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Reality Check for Inventors: No One Else is Going to Do it All for You

realitycheckToday I want to talk about that magic person or company that is going to come along and do everything for you. They are going to take your idea, they are going to license it from you, and they are going to send you checks. All you have to do is come up with a great idea. Sounds like a miracle, doesn’t it? That’s because it is! It doesn’t happen that way!

A lot of people are counting on others in order for their “miracle” to happen. I was at a trade show a couple of weeks ago and one inventor was telling me about a company that was going to help him bring his idea to market. I tried to tell him it isn’t not going to happen that way… that there is no magic bullet. No magic person that’s going to do the work for you. Waiting for that special company to work just as hard as you every step of the way isn’t going to happen, because it doesn’t exist!

Of course, he didn’t want to hear that. He wanted that dream of the perfect person walking by at the trade show promising the world. Well I’m here to tell you to keep dreaming! This is just not the way it works.

A lot of people don’t want to be told this. But I’ve learned the hard way that you are going to have to do a lot of the work yourself. The good news is that you can! But relying on a company or person that’s going to work as hard as you are, that’s going care as much as you are, that’s going to do the type of things that need to get done to make it happen… I just have never seen that person or that company.

There’s going to be a lot of people out there promising things that sound just too good to be true. And almost every time, it is too good to be true! But if you think you have found a company or a person that you would like to do business with, it is going to be your job to protect yourself in the best way possible. When I say to protect yourself, I mean do some homework to see if a person or company is fair, honest, and reputable.

What I like to do is Google search the company and add ‘complaints’ to perform a background check. Also, look on LinkedIn, type the company or person’s name, search around. I do this for everyone I work with. That’s right, I said everyone. I don’t care who is doing work for you. If you want someone to do a prototype, get a background check. If you want someone to make calls for you, do a background check. If anyone is going to promise you anything that sounds a little too good, (and I guarantee that it is), do a background check and see how successful they are and what they’ve done. This is true for people and it is true for companies.

You should be afraid of companies or people who have no social media presence. If you are not on social media talking today about your company and some of the things you are doing, why not? A lot of people and companies aren’t there, because if they have done something that isn’t quite ‘right’ or if they have a lot of complaints, it’s going to be very publicly discussed and they may get “attacked”.

So why don’t more inventors realize they can do a lot of the work themselves? Well the reality is that we are in the rejection business. We’re in the business of getting a lot of ‘no’s. This is hard for people to hear, and they get discouraged. They don’t know what to do after rejection and they are afraid they will make mistakes. Frequently, inventors stop trying after a few “no’s”.

But you see, I believe that you can do this. I believe that if you have a process or a roadmap that you can achieve what you desire. I have a roadmap I give to my students, but honestly it doesn’t matter whose you use. I recommend following all the key steps needed for a successful licensing agreement: evaluate your product as if it were on the market, file a provisional patent application, and sell the benefit of your idea before you sell the product. You can get all the information needed to design a prototype from good marketing material and a good sell sheet. Then turn it around and sell to companies that want ideas from inventors! Make your own miracle. If you’d like to check out the process I recommend, here’s a link to my book – One Simple Idea.

Every week I see amazing and simple ideas that come to market through licensing. And I’m very proud to say that hisr success can be replicated by using a process. For many people success came from guidance, a little protection, a good attitude, perseverance, and the power to build relationships. And now their product is on store shelves! Have faith in yourself that you can do this. It does not take a lot of money, time, skill, or even a track record to land a licensing deal with a company. But what it does take is a roadmap and the willingness to do a lot of the work yourself.  You don’t have to take my word for it – read what some of my students have to say!

 

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Comments 2

Brad Gupton on Wednesday, 03 January 2018 20:11

Another Great post. Keep 'em coming!!!!

Another Great post. Keep 'em coming!!!!
Andrew Krauss on Monday, 08 January 2018 13:24

Thanks for the kind words about Stephen's post.

Keep inventing!

Andrew Krauss : inventRight Co-Founder: 650-793-1477

Thanks for the kind words about Stephen's post. Keep inventing! Andrew Krauss : inventRight Co-Founder: 650-793-1477
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Tuesday, 23 July 2019

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