How a Good Invention is Like a Child
I have been saying for years that a good invention is like a child. First, you conceive it. Right? That “ah-ha” moment when you think you have a really good idea. The magic of solving a problem that you might be able to grow into something big….Just like a child! It can be magical!
Second, you nurture this idea. This child of yours needs food, clothes, and shelter. With an invention, you do some due diligence and build a rough prototype for proof of concept. Then you file a provisional patent and hire an engineer for the next stage of prototyping. Still exciting!
At some point, about the time this child is asking for a car, new phone, school trip with friends, you start to feel the “suck”. With your invention, that same “sucking” feeling really kicks in with the manufacturing and marketing.
It seems like everyone has their hand in your wallet!
Don’t Spoil Your Child or Invention!
There are so many ways to throw money at your invention. Too many of my clients tell me that their invention is like their child. I get it! But you have to practice financial responsibility with your child. And you need have the same responsibility with your invention.
It’s important to know your budget, analyze the costs and BEFORE you are sucked dry, figure out your options.
While many inventors may dream of running their own multi million dollars company, the truth is that most don’t really have the required skill set to do so. At least not very successfully.
You need to have substantial experience in not only running a business, but also in manufacturing and marketing. While you may have experience in one, rarely does someone have all three.
How to Get Your “Child” to Market
So what do you do? Here’s where reality meets fantasy: you have to PAY people. This all has to be factored in to the multiple of 5 concept. If you don’t know what this is, follow the link and take a look at the Inventors Galaxy Guide. Understanding this rule of pricing is critical to your success and for most inventors this is the ultimate of being sucked dry financially. https://www.inventorlady.com/inventors-galaxy-guide/
The goal with your invention, as with a child, is to do such a good job with the nurturing that it grows up and wants to move out. The only way to get an invention to pay you is to get it to stand financially on its own.