I feel a tinge of jealously upon meeting an inventor who has 30 different invention ideas.
I am amazed the person can be so uber-creative: theycome up with so many different ideas!
But, when I ask them how many of their invention ideas are selling in the marketplace or have been licensed, here is what I most commonly hear:
“Well, none, yet! But, I have two new exciting ideas that just came to me this week!”
Chasing Butterflies
Sadly, inventors who are the most prolific idea generators never seem to capitalize on any of them..
They are like children chasing butterflies.
The successful inventors I have met tend to have a few invention ideas, but they focus almost obsessively on just one or two until they achieve success in the market. That is what I have done.
Ideas by themselves are of little value, they must developed into products that can be sold to the public. That product development cycle requires time, effort, and typically a good deal of money. Odds are, you may not have the time, money, or inclination to become a product developer, but it takes very little of your time to come up with ideas.
But, good news! If you are one of the prolific idea inventors, I have some solutions for you. You can achieve success too. Really.
The Litmus Test
Take each of your gaggle of ideas and briefly submit it to a simple 3 question litmus test for product viability.
- What problem does it solve?
- Is it problem that affects millions of consumers every day?
* Costs them money?
* Costs them time?
* Costs them energy?
* Costs them aggravation? - Would a customer who saw it on a store shelf, immediately get what it does or why it is needed?
Odds are, most of your ideas are going to fail the litmus test. Just set them aside. But, maybe there are 2 or 3 remaining ideas that score pretty well on the above litmus test. Those are your best ideas.
Here is what you can do with your best ideas.
Take Your Best Ideas to Product Development Experts
As I suggested earlier, product development is just not your forte or perhaps even much of an interest. But an idea must be developed into a viable product if it is going to achieve success.
So, take your best ideas to resources who have the expertise you lack. Here are 3 you might consider:
- Lambert & Lambert
- Edison Nation
- Quirky
Please grab the free PDF below for more information on each of the three options.
Here is a high-level synopsis of the three.
Lambert & Lambert will do a product assessment for$199. If the concept scores high enough for them (and most do not), they may assist you in licensing the product. I would recommend you have at least a Provision Patent Application (PPA) before submitting it to them. PPA's can cost as little as $60 if you submit it directly.
Edison Nation is always open to new product ideas and will put it through their process. If they see enough potential, they may offer to assist you in licensing your product. Again, you should have at least a PPA in my opinion before talking with them. More info is available in the free PDF below.
Quirky.com went through bankruptcy, but it back in business. They are the only company I know of that will actually agree to pay a small royalty to you for a product you have no PPA or patent on, no IP. Of course, the product has to have real market potential or there are no royalties for anyone.
To summarize, if you have lots of ideas, but really aren't good at product development, then find someone who has those skills and work with them. As always, I suggest you do your due diligence before you elect to work with any of the companies above – or any other company.
Stay Tuned!