The Business of Ideas: Final Words
Inventing can be a great escape; a hobby that has potential for financial or personal rewards. So go forth and invent something new!
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Inventing can be a great escape; a hobby that has potential for financial or personal rewards. So go forth and invent something new!
Estimating a successful sales price requires care and honesty. Our approach is called a “bottoms up” calculation, meaning start with the manufacturing price and end with the retail price.
Successful ideas need to be backed up by the numbers. If the investment doesn’t offer an attractive return it’s probably not worth going forward.
It has often been said that there are no rewards without first taking risks. What people fail to consider when evaluating ideas for product development is how much risk they are capable of taking.
I use the word “extraction” to define the process by which the inventor derives income from an idea. The simplest option is to license the idea or technology to a company that is already focused on the product area.
If you do plan on building a business, you can’t rely on lottery odds. You need a solid plan that yields a real return on your investment.
Oftentimes an inventor will discard evolutionary ideas as having little value in the grand scheme of things. But don’t discount your evolutionary ideas as unimportant.
You must be attuned to the market, both in terms of what the market wants and ultimately how to market the invention. So let’s talk about marketing.
If you want to avoid future heartache or worse yet, investing money into something only to discover the idea already exists, then you need to search exhaustively. And then look again.
If you have a good idea and it isn’t already being solved, you cannot take a lackadaisical approach to developing it. If you do, and it truly is a problem in need of a solution, it will be solved by someone else.
Developing your intellectual property into a viable business opportunity is a complex proposition! In this series of posts, Porticos co-founder and President, Greg Patterson shares
Developing your intellectual property into a viable business opportunity is a complex proposition! In this series of posts, Porticos co-founder and President, Greg Patterson shares
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