PITFALLS 9 & 10
SUCCESSFUL INVENTORS AVOID
Avoid Common Mistakes most inventors make
Understanding the “norms” in the world of inventing, as well as a realistic timeframe to get your invention to market is critical. If you temper your expectations in both how your invention should be developed, as well as what the monetary side will look like when you are ready to go to market, you’ll be way ahead of the game! Read on to learn more about this month’s common pitfalls inventors face!
Pitfall #9 - NOT KNOWING THE NORMS
It is important to be aware of established industry norms based on what has proven to work over decades of inventors licensing products to manufacturers.
Not knowing these norms, or the valid reasoning behind them, makes a novice inventor look amateurish and greedy. It’s a big red flag for the licensee. No one needs another headache, and uniformed inventors can be that.
Therefore, don’t rely on posturing or negotiation tactics, you can fall back on what is considered “fair.” There are numerous other aspects of the product commercialization business where inventors have common misconceptions (we’ve tried to dispel a few here).
Typically upfront monies are limited, and won’t on their own create financial success. It takes sometimes more than a year or even two for products to make it to market, based on development cycles and sales cycles.
In product licensing 3%-8% on wholesale sales is typical. The final number depends on many factors, including how compelling the idea is, the level of development, the quality of associated patents and other intellectual property, the margin in the potential product, other suitors, etc..
PITFALL #10 - QUITTING BEFORE THE GAME IS OVER
The game of inventing is challenging and exciting, but it’s not usually fast. The process rarely goes as smoothly as the inventor imagines when they start off on their journey.
It can take 1-3 years for an idea to make it to market. Sometimes it’s faster, but not usually. Like many projects, the beginning stages are filled with optimism and excitement, like the blush of first love.
The early stages, developing your idea into a prototype, and creating presentations are fun and creative, and if you are willing to pay, you will get something for your money.
Many inventors mistakenly think that the “hard” part of inventing is the idea part. However, you can hire someone and get a prototype as long as you can pay for it, so the results are guaranteed. What is not guaranteed is that you will be able to then successfully license your product.
It is common that once a prototype is created and the inventor makes their first few tries at licensing, they lose steam when success doesn’t come immediately. They get stuck and don’t know where to go, lose heart and then give up.
However, games are won in the fourth quarter. Winning the prize requires commitment to your vision!
When you’re stuck, adapt and keep going. Find others who can help you find the way and don’t give up!
Avoid common pitfalls by working with trident
We’re here to help you succeed. When you work with an invention submission agency like Trident, you’re getting the benefits of decades of experience as you get your idea for market. We help you avoid and navigate the many pitfalls you will face effectively because we faced them ourselves, dozens of times!
Getting started with Trident is easy! All you have to do is submit your idea to our secure inventor’s portal called the ThinkBank™. The ThinkBank allows you to organize all of the information you have about your idea and product in one secure space. Everything you upload is safe and is under your control. Once you complete the submission steps, a licensing expert from Trident will review your submission and let you know if your idea is a good fit or not. We accept all ideas and have worked with many different types of inventions – from kitchen gadgets to advanced nanotechnology. If you’ve got a great idea, we want to help you make it a reality!
check back for more tips and common pitfalls to avoid
Check back next month for two more common pitfalls you should avoid as an inventor! In the meantime, make sure to follow us on Facebook and sign up for our email list below to stay up to date on new, innovative challenges, as well as receive periodic tips and tricks.