Creating the right invention strategy

Creating the Right Invention Strategy

Written by Craig Whitcomb

  • Posted 2 years ago

Becoming an inventor can be an exciting and rewarding experience, but it’s important to have the right invention strategy in order to be successful.  Like any founder or business owner, inventing requires dedication.  One of the most important factors to consider is your mindset and willingness to see your invention through to completion.  Here are some pros and cons about inventing that you must be aware of in order to set yourself up with the right invention strategy.

                                                                    Pros:

Creative outlet

As an inventor, you have the opportunity to bring your ideas to life and create something new and unique. This can be a fulfilling and exciting creative outlet that many find rewarding in itself.  If you would still put the time and effort into your idea without expecting a big financial gain, you know for sure that inventing is right for you.

Financial potential

If your invention is successful, it can potentially generate a significant amount of revenue through licensing deals or the launch of a start-up company. This can be a lucrative opportunity.  However, not every successful invention is worth millions.  If you are comfortable with a realistic financial goal from the start, you are likely to be more than satisfied with your successful results.

Personal satisfaction

Seeing your invention come to life and having it recognized by others can provide a great sense of personal satisfaction and pride.  Many inventors say they find true passion in inventing which gives them determination for success.  If you see inventing in this light, it is likely the right direction for you.

                                                                   Cons:

Time commitment

Inventing requires a significant amount of time and effort. Depending on your product and strategy, it may take several weeks to develop and refine your invention to the point where it’s ready to be licensed or launched as a product. Be aware of the time commitment.  Make sure that you approach it with dedication to see it through.

Financial investment

Developing an invention can be expensive, depending on your invention strategy.  It’s important to be prepared to invest money into your invention before it generates any revenue. 

Following the Remarkable Venture process can minimize your risk, expense and time commitment.  Selecting the right invention strategy and holding yourself accountable to your goals can significantly minimize your investment.  But it is important to understand your financial capabilities and limits.

Risk of failure

Not all inventions are successful.  There is a risk that your invention may not be accepted by the market or that a licensing deal may not be secured.  It’s important to be prepared for the possibility of failure and be comfortable with the fact that every failure is a learning experience preparing you for future success.

Follow a Process

You will see in the articles to come that following a structured process with your own invention strategy and goals will keep you focused and reduce time and expense necessary for success.

Summary

Becoming an inventor can be a rewarding experience, but it’s important to have the mindset and commitment to seeing the invention through to completion. Weigh the pros and cons and have a realistic understanding of the time and financial commitment required. With the right mindset, dedication and invention strategy, inventing can be a fulfilling and potentially lucrative opportunity.

 

To continue the Remarkable Venture Inventing series, read: Time to Market – Your Most Valuable Asset next.

 

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