Inventors are persons who create new product out of their inventions such as technical devices, electrical equipment, mechanical devices, medical products and supplies, and other technological advancement methods.
Success of new invention nowadays is quite minimal. According to survey, 1 out of 500 new inventions have successful product market launches. It means that the success rate of invention is only 1%. It also says that out of 1.5 million patents, only 3000 patents are commercially viable. This shows that a very minimal percentage of patents can make money for inventors.
Do you want your new product to be known in the commercial industry to gain profit? Creating new product is the main passion of inventors and success on their inventions can create commercial appeal in the market. Failure can be reduced if you just know what to do for your new product.
There are ways to bring your new product to the market place. There are organizations that offer special program for your invention. A comprehensive program includes audio lessons, videos, interviews, and one-on-one coaching. They will help you in the licensing process of your product ideas to companies that need your invention.
It is a must that as an inventor you will be honest about your new creation. Make sure it is much better than the other available products or solutions in the market today. Take note, that you will have expenditure of various commercialization expenses such as patent, licensing, and product launching. This means that your new invention does not only need to be better to buy, but also better to pay for a premium. Premium is what a successful inventor will compensate for his expenditures.
Expect that your invention is enough to pay a premium and people will be able to see that it is better to shelve their old devices and purchase your new product.
Are you willing to pay enough money for your new invention? What about your target consumers?
Remember that you are about to spend a huge amount of money. If you failed, you will never get that money back.
To be a successful inventor, you must pursue a new invention with high marketability. Definitely, you will receive a great profit where you can use for your next invention. That is why investors must understand first the commercial appeal of his product.
Before you engage in inventing, learn the best business approach that other inventors had been practicing for the longest time. Your main goal should be always inventing devices suited in the real world. If you want to make profit, invent what the market today needs and not because you just want to be cool.
Nowadays, manufacturing companies are looking for new improved products. If you are an inventor with limited funds, you can negotiate with known companies in the manufacturing sectors in order to achieve your goals. These companies will not profit from you not unless they can manufacture your product ideas and distribute it in the market. Just make sure that you have to safeguard your intellectual property for your invention.