Naive inventors throw money away.
7th Aug 2008
The number of companies offering services to inventors has grown enormously over the last few years but few new inventors really understand the basics of where to go and what to do with their invention or good idea.
Company Partners talks to a lot of prospective entrepreneurs and has seen a worrying trend of disillusionment with those that feel they have invented a new product or come up with a great idea for a service.
The person either just doesn't know where to start with it, or more often now days has approached an organisation who is making money out of naive inventors, perhaps paying for an initial evaluation and gotten nowhere.
Many of these companies offer genuine IP search services or sell advice on how to protect and make the most of your new idea. However quite a few also make exaggerated claims on what you can expect and the likelihood of success.
Some companies employ questionable sales tactics that draw the client in with an initial "free submission" of the idea for their consideration. Then a "small" fee of a few hundred pounds to give an evaluation of the idea.
The evaluation will show up issues with the product that they can help you to overcome. They may offer to assist with getting a prototype made, or to provide marketing advice. The price tag now raises to several thousand pounds.
Before you know it, the small inventor is outlaying considerable sums of money for work that with a little more research and effort on his part, he could have done himself. He would also have positioned himself much better to judge the likely success of his invention and the best way to proceed.
There are 7 steps that anyone can do:
- Work out whether it is a new "invention" or a more of a "good idea". One is patentable the other probably not.
- Be careful when you tell anyone about it, especially if it is possibly patentable. Once others know about it, you can't patent it. Use a Non-Disclosure Agreement.
- Companies that help you to put your idea or invention into production are varied in what they offer and all need to be paid. Talk to several if you wish, but don't fall for the sales hype - do your own research.
- If you want some one to fund your great idea, the chances of that happening can be enhanced if you have done a business plan, market research and tested a prototype. The further along you can get, the better your chances. They will also expect you to have financially committed to it.
- "Implementation is king (ideas are 10 a penny)". It's those people that get out there and make it happen that are different. 99% of great ideas never get further than a chat down the pub, or wishful thinking. Don't just dream - make it happen.
- Be realistic. It may be a great idea, but will people buy it? Do some market research (asking friends and family doesn't count).
- Persevere and be prepared to work. It helps to have a business partner or mentor. They can give you motivation and together you can bounce ideas around.
There is a larger article on this subject in Company Partners resource pages: www.companypartners.com/content/resource/inventions
Lawrence Gilbert
www.companypartners.com
