Many of us as children tinkered around in our grandfather’s garage, dreaming of one day inventing something so incredibly fantastic, that it could one day impact mankind (And perhaps make us a little money).  While the majority of us eschewed our childhood dreams and went on to more conventional careers, a good number of creative souls went on to create exciting inventions that have benefitted society.   Still possess that creative itch? It’s not too late! You can take that initial step to transitioning to a rewarding career as an inventor by following the tips listed below.

It All Begins With an Idea

Let’s  get a few misconceptions of the way – the ability to develop a successful invention has little do with how smart you are, how intricate the product may be or even the social applications. Instead, the cornerstone of any great invention is built upon need, practicality and profitability.  One of the most anticipated inventions in recent times, the Segway scooter, failed to become a success not because it wasn’t brilliantly designed or executed, but because it was awkward and carried a heavy price tag.  Fortunately, the inventor, Dean Kamen was already financially wealthy, so he could afford for the product to fail.

So where do you find the next million dollar idea?  Simply ask yourself this question, “What irritates me?”  Locate the cause and figure out how you can eliminate it.  Time and money are frequent irritants and therefore spawn many invention ideas.   Additionally, you can pay attention to what your friends and family are grumbling about.  Inquire as to what occurred and  what they did.  Your job is to put on your detective hat, look for clues and find a solution.  Your ultimate goal is to develop inventions that simplify people’s lives.

Be Wary of Late Television Ads

We have all at one point or another seen those late night TV ads pitching invention development services.  While there is nothing inherently wrong with these services, you should conduct due diligence before buying these services. Here are some red flags to be aware of:

• Avoid any services that sell their services to anyone, regardless of the usefulness of the product.
• Be skeptical of any service that offers their services at extremely cheap prices.  Make no mistake about it, bringing a product to market can cost anywhere from $100,000 to $1,000,000.
• Steer clear of any company doesn’t include patent services. It’s also essential to run if a company attempts to sell you on a patent service prior to prototype and other services.

Guard Your Invention

While there are numerous steps to guarding your invention, the best protection is protecting it with a patent.  Unfortunately, patents can be quite expensive, with a simple mechanical invention patent costing at least $10,000. They also can take ages to execute, 3 years is not unusual. That being said, it’s crucial to apply for a patent as few things could be more upsetting than someone else legally profiting from your million dollar idea.

Establish the Invention’s Potential

Many experts argue that this is the most important step of the entire process. While trusting your own intuition is a critical component to the invention process, you must also objectively confirm the effectiveness of your invention.   Here are several criteria for determining the potential success of your invention:

• Do at least 75% of “targeted” friends, loved ones and colleagues say they would purchase your invention?
  
  
• Will my product have a perceived retail value of at least $19.95?
  
  
• Does my invention require additional components?  It’s crucial to identify whether or not your product requires another product to operate.  You do not want your product to be a “hostage” to another invention.  Failure to create a standalone product may result in numerous problems, including the need to acquire additional permission. 

While few inventors will make millions with their first invention, you can increase your odds of making a comfortable living as an inventor by following these guidelines given above.

Author Bio

Edward Lakatis run and writes for Idea Design Studio, an invention development and marketing company. He is passionate about all things related to invention, and helping other inventor’s realize their products potentials. If you have a great product that you believe should be brought to market, call IDS at 888-864-1780 today!