It’s hard as an inventor not to have dreams of great success. Most inventors have moments of imaginary grandeur. It’s fun to daydream and those dreams can help see you through the hard times. But keeping a firm grasp on realistic time frames is important.
I have said this before and will remind you again, there is nothing easy about inventing and there are no guarantees. One of the hardest things I have to do is help an inventor understand “time”.
It takes time to get a product to market and more time to get the ink dry on a licensing deal. Then more time still to get the product to the store shelves.
I recently had a client very disappointed that he didn’t have a “deal” done in a matter of months. He had no product manufactured to sell which creates a huge hurdle and inevitably leads to more time! An understanding of realistic time frames was hard for him to grasp.
I always make sure that I explain the possible time frames and obstacles for various products. Since as a licensing agent, I don’t get paid until the inventor gets paid, I have to be very aware of time frames. The hardest part is when the inventor “forgets” what we discussed in the beginning and goes back to believing in unreachable goals.
Time frames are hard to pinpoint, even for someone who has years of experience. It’s important to stay realistic.
Writing patents takes time, negotiating contracts takes time, having prototypes made correctly takes time. Cutting corners to speed things along will only hurt you in the long run.
The more you do for your product, the easier it is to license. The less you are able to do, the more challenging it is to get a deal and it takes MORE time. So put in the hard work, stay on task, and stay cautiously optimistic and realistic! You’ll get there.
For some good ideas on managing expectations, check out my other blog about just that! Managing Focus and Expectations as an Inventor
For more information about getting an idea to the marketplace, check out the Inventor’s Galaxy Guide.
If you’re looking for an inventor group to join to help you on your journey, check out the Archimedes’ Offspring Meetup Group. It’s a virtual group so your geographical location isn’t important!