Most of us give up on our dreams of inventing something because it seems too challenging. Maybe we lack the skills needed to build a prototype or fear that we may fail. Whatever your reason, it’s just an excuse not to try. Once you learn how to invent right and minimize your risks, there won’t be any reason for you not to turn your idea into reality.
And then there is all the noise out there with those invention help companies. According to statistics, 97% of all patented inventions fail, yet they are out there telling you that licensing is the way to become a successful inventor. It’s funny how they seem to have all the answers as long as you are willing to pay them. I doubt their “secrets” will do anything to improve your chances of bringing your invention idea to the marketplace.
Let’s be honest here. None of us know what is going to happen once our product hits the market. I have seen great ideas fail, and what I thought were terrible ideas succeed. The real secret to success is knowing how to improve your chances. Doing the work yourself is the first step in this process.
I will lose many of you here because you have heard that there are companies out there just waiting to pay you for your ideas. While this is true in rare cases, it is highly unlikely for anyone that decides to spend money to be mentored by those invention help companies.
A quick search on Google will reveal the truth about most invention help companies. Some claim to know how to invent right while others offer invent help and even design services. Obviously, this information all comes with a hefty price tag to you as an inventor. As the press release above states, “It is a fact that less than one percent of all new product concepts succeed in the marketplace.” Still, these companies declare that your idea is extraordinary and has “tremendous market potential.”
Having the ability to know which ideas are good and which are bad is a tremendous skill that I wish I possessed. Even after twenty years as a successful inventor, I still don’t always get it right with my inventions. A real inventor knows that the only way to be sure about an idea is by building your products. You will then find out if there are people out there willing to purchase them. The concept of having to manufacture your invention isn’t new, but one that very few would-be inventors are eager to accept. After all, that’s the way real inventors have been doing it for thousands of years. I don’t think the world would be where it is today if all an inventor had to do was wait for someone to pay them for their ideas.
So how do you invent right?
This entire website will answer this question and give you all the information that you need free of charge. There are many posts here that can walk you through the steps and get you started on your journey as a real inventor.
Even though we have covered this topic before, let’s look at it again. You need to study this list and learn every step. This list wasn’t just written to fill up pages on this blog. The information is based on years of knowledge that I accumulated while working in my career as an inventor.
In the Twelve Steps Of Making An Invention, we discussed how you invent a product in the right way. It may surprise you to learn that the first step is not coming up with the idea!
The 12 Steps Of Making An Invention
- Find a niche market.
- Look for voids in available products.
- Define mid-priced products.
- Come up with invention ideas.
- Do your patent and design research.
- Sketch your product ideas.
- Create a model in software.
- Build a working prototype.
- Refine your product design.
- Prepare for manufacturing.
- Launch your first product.
- Land your first sale!
At Invention Therapy, we believe this to be the way to invent right. Other invention experts may not agree, but I wonder how many products they have released to the market in the last twenty years.
How to invent the wrong way
- Find a problem worth solving.
- Conduct market research before investing money.
- Build a prototype.
- Protect your idea.
- Manufacture or license your idea.
If you google “how to invent,” you will see that this method is the list that keeps getting copied over and over again by people who haven’t invented anything. If they had, they would know that the first step in coming up with an idea is to find a marketplace with people willing to spend money — you then can come up with ideas to fill any voids in product demand.
Unfortunately, this list also fails to take into account the retail price of the product ideas. With a world full of low-cost products in just about every market, it will be hard for you to make any real money on a product that sells for $19.95 as an example.
Now some of you are going to point out that the low price point I just mentioned is the one you see most on TV. We will discuss this issue many times in the future. You know all those late-night TV ads you see for “three easy payments of $19.95”? Even more invention help companies run those ads. Their sole purpose is to make a profit sucking the money out of an inventor’s dreams.
In reality, if you plan on making real money, enough to earn a living, you will need to come up with inventions that sell in the mid-price range of $150.00-$300.00. This price range may sound challenging to come up with ideas, but it is much simpler than you think. At this price range, you can lower your initial investment substantially. That’s because you probably won’t need injection molds and can make as few as one hundred pieces on your first manufacturing run. We discuss all of this in The Twelve Steps Of Making An Invention.
If you are new to the invention game, you won’t know that these types of dishonest practices earn hundreds of millions of dollars each year for those companies that mentor you on how to invent right. Many of them have set up advertising firms to resell cheap late-night television ads to first-time inventors at inflated prices. If you have an invention idea, they have all the services you need.
Some of the services offered by invention help companies
- Product evaluation.
- Market research.
- Prototype design.
- Prototype assembly.
- Advertising on TV, Radio, Internet, etc.
- Twenty four hour call centers to take orders.
- Fulfillment services.
- Inventory management.
- And so on.
Each of these services is available to you for a small charge. That money usually comes out of each sale, so don’t worry, you will have plenty of money left over once your invention is a success. All you need to do now is remortgage your house, spend your kid’s college money or take out a loan to get started because you will soon be rich. I explained ways you can get startup cash for your invention idea here.
Now I hope I am not discouraging you from being an inventor. I am just trying to teach you the realities so you can avoid being scammed by those invention licensing companies.
There is an art to inventing. It’s a process that takes time, even years to learn. I started this website to pass on that information and inspire more people to start turning their ideas into reality. The world is now at all of our fingertips, and everything we need is just a click of the mouse away.
If you think that those other companies are going to coach you on how to find companies to license your idea, by all means, waste your money with them. I call this the lazy way out and say that you don’t need a coach. What you need is a couch so you can take a nap.
These companies will even try to hide their dishonesty by saying that you don’t need anyone and can do it yourself. If they mean this, why are they charging you for their mentoring, design, and advertising services? I am pretty sure you know how to use Google and find that stuff on your own.
Invention Therapy does plan on charging for things like classes, ebooks, etc. but not in the way these other companies are doing it. We will always give you essential information for free. Should we decide to package it sale in more detail, it will just be so that we are helping you learn faster and speed up your inventing process. We have nothing to hide here and want you to succeed. If we can be of any help, get in touch and ask us a question. We promise to help you as much as we can, and there won’t be any charge.
It is not as difficult as you think
As inventors, it is our job always to be coming up with ways to make money with our ideas. We do not believe that others will pay you for your invention ideas. We believe that only you can bring your product to market.
Once you have learned the secrets on how to invent the right way, you will wonder why you didn’t start sooner. I really hope that you enjoyed this blog post and will take the next step in turning your invention idea into a product that people will want to buy.