn the process, you can take any product to market regardless of whether it is a toy, an appliance, a technology, a cosmetic, or even a fun gadget. If you think your idea is worthless, remember the “Pet Rock”. That inventor made millions. You just never know.
To learn more about the invention process or to register for one of our seminars, go to: www.GFIassociates.com.
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