When you're just starting along the path as an inventor, the task of moving from an idea to a marketable product can seem daunting. And without a set of guidelines to follow, the actual marketing of that product can be overwhelming.
But by following a few simple rules, you can stay on track with your invention and remain positive. What follows are the DOs and DON'Ts for independent inventors.
1. Do believe in what you are creating, but don't let the potential for success go to your head. Try to remain realistic.
2. Don't listen and believe too strongly in the encouragement or discouragement of those around you, including family and friends.
3. Do solicit the advice of trusted individuals to assist in the design, research, marketing, financial, etc.
4. Do conduct extensive market research by using databases and the reference sections of major libraries. Walking through a store and looking for similar products is not market research.
5. Don't invest a dollar until you have explored the potential and the realistic opportunity.
6. Don't convince friends and relatives to invest in your idea before you know you need it, or are in a legal position to accept it.
7. Don't send money to invention promotion firms that promise you the world.
8. Do recognize the value of a patent. Never attempt to market or sell a new product without the benefits of intellectual property.
9. Don't fall in love with your creation. When it's successful, you could have trouble releasing it to others for commercialization.
10. Do consider the competitive advantages of your invention and how it will positively or negatively affect the existing products.
11. Do evaluate whether it is logical and feasible to go into business to make and sell it, or license it to an existing company.
12. Don't do your own negotiating in a licensing-royalty arrangement. Hire someone with experience to represent you.
13. Do remember that if you can create one successful invention, you can also think of many more.
14. Don't let greed be your judgement factor. It will always destroy the greatest of opportunities.
Lawrence Udell, executive director of Golden Gate University's California Invention Center, is an inventor who has founded or co-founded more than 20 companies in the past 40 years.
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